The team at an $85-billion-AUM, 19-year-old ETF shop near Washington, D.C. is expanding their cryptocurrency-linked fund lineup with a pair of new ETFs. And the team is planning four more.

Michael Lynn Sapir ProShare Advisors, ProFund Advisors CEO

On Tuesday (July 15), ProShares [profile] CEO Michael Sapir unveiled the launch of the ProShares Ultra Solana ETF (SLON on the NYSE Arca) and the ProShares Ultra XRP ETF (UXRP). The folks at the Bethesda, Maryland-based firm also filed for a quartet of related ETFs:

the ProShares Short Solana ETF (SLOP);

the ProShares UltraShort Solana ETF (SLO);

the ProShares Short XRP ETF (XRPS); and

the ProShares UltraShort XRP ETF (RIPS).

ProShare Advisors will serve as investment advisor to all six ETFs.

UXRP and SLON's inception date was Monday (July 14). Yet RIPS, XRPS, SLO, and SLOP have not yet launched.

SLON comes with an expense ratio of 214 basis points, while UXRP's is 167bps. For the upcoming ETFs, SLOP and XRPS will have expense ratios of 137bps, while SLO and RIPS will have expense ratios of 214bps.

UXRP, XRPS, and RIPS are each designed to track the Bloomberg XRP Index. More specifically, RIPS is designed to offer twice the inverse of that index's daily returns, XRPS is designed to offer the inverse of the index's daily returns, and UXRP is designed to offer twice the index's daily returns.

SLON, SLOP, and SLO are each designed to track the Bloomberg Solana Index. More specifically, SLO is designed to offer twice the inverse of the reference index's daily returns, SLOP is designed to offer the inverse of the index's daily returns, and SLON is designed to offer twice the index's daily returns.

None of the six new or planned ETFs are designed to invest directly in either Solana or XRP.

SLON and UXRP's PM team includes George Banian, a portfolio manager at ProShares, and Alexander Ilyasov, a senior PM. The same duo will also PM the four aforementioned planned ETFs.

Sapir puts the launch of SLON and UXRP in the context of investors' growing interest in "exposure to next-generation blockchain technologies."

"SLON and UXRP provide the opportunity to target leveraged exposure to Solana and XRP, allowing investors to overcome the challenges of acquiring leveraged exposure to these cryptocurrencies," Sapir states.

ProShares and its ProFunds sibling are no strangers to offering funds focused on digital assets. The launch of SLON and UXRP boosts the ProShares and ProFunds crypto-linked lineup to 12 ETFs and 3 open-end mutual funds in total, with $1.5 billion in AUM*. The ProShares team lays claim to offering the United States' "largest lineup of crypto-linked funds."

UXRP, SLON, SLOP, SLO, XRPS, and RIPS are all series of the ProShares Trust. Their other service providers include:

ACA Group as provider of a principal financial officer and treasurer;

Bloomberg Index Services Limited (BISL) as index provider;

Dechert LLP as counsel;

JPMorgan Chase Bank, N.A. as administrator, custodian, index receipt agent, securities lending agent, and transfer agent;

PricewaterhouseCoopers LLP as independent accounting firm;

SEI Investments Distribution Co. as distributor; and

Ultimus Fund Solutions as legal administration services provider.

*As of July 10, 2025. 

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