Vermont-based asset management firm Teucrium Investment Advisors LLC has launched the first XRP-based exchange-traded fund (ETF) in the U.S.
The Teucrium 2x Long Daily XRP ETF (XXRP) is a leveraged fund based on XRP, the fourth-largest cryptocurrency by market capitalization, designed to provide investors with twice the daily price movement of XRP. Starting April 8, XXRP will trade on NYSE Arca with monthly distributions and a 1.85% management fee.
Teucrium announced that this fund is the only XRP-based ETF listed on the Depository Trust & Clearing Corporation's (DTCC) active and pre-launch list.
Bloomberg Senior ETF Analyst Eric Balchunas highlighted that this will be the first XRP ETF in the U.S. and emphasized the significance of it being leveraged. Ripple’s settlement with the SEC and the acceleration of the XRP ETF approval process may have paved the way for this development.
