2x XRP ETF: XXRP, XRPT and UXRP Cost Up to 2.77% a Year

Is there a 2x XRP ETF?

Yes, three. Each targets twice XRP's return for a single day and none holds the token: they use swaps or cash-settled XRP futures. Teucrium's XXRP came first, in April 2025, and was the first US-listed ETF tied to XRP of any kind, before any spot trust existed.

The gap between the management fee and the total is the cost of the leverage itself. XXRP's prospectus adds 0.88% of other expenses, almost all interest on the reverse repurchase agreements it uses to finance its exposure. UXRP's summary prospectus adds 1.48%, mostly interest and futures commission merchant fees. XRPT's 2025 prospectus capped operating expenses at 0.94% but excludes interest, brokerage and transaction costs from the cap, and the waiver ran through May 22, 2026, so check its current prospectus before comparing it at face value.

How does a 2x XRP ETF lose money when XRP is flat?

Because the 2x target resets every day. Take a $100 position:

• XRP rises 10%, then falls 9.09% back to where it started. A 2x fund gains 20% to $120, then loses 18.18% to $98.18: down 1.8% on a flat token.
• With 20% swings, XRP up 20% then down 16.67%, the 2x fund ends at $93.33: down 6.7%.

That erosion happens before any fee, and XRP's daily moves are large enough that it adds up quickly in a sideways market. The issuers say this plainly: Teucrium describes XXRP as built for short-term trading, and its returns over longer periods can differ substantially from twice XRP's. In a sustained one-way rally the same compounding works in the holder's favour, which is why the result of a multi-week hold depends on the path, not only on where XRP ends up.

A visible sign of the arithmetic: in May 2026 ProShares announced a 1-for-5 reverse split of UXRP, one of 16 of its ETFs consolidated at the time. A reverse split does not change the value of a holding, but issuers use it when a share price has drifted low.

Is there a 3x XRP ETF?

Not yet. GraniteShares has registered a 3x Long XRP Daily ETF and a 3x Short XRP Daily ETF, alongside 3x Bitcoin, Ether and Solana funds. On October 26 it filed a Form 485BXT with the SEC whose only purpose is to push the effective date of the amendment registering them to November 30, 2026. Earlier filings in the same series moved it to August 31, September 30 and October 30. The filing gives no reason, so reports tying the delay to the US midterm elections are speculation. At 3x, the reset arithmetic above roughly triples the swing on each leg, so the same flat 10% round trip would cost about 5.5% (up 30%, then down 27.3%).

Should you buy a 2x XRP ETF or a spot XRP ETF?

They answer different questions. A spot trust such as XRPZ owns XRP and charges 0.19% to 0.50% a year across the five plain spot funds, so a long hold earns XRP's return minus a small fee; every spot fund is compared in Best XRP ETF: 10 US XRP funds compared. A 2x fund is a one-day instrument with a total cost several times higher and a result that depends on the path XRP takes. Spot XRP funds are also the ones whose creations and redemptions show up in this week's Solana and XRP ETF flows; the leveraged funds are not counted in those totals.

What it means for investors

Leveraged XRP funds are also harder to price at the bell, because the overnight XRP move is doubled into the open. In the seven sessions Pre-Tick has scored the XRP funds so far, through October 26, our pre-market estimate missed the official open by a median 0.21% for XRPT, 0.24% for XXRP and 0.27% for UXRP, against 1.85% to 2.17% for simply using the prior close, and landed within ±0.5% on 6 of 7 sessions for each, per /accuracy. The spot XRPZ missed by 0.05%. So the estimate narrows the overnight gap a lot, but treat a 2x pre-market number with wider bands than a spot fund's.

Before holding one for more than a day, run the leverage decay calculator with XRP at 2x over 30 or 90 days: it backtests how often a daily-reset fund trailed twice XRP's plain move across XRP's own price history. This is market analysis, not investment advice.