ProShares Launches First Single-Stock ETF Targeting 2x Daily Returns of Circle Internet Group

BETHESDA, Md.--(BUSINESS WIRE)--ProShares, the world’s leader in leveraged and inverse ETFs, today announced the launch of ProShares Ultra CRCL (NYSE: CRCA)—the first and only ETF designed to target 2x the daily returns of Circle, a company that has captured investor attention following its breakthrough IPO. Since listing on the New York Stock Exchange in June, Circle’s market capitalization has increased nearly fivefold,¹ amid growing momentum in digital asset adoption.

Founded in 2013, Circle operates one of the world’s largest stablecoin networks. Stablecoins—which are digital assets backed by real-world currencies like the U.S. dollar—combine the efficiency of crypto with the price stability of fiat currency. The stablecoin industry received a major boost with the signing of the GENIUS Act on July 18, which established a clear U.S. regulatory framework for payment stablecoins.² Beyond its stablecoin business, Circle also supports tokenized funds, developer tools for blockchain infrastructure, and a payments network that spans more than 185 countries.³

"CRCA offers investors a new way to magnify a bullish view on one of the most innovative companies in digital finance—without borrowing on margin,” said ProShares CEO Michael L. Sapir. “With CRCA, investors can now target 2x daily returns of Circle through the convenience and transparency of an ETF.”

CRCA joins ProShares’ expansive lineup of more than 150 ETFs. That lineup includes flagships like ProShares UltraPro QQQ (TQQQ)—the world’s largest leveraged ETF, with over $25 billion in assets⁴—and ProShares Bitcoin ETF (BITO), the first bitcoin-linked ETF to launch in the U.S. in 2021. The company also offers the largest lineup of crypto ETFs in the U.S. by number of listings,⁵ spanning a wide range of strategies targeting bitcoin, ether, Solana, and XRP.

ProShares pioneered the broader leveraged and inverse ETF category nearly two decades ago and remains the largest provider in the space today.⁶

About ProShares

ProShares has been at the forefront of the ETF revolution since 2006. ProShares manages over $90 billion in assets and offers one of the largest lineups of ETFs. The company is a leader in strategies such as crypto-linked, dividend growth, high income, interest rate hedged bond and geared (leveraged and inverse) ETF investing. ProShares continues to innovate with products that provide strategic and tactical opportunities for investors to manage risk and enhance returns.

Sources:

¹ Bloomberg, based on Circle's IPO-day debut valuation, as of July 31, 2025. Past performance does not guarantee future results. This performance is extraordinary and should not be expected to continue. Prices of new public companies may decline sharply following their initial public offering.

² Reuters, as of July 18, 2025

³ Circle, as of July 31, 2025

⁴ Bloomberg, as of July 31, 2025

⁵ Bloomberg, as of July 31, 2025

⁶ Morningstar, as of July 31, 2025

This ProShares ETF seeks daily investment results that correspond, before fees and expenses, to 2x the daily performance of a single stock (the “Daily Target”). While the Fund has a daily investment objective, you may hold Fund shares for longer than one day if you believe it is consistent with your goals and risk tolerance. For any holding period other than a day, your return may be higher or lower than the Daily Target. These differences may be significant. Smaller index gains/losses and higher index volatility contribute to returns worse than the Daily Target. Larger index gains/losses and lower index volatility contribute to returns better than the Daily Target. The more extreme these factors are, the more they occur together, and the longer your holding period while these factors apply, the more your return will tend to deviate. Investors should consider periodically monitoring their geared fund investments in light of their goals and risk tolerance.

This Leveraged ETF’s performance depends almost entirely on the performance of a single stock, Circle Internet Group, Inc. (CRCL), which involves significant risk and eliminates the benefits of diversification. Following its IPO on June 5, 2025, CRCL shares have experienced very high volatility. Before investing, you should carefully consider that high volatility may have a significant negative impact on the Fund’s performance. Following its IPO, CRCL shares experienced unusually high returns; such returns should not be expected to persist. The ETF’s performance should be measured from one NAV calculation time to the next and does not represent the returns you would receive if you traded shares at other times. IPO investments generally carry higher risks, including limited trading history, market risk, and liquidity concerns. CRCL may experience periods of low liquidity, making it difficult to buy or sell at desired prices. Large ETF positions may increase this risk and impact CRCL’s market price. During such times, the ETF may face losses, wider bid-ask spreads, and challenges in managing its exposure. CRCL operates in a highly competitive space dependent on the growth and monetization of its stablecoin network. Regulatory uncertainty, loss of trust, or systemic shocks could trigger rapid redemptions and strain reserves. Classification of stablecoins as securities may impose substantial regulatory burdens. Additional risks include operational disruptions, blockchain vulnerabilities, malicious activity, negative publicity, and competition from government-issued digital currencies.

ProShares has derived all disclosures herein regarding CRCL from publicly available sources it deems to be reliable and makes no representation as to their accuracy or completeness. ProShares cannot give any assurance that all relevant events that would affect the trading price of CRCL have been publicly disclosed. Any future developments, whether disclosed or not, could affect the value of CRCL and, in turn, the value of the ETF. The ETF and ProShare Advisors LLC are not affiliated with Circle Internet Group, Inc. or its common stock (CRCL).

Investing involves risk, including the possible loss of principal. Leveraged ProShares ETFs are non-diversified and entail certain risks, including risk associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. The ETF's investment exposure is concentrated in the industry in which the underlying stock operates. Narrowly focused investments typically exhibit higher volatility. Investors could potentially lose the full value of their investment within a single day. Please see the summary and full prospectuses at ProShares.com for a more complete description of risks. There is no guarantee any ProShares ETF will achieve its investment objective.

Shares of any ETF are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. Your brokerage commissions will reduce returns.

Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectuses at ProShares.com. Read them carefully before investing.

ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the funds’ advisor or sponsor.

© ️2025 PSA PR-2025-8239191.1