Aims for twice Solana's return each day, through futures contracts. Because it resets daily, its return over longer periods can differ a lot from twice Solana's.
SLON, the ProShares Ultra Solana ETF, is a $32 million ETF whose main story is onchain infrastructure. Over the past year it returned −86.7%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
Its main narrative, at 0.7 of its exposure.
Onchain infrastructure →
Network tokens such as Solana, and the blockchain companies building payment and trading systems on them.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | BSOL | 20.6% | $1.33bn | – | – |
| 2 | ETH | 16.6% | $2.51bn | −39.8% | 0.15% |
| 3 | ETHE | 12.9% | $1.95bn | −41.3% | 2.50% |
| 4 | ETHB | 7.8% | $1.18bn | – | 0.25% |
| 5 | FSOL | 5.3% | $239.3m | – | – |
| 42 other ETFs | 36.8% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 47 ETFs on the narrative page →
Also carries: Crypto conviction →
Bitcoin, ether and the companies around them, held through ETFs.
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| SLON | +36.6% | +95.3% | −40.7% | −86.7% | – | – |
| Onchain infrastructureits narrative | +15.1% | +49.2% | +0.3% | −37.2% | +33.2% | +1.3% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on July 15, 2025: −71.1% a year.
$10,000 invested July 31, 2025
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
SLON moves largely apart from the market. When the market has moved 1%, SLON has tended to move 3.32%.
SLON moves closely with onchain infrastructure. When onchain infrastructure has moved 1%, SLON has tended to move 2.06%.
Weekly returns over 63 weeks. The narrative is measured without SLON in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in Onchain infrastructure
Each dot is one of 5 unlevered ETFs whose main narrative is onchain infrastructure, placed by its return (up) and how much it swung (right) over the last year. SLON is levered or inverse, so it is shown against them but not counted among them.
Risk
How it is built
Seeks 2x the daily return of its exposure, and gets its exposure through futures. It carries the narrative but does not count toward Share of Narrative, because only unlevered long exposure does.
Narrative exposure
Second narrative: set by a stated classification convention.
Common questions
What story is SLON selling?
SLON’s main story is onchain infrastructure, which covers network tokens such as Solana, and the blockchain companies building payment and trading systems on them. Its second is crypto conviction.
Which ETFs compete with SLON?
The ETFs whose weekly returns move most like SLON’s over the past 3 years are SOLZ (1.00), GSOL (0.88) and NCIQ (0.87).
How has SLON performed against its story?
Over the past year SLON returned −86.7%, the ETFs carrying onchain infrastructure −37.2% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.92 with the story. Past performance only.
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