ProShares on Tuesday debuted two exchange trade funds as investors increased exposure XRP and Solana (Sol)Added to the rapidly growing list of crypto-centric funds.
The ProShares Ultra Solana ETF and ProShares Ultra XRP ETF aim to give investors daily returns on assets that underlie performance.
“As cryptocurrency is becoming more widely adopted, investors are turning to platforms like Solana and XRP to be exposed to next-generation blockchain technology,” Proschales CEO Michael L. Sapeel said in a statement.
The new product comes as issuers aim to expand their crypto-centric offerings for investors who are hungering for these assets, including leveraged funds. Miami-based Defiance's MSTX will allow investors to access leveraged positions Bitcoin Finance Company strategy'Stock.
Rex shares the T-Rex 2x Long MSTR Daily Target ETF (MSTU) to provide investors with more leveraged exposure to their stock.
Leveraged ETFs are attempting to improve the daily return or reverse return ratio of the underlying assets. However, losses can get worse if assets run in the opposite direction that investors expect.
“Thron and UXRP provide the opportunity to target leveraged exposures to Solana and XRP, enabling investors to overcome the challenge of gaining leveraged exposures to these cryptocurrencies,” Sapil said.
The two ETFs began trading on the New York Stock Exchange on Tuesday after NYSE ARCA certified its list with the U.S. Securities and Exchange Commission. They don't invest directly in XRP and SOL.
According to data provider Coingecko, Solana, the third and sixth largest cryptocurrencies by market capitalization, respectively, is the third and sixth largest cryptocurrencies by market capitalization, respectively, surpassing recent percentage points over the past 24 hours.
Many US fund managers have filed for Altcoin-centric funds with the SEC following the huge success of Spot Bitcoin and Ethereum ETFs approved by regulators last year.
According to Farside Investors, 12 Bitcoin funds have generated more than $52 billion in net inflows. The nine Ethereum-centric ETFs have invested over $5.5 billion.
