ZSL, issued by Robinhood Europe, UAB, is a tokenized-commodities derivative contract that gives onchain price exposure to ProShares UltraShort Silver, a U.S.-listed commodity-linked exchange-traded product, without conveying ownership of the underlying units [S1][S2][S3].

The token tracks the live price of ProShares UltraShort Silver (ZSL), with each token corresponding to one underlying unit [S1][S3]. Tokens are displayed in U.S. dollars and bought or sold in euros, and the holder bears a 0.10% foreign exchange fee on each order with no added spreads and no commissions from Robinhood [S4][S3][S5]. If the underlying issues a distribution and eligibility requirements are met, an equivalent cash amount is passed through in euros, free of the foreign exchange fee [S6][S2].

Robinhood Europe, UAB, company code 306377915, is a Lithuanian entity authorized and regulated by the Bank of Lithuania, offering these products under MiFID II as over-the-counter derivative contracts [S2][S1]. Each tokenholder's claim is contractual against Robinhood Europe rather than a right to the hedged units, which are held by a U.S.-licensed institution [S1][S2]. The product is available to eligible retail customers across thirty EU and EEA countries who pass KYC, AML and an appropriateness assessment [S5][S4]. There is no in-kind redemption; holders exit by selling in-app, with a T+1 withdrawal hold, and bear Robinhood's insolvency risk [S4][S1].

Tokens are issued natively on Arbitrum, an Ethereum Layer 2, and are recorded onchain when the derivative contract is entered [S5][S1]. They cannot be transferred to external wallets [S2]. Trading runs in-app from Monday to Saturday around the clock, with orders queued outside those hours, pricing tracks the U.S.-listed instrument, and sell proceeds settle for withdrawal at T+1 [S4][S3][S5].

<Sources
  retrievedAt="2026-06-18"
  items={[
    { id: "S1", url: "https://robinhood.com/eu/en/support/articles/about-stock-tokens/" },
    { id: "S2", url: "https://robinhood.com/eu/en/support/articles/stock-tokens-faq/" },
    { id: "S3", url: "https://robinhood.com/eu/en/invest/" },
    { id: "S4", url: "https://robinhood.com/eu/en/support/articles/buy-and-sell-stock-tokens/" },
    { id: "S5", url: "https://robinhood.com/us/en/newsroom/robinhood-launches-stock-tokens-reveals-layer-2-blockchain-and-expands-crypto-suite-in-eu-and-us-with-perpetual-futures-and-staking/" },
    { id: "S6", url: "https://robinhood.com/eu/en/support/articles/corporate-actions-for-stock-tokens/" },
  ]}
/>


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Robinhood

ProShares UltraShort Silver (Robinhood Classic Stock Token) (ZSL) is a token tracking silver, issued by Robinhood through Robinhood Europe, UAB.

Each token tracks one troy ounce of silver and is a synthetic instrument that provides contractual exposure to the reference asset.

Retail investors and professional investors can mint and redeem directly with Robinhood after completing KYC, and holders have a contractual right to redeem, with same- or next-business-day settlement.

Robinhood Europe, UAB is incorporated in Lithuania, is a MiFID II financial instrument, and is supervised by the Bank of Lithuania.

Holder terms are governed by the law of Lithuania.

ZSL has been issued on Arbitrum One as an ERC-20 token since December 2025.

ProShares UltraShort Silver (Robinhood Classic Stock Token)ZSL

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