Vermont-based asset manager Teucrium is launching the first XRP-based exchange-traded fund (ETF) in the U.S. today, a leveraged product that comes before a spot version even got a green light.

The Teucrium 2x Long Daily XRP ETF (XXRP) will list on NYSE Arca, offering twice the daily performance of XRP.

Why a Leveraged ETF First?

The fund comes amid growing momentum for XRP ETFs. Multiple issuers, including heavyweights like WisdomTree, Franklin Templeton, Canary Capital, and 21Shares, have already filed for such products, with all of them still under review by the Securities and Exchange Commission (SEC).

In a post on X, Bloomberg’s Eric Balchunas called the launch “very odd,” noting that leveraged products typically follow spot approvals. “Spot XRP still isn’t approved, though our odds are pretty high,” he added.

The agency recently softened its stance on crypto following a reshuffle in its ranks instigated by Donald Trump’s victory in last year’s U.S. presidential election as well as a string of court losses.

Last month, it decided to drop a long-running case against Ripple Labs, the creator of XRP. That settlement, which included a reduced fine of $50 million for Ripple, cleared a major hurdle for the crypto company and likely improved the chances for the approval of a spot ETF product tracking its native token.

Teucrium’s fund targets short-term traders with a 1.85% management fee. The filing struck a cautious tone, highlighting risks like XRP’s volatility and declining performance. Demand for the product remains unclear, with Ethereum ETFs largely struggling as institutions still heavily focus on Bitcoin.

XRP Price Action: A Mixed Bag

As XRP gets ready to hit the market, the asset continues to show a mixed price trend. At press time, the token was trading at $1.87, posting a 7% gain over the past 24 hours.

However, the short-term uptick failed to hide poor performances across different timeframes, with XRP slipping 11.2% in the last seven days. Furthermore, over the past two weeks, the asset fell 23%, while also losing nearly 20% of its value in the last month.

Compared to the broader crypto market, which is down 8.2% after being caught on the wrong end of the aftereffects of President Trump’s new trade policies, XRP’s losses are slightly steeper. Still, on a yearly scale, the token is up by an impressive 215%, buoyed in part by favorable legal outcomes and the growing ETF speculation.