A new ETF that is tied to $XRP is hitting the headline in crypto media. Nevertheless, the building in the background is highly misinterpreted. The assumption is that it is another spot-based $XRP prod...

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A new ETF that is tied to $XRP is hitting the headline in crypto media. Nevertheless, the building in the background is highly misinterpreted. The assumption is that it is another spot-based $XRP product. That is not a correct assumption. Cryptocurrency analyst Diana (InvestWithD) explained that the Defiance $XRP LightningSpread Income ETF does not purchase or hold actual $XRP. It aims at monthly cash flow and not direct exposure to the price of $XRP. Consequently, this product does not act in a similar manner as conventional crypto ETFs.
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🚨CLARIFICATION: This New $XRP ETF Pays Monthly Income — But It Doesn’t Actually Hold $XRP 👀 The Defiance $XRP LightningSpread Income ETF does not buy and store real $XRP. Income-focused ETF is like a special investment fund that tries to pay you regular money (called income or… https://t.co/LdIFJ2aZ9x pic.twitter.com/1J0eEOSQkv
— Diana (@InvestWithD) February 11, 2026</blockquote>
<adv/><h2>Way Defiance $XRP LightningSpread Income ETF Works</h2>
The fund does not hold $XRP, instead it follows $XRP futures and options strategies. The ETF tries to make frequent premiums through these derivatives. That is, the ETF is an investment that cashes in volatility. It enjoys the advantage of motion in price without having to have possession of the item. Due to such a design, the ETF is more of an income tool rather than a crypto tracker.
Spot ETFs are obliged to hold the underlying commodity. That poses regulatory, operational and compliance issues. This ETF does not encounter such hurdles. Rather, the fund has a similar covered call strategy. It gathers option premiums on a regular basis. That, however, also implies that upside gains become restricted in case of strong rallies. Thus, the ETF exchanges its price exposure to a certain amount of predictable payouts. The intention of that tradeoff is deliberate.
<h2>Risk Profile Alters With Changes</h2>
This means that its performance is not exactly the same as that of $XRP in the market. The structure may be effective during lateral or slightly volatile markets. Using sharp rallies the returns might be behind spot $XRP. It indicates the increased institutional accidental interest in $XRP-linked financial products, despite their not necessarily being direct token custody. Meanwhile, there was an improvement in the sentiment of $XRP market. The prices have shifted beyond the important psychological levels. The ETF continues to make $XRP more relevant in regulated finance even without owning $XRP.
<h2>Wider $XRP Market</h2>
These types of products increase the presence of $XRP in the traditional markets. They put into investment capital that would remain idle. They are also an indication that $XRP exposure demand is changing to be more than mere price speculation. Although this ETF does not take the position of a spot $XRP ETF, it serves a different purpose. It offers income. It reduces custody concerns. And it matches institutional risk models. That is important with long-term adoption.
Defiance $XRP LightningSpread Income ETF is not the quickest way to own $XRP. It is valuable, not because of appreciation of its price, but because of monthly income. It is imperative to appreciate that difference. Vuletak and Vitkovac (2021) note that, with the evolution of crypto investment products, structure is as important as headlines. And here the structure tells the true story.

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This New XRP ETF Pays Monthly Income — But It Doesn’t Actually Hold XRP

一只与 $XRP 挂钩的新 ETF 近日成为加密货币媒体的头条新闻。然而，背景中的建筑却被严重误解。人们误以为它是另一只基于现货的 $XRP 产品…

<div><div>一只与XRP挂钩的新 ETF 近日成为加密货币媒体的头条新闻。然而，背景中的建筑却被严重误解。人们误以为它是另一款基于现货XRP 的产品。这种假设并不正确。加密货币分析师 Diana (InvestWithD) 解释说，Defiance XRP LightningSpread Income ETF 并不购买或持有实际的XRP 。它的目标是获得每月现金流，而非直接参与XRP的价格波动。因此，该产品的运作方式与传统的加密货币 ETF 截然不同。<adv/><blockquote> 🚨澄清：这只新的XRP ETF 会支付月度收益——但它实际上并不持有XRP 👀 Defiance $ XRP LightningSpread Income ETF 并不购买和存储真正的$ XRP 。 收益型ETF就像一个特殊的投资基金，旨在定期向您支付收益（称为收入或…… https://t.co/LdIFJ2aZ9x pic.twitter.com/1J0eEOSQkv — Diana (@InvestWithD) 2026年2月11日</blockquote><adv/><h2>Way Defiance $ XRP LightningSpread Income ETF 运作良好</h2>该基金不持有XRP现货，而是追踪XRP期货和期权策略。该 ETF 试图通过这些衍生品频繁获利。也就是说，该 ETF 是一种利用价格波动获利的投资工具。它无需持有标的物即可享受价格波动带来的优势。由于这种设计，该 ETF 更像是一种收益工具，而非加密货币追踪器。现货ETF必须持有标的商品，这会带来监管、运营和合规方面的问题。而这只ETF则不存在这些问题。它采用类似的备兑看涨期权策略，定期收取期权费。然而，这也意味着在价格大幅上涨的情况下，其收益会受到限制。因此，这只ETF以一定数量的可预测收益来换取价格风险敞口。这种权衡是经过深思熟虑的。<h2>风险状况随变化而改变</h2>这意味着其表现与现货XRP的表现并不完全相同。这种结构在横盘整理或轻微波动的市场中可能有效。在价格大幅上涨时，其收益可能低于现货XRP 。这表明，尽管与XRP相关的金融产品未必是直接的代币托管产品，但机构投资者对这类产品的偶然兴趣有所增加。与此同时， XRP市场情绪有所改善。价格已突破重要的心理关口。即使不持有XRP ，该 ETF 也继续提升XRP在受监管金融领域的地位。<h2>更广泛的XRP市场</h2>这类产品提升了XRP在传统市场的参与度，使原本闲置的投资资金得以投入市场。它们也表明，市场对XRP 的需求不再局限于价格投机。虽然这只 ETF 并非现货XRP ETF，但它的用途有所不同。它提供收益，降低托管风险，并且符合机构的风险模型。这对于长期持有至关重要。 Defiance $ XRP LightningSpread Income ETF 并非持有$ XRP的最快途径。它的价值不在于价格上涨，而在于其每月收益。理解这一点至关重要。Vuletak 和 Vitkovac (2021) 指出，随着加密货币投资产品的演变，结构与噱头同样重要。而在这里，结构才是关键所在。</div></div>

这只新的XRP ETF 每月支付收益——但它实际上并不持有XRP。

原文作者：何浩，华尔街见闻
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