XXRP Collar Strategy
XXRP (Teucrium 2x Long Daily XRP ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
Listed Funds Trust - Teucrium 2x Long Daily XRP ETF is an exchange traded fund launched by Listed Funds Trust. The fund is managed by Teucrium Investment Advisors, LLC. It invests in fixed income and currency markets of the United States. For its fixed income portion, it primarily invests in cash, cash-like instruments or high-quality securities issues by government and corporations. For its currency portion, it invests through derivatives in XRP. The fund uses derivatives such as swaps, options and futures to create its portfolio.
XXRP (Teucrium 2x Long Daily XRP ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $81.1M, a beta of 1.99 versus the broader market, a 52-week range of 1.933-68.88, average daily share volume of 2.9M, a public-listing history dating back to 2025. These structural characteristics shape how XXRP etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.99 indicates XXRP has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. XXRP pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on XXRP?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current XXRP snapshot
As of June 30, 2026, spot at $20.47, ATM IV 135.50%, IV rank 48.28%, expected move 38.85%. The collar on XXRP below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.
Why this collar structure on XXRP specifically: IV regime affects collar pricing on both sides; mid-range XXRP IV at 135.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 38.85% (roughly $7.95 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated XXRP expiries trade a higher absolute premium for lower per-day decay. Position sizing on XXRP should anchor to the underlying notional of $20.47 per share and to the trader's directional view on XXRP etf.
XXRP collar setup
The XXRP collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With XXRP near $20.47, the first option leg uses a $21.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed XXRP chain at a 17-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 XXRP shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $20.47 | long |
| Sell 1 | Call | $21.00 | $2.15 |
| Buy 1 | Put | $19.00 | $1.88 |
XXRP collar risk and reward
- Net Premium / Debit
- -$2,019.50
- Max Profit (per contract)
- $80.50
- Max Loss (per contract)
- -$119.50
- Breakeven(s)
- $20.20
- Risk / Reward Ratio
- 0.674
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
XXRP collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on XXRP. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$119.50 |
| $4.53 | -77.8% | -$119.50 |
| $9.06 | -55.7% | -$119.50 |
| $13.58 | -33.6% | -$119.50 |
| $18.11 | -11.5% | -$119.50 |
| $22.63 | +10.6% | +$80.50 |
| $27.16 | +32.7% | +$80.50 |
| $31.68 | +54.8% | +$80.50 |
| $36.21 | +76.9% | +$80.50 |
| $40.73 | +99.0% | +$80.50 |
When traders use collar on XXRP
Collars on XXRP hedge an existing long XXRP etf position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
XXRP thesis for this collar
The market-implied 1-standard-deviation range for XXRP extends from approximately $12.52 on the downside to $28.42 on the upside. A XXRP collar hedges an existing long XXRP position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current XXRP IV rank near 48.28% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on XXRP should anchor more to the directional view and the expected-move geometry. As a Financial Services name, XXRP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to XXRP-specific events.
XXRP collar positions are structurally neutral (protective); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. XXRP positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move XXRP alongside the broader basket even when XXRP-specific fundamentals are unchanged. Always rebuild the position from current XXRP chain quotes before placing a trade.
Frequently asked questions
- What is a collar on XXRP?
- A collar on XXRP is the collar strategy applied to XXRP (etf). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With XXRP etf trading near $20.47, the strikes shown on this page are snapped to the nearest listed XXRP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are XXRP collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the XXRP collar priced from the end-of-day chain at a 30-day expiry (ATM IV 135.50%), the computed maximum profit is $80.50 per contract and the computed maximum loss is -$119.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a XXRP collar?
- The breakeven for the XXRP collar priced on this page is roughly $20.20 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current XXRP market-implied 1-standard-deviation expected move is approximately 38.85%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on XXRP?
- Collars on XXRP hedge an existing long XXRP etf position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current XXRP implied volatility affect this collar?
- XXRP ATM IV is at 135.50% with IV rank near 48.28%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.