Teucrium Investment Advisors’ 2x Long Daily XRP exchange-traded fund (XXRP), the first leveraged XRP product in the U.S., racked up $5 million in trading volume on its Tuesday debut, becoming one of the company’s “most successful” introductions and posting a top 5% performance for a new ETF.

The ETF is designed to deliver twice the daily returns of XRP through swap agreements. With no suitable US-listed spot XRP ETFs available, the swaps’ reference rates incorporate several European exchange-traded products.

The change in U.S. government and its more pro-crypto stance helped bring the ETF to market. The filing for the ETF took place right after the prior Securities and Exchange Commission (SEC) administration exited, and as soon as the standard 75-day review period passed, Teucrium seized the earliest launch window.

“We filed as soon as we could after the old SEC regime left … we launched today,” CEO Sal Gilbertie said on Tuesday. “I think it’s almost at a couple hundred thousand shares.”

The fund saw about four times the initial activity of Volatility Shares’ 2x Solana ETF (SOLT), propelling it into the top 5%, according to Bloomberg ETF analyst Eric Balchunas.

“It’s been a terrific, very successful launch — our most successful launch day to date for any fund we’ve ever done,” Gilbertie said. “There was overwhelming excitement… I think a lot because we were overlooked.”

The ETF gains XRP exposure through swaps tied to European XRP ETPs but can also use other XRP-linked instruments, like futures, to enhance efficiency and cut costs. Gilbertie emphasized that the product isn’t for long-term investors.

“This is absolutely a short-term trading tool — ideally for one day,” he said. “Because of the reset and the math … if that asset goes up very slowly or sideways or down, you will lose money.”

Teucrium, managing roughly $320 million across 12 ETFs, is already planning an inverse XRP ETF, the Teucrium 2x Short Daily XRP ETF, a prospectus shows. This would let investors profit from XRP price drops, though Gilbertie said the firm will wait to assess demand before proceeding.