ProShares on Tuesday debuted two exchange-traded funds giving investors heightened exposure to XRP and Solana (SOL), adding to the rapidly growing list of crypto-focused funds. 

The ProShares Ultra Solana ETF and the ProShares Ultra XRP ETF aim to give investors twice the daily returns of the assets upon which their performance is based.

"As cryptocurrencies become more widely adopted, investors are turning to platforms like Solana and XRP for exposure to next-generation blockchain technologies," ProShares CEO Michael L. Sapir said in a statement. 

The new products come as issuers look to expand their crypto-focused offerings for investors hungry for these assets, including leveraged funds. Miami-based Defiance's MSTX gives investors access to a leveraged position in Bitcoin treasury firm Strategy's stock. 

The Rex Shares T-Rex 2X Long MSTR Daily Target ETF (MSTU), also gives investors more leveraged exposure to the stock. 



A leveraged ETF looks to improve on the daily returns or inverse returns of an underlying asset. But losses may be compounded if the asset performs in the opposite direction that investors are anticipating. 

"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 said.     

The two ETFs started trading on the New York Stock Exchange Tuesday after the NYSE Arca certified their listing with the U.S. Securities and Exchange Commission. They don't directly invest in XRP and SOL. 

XRP and Solana, the third and sixth biggest cryptocurrencies by market cap, respectively, had both recently fallen more than a percentage point over the past 24 hours, according  to data provider CoinGecko.

A number of top U.S. fund managers have applied to the SEC for altcoin-focused funds following the huge success of spot Bitcoin and Ethereum ETFs, which the regulator approved last year. 

The 12 Bitcoin funds have generated more than $52 billion in net inflows, according to U.K. asset manager Farside Investors. The nine Ethereum-focused ETFs have received more than $5.5 billion in investments. 

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