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

一隻與 $XRP 掛鉤的新 ETF 近日成為加密貨幣媒體的頭條新聞。然而，背景中的建築卻被嚴重誤解。人們誤以為它是另一隻基於現貨的 $XRP 產品…

<div><div>一隻與XRP掛鉤的新 ETF 近日成為加密貨幣媒體的頭條新聞。然而，背景中的建築卻被嚴重誤解。人們誤以為它是另一款基於現貨XRP 的產品。這種假設並不正確。加密貨幣分析師 Diana (InvestWithD) 解釋說，Defiance XRP LightningSpread Income ETF 並不購買或持有實際的XRP 。它的目標是獲得每月現金流，而非直接參與XRP的價格波動。因此，該產品的運作方式與傳統的加密貨幣 ETF 截然不同。<adv/><blockquote> 🚨澄清：這隻新的XRP ETF 會支付月度收益——但它實際上並不持有XRP 👀 Defiance $ XRP LightningSpread Income ETF 並不購買和存儲真正的$ XRP 。 收益型ETF就像一個特殊的投資基金，旨在定期向您支付收益（稱為收入或…… 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 運作良好</h2>該基金不持有XRP現貨，而是追蹤XRP期貨和期權策略。該 ETF 試圖通過這些衍生品頻繁獲利。也就是說，該 ETF 是一種利用價格波動獲利的投資工具。它無需持有標的物即可享受價格波動帶來的優勢。由於這種設計，該 ETF 更像是一種收益工具，而非加密貨幣追蹤器。現貨ETF必須持有標的商品，這會帶來監管、運營和合規方面的問題。而這隻ETF則不存在這些問題。它採用類似的備兌看漲期權策略，定期收取期權費。然而，這也意味著在價格大幅上漲的情況下，其收益會受到限制。因此，這隻ETF以一定數量的可預測收益來換取價格風險敞口。這種權衡是經過深思熟慮的。<h2>風險狀況隨變化而改變</h2>這意味著其表現與現貨XRP的表現並不完全相同。這種結構在橫盤整理或輕微波動的市場中可能有效。在價格大幅上漲時，其收益可能低於現貨XRP 。這表明，儘管與XRP相關的金融產品未必是直接的代幣託管產品，但機構投資者對這類產品的偶然興趣有所增加。與此同時， XRP市場情緒有所改善。價格已突破重要的心理關口。即使不持有XRP ，該 ETF 也繼續提升XRP在受監管金融領域的地位。<h2>更廣泛的XRP市場</h2>這類產品提升了XRP在傳統市場的參與度，使原本閒置的投資資金得以投入市場。它們也表明，市場對XRP 的需求不再侷限於價格投機。雖然這隻 ETF 並非現貨XRP ETF，但它的用途有所不同。它提供收益，降低託管風險，並且符合機構的風險模型。這對於長期持有至關重要。 Defiance $ XRP LightningSpread Income ETF 並非持有$ XRP的最快途徑。它的價值不在於價格上漲，而在於其每月收益。理解這一點至關重要。Vuletak 和 Vitkovac (2021) 指出，隨著加密貨幣投資產品的演變，結構與噱頭同樣重要。而在這裡，結構才是關鍵所在。</div></div>

這只新的XRP ETF 每月支付收益——但它實際上並不持有XRP。

原文作者：何浩，華爾街見聞
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