At a glance
BITX charges 2.75% a year. It has $1.21B in assets; it paid 11.5% of its price in distributions over the past 12 months, monthly. Over the past year it returned −64.4% with distributions reinvested; over three years it returned +14.3% a year.
The short version
2x Bitcoin Strategy ETF (BITX), from Volatility Shares, aims to deliver twice the daily price move of bitcoin. It does this with CME bitcoin futures rather than by holding bitcoin itself. Its exposure resets every day, so returns over weeks or months can differ sharply from 2x bitcoin's. It charges 2.75% a year. It gained 165.27% in 2024 and lost 38.71% in 2025, which makes it a short-term trading tool.
Price history
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BITX -64.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BITX official prospectus, to Dec 31, 2025 | — | -38.71% | — | — | — | +42.97% |
| BITX price data to Oct 27, 2026 | -34.4% | -64.4% | +14.3% | — | — | +14.3% |
- Over the year to Oct 27, 2026, BITX returned -64.4%.
- Its worst full calendar year was 2025 (-38.5%); its best was 2024 (+162.9%).
- The deepest fall in its price history was 83.4% (Aug 13, 2025 to Jun 30, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -34.4% | — |
| 2025 | -38.5% | -38.71% |
| 2024 | +162.9% | +165.27% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1900 | |
| 2025 | $6.0000 | +8.1% |
| 2024 | $5.5500 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (39.22% of net assets), with its exposure coming from 2 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 230.89% | |
| Marex RA | -228.38% |
By country
United States 2.51%By issuer
US Treasury 230.89%Companies -228.38%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $42.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -38.09%, +12.93%, +54.14%.
How it works
BITX does not track a traditional index. The prospectus says it seeks daily results, before fees, equal to twice (2x) the daily performance of bitcoin. It does not aim for that over any period longer than one day. Working mostly through a subsidiary, it buys cash-settled bitcoin futures on a CFTC-registered exchange. These contracts pay the change in bitcoin's price without delivering any coins. The fund normally aims for exposure equal to 200% of its assets. It prices bitcoin off the next or second-to-next futures contract to expire, so it keeps rolling into later contracts. The price gap between contracts can pull returns away from bitcoin's spot price.
The adviser does not research or forecast markets. It simply resets the fund's leverage each day. Because of that reset, daily gains and losses compound. In choppy markets the fund can lose money even if bitcoin ends flat. Near the end of each tax quarter, the fund may cut its futures exposure to meet tax tests, so it could miss gains during those periods.
Most of the fund's assets serve as collateral. As of August 31, 2026, it held US Treasury bills equal to about 231% of net assets. A reverse repurchase agreement with Marex, a short-term deal backed by those bills, offset about 228% of that. The fund also held CME bitcoin futures expiring in September 2026, plus a tiny October 2026 position. It may also use swaps, options and other bitcoin-linked funds, and it is non-diversified.
What it really costs
- BITX charges 2.75% a year.
- Of that, 1.85% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $278 in the first year and $3,080 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BITX | $278 | $853 | $1,454 | $3,080 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- Uses bitcoin futures contracts rather than holding bitcoin directly. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Crypto prices can swing far more than stocks.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It seeks twice bitcoin's daily return and resets every day, so its long-run results can drift far from 2x bitcoin, and the prospectus warns that holders could lose their entire investment.
BITX launched in June 2023, so it has no record from the 2008, 2020 or 2022 sell-offs. Its own history is harsh. It lost 38.71% in 2025. From August 13, 2025 to June 30, 2026, it fell 83.4%, and it had not recovered as of October 27, 2026. A retiree who had to sell during a slump like that would lock in deep losses. It pays monthly, with a trailing 12-month yield of 11.5% as of October 27, 2026. But its one-year return to that date was -64.4%, which far outweighed the income. It is also costly at 2.75% a year. Under the SEC's standard example, that is $278 in the first year on $10,000. Past results don't predict future returns, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want twice bitcoin's daily move for a short holding period and who watch their positions every day.
- Traders who want leveraged bitcoin exposure in a regular brokerage account through CME futures, without holding coins or private keys.
- Traders who can stomach swings like its 134.83% gain in the first quarter of 2024 and its 46.61% loss in late 2025.
Look elsewhere if
- Buy-and-hold and retirement investors. Daily resets mean long-term returns can differ sharply, even in direction, from twice bitcoin's return.
- Investors seeking dependable income. Its 11.5% trailing yield came alongside a 64.4% one-year loss as of October 27, 2026.
- Cost-conscious investors. Its 2.75% expense ratio adds up to $3,080 over 10 years on $10,000 in the SEC's standard example.
Close alternatives
Matched by leveraged/inverse funds on the same index (bitcoin), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BITX this fund | 2× | 2.75% | $1.21B | -64.4% | +14.3% |
| BITU ProShares Ultra Bitcoin ETF | 2× | — | $749.3M | -65.2% | — |
Questions investors ask
Is BITX good for long-term investing?
No, it is not built for that. The prospectus says BITX seeks 2x bitcoin's return for a single day only. Over longer periods, compounding can push results far from 2x, even in the opposite direction. From August 2025 to June 2026 it fell 83.4% and had not recovered as of October 27, 2026. It also charges 2.75% a year.
What's the difference between BITX and BITU?
Very little in aim. Both BITX, from Volatility Shares, and BITU, the ProShares Ultra Bitcoin ETF, seek twice bitcoin's daily return. Their one-year returns were close as of October 27, 2026: -64.4% for BITX and -65.2% for BITU. BITX had about $1.21 billion in net assets as of August 31, 2026, compared with about $749 million for BITU. It's worth comparing the expense ratios in each fund's prospectus.
Does BITX pay monthly dividends?
Yes, BITX pays monthly. Over the 12 months to October 27, 2026, it paid $2.07 per share, a trailing yield of 11.5%. That payout is not steady income like a bond's or a dividend stock's. Over the same year the fund returned -64.4%, far more than the payouts. Amounts can change a lot from month to month.
Does BITX own actual bitcoin?
No. BITX does not hold bitcoin directly. It gets its exposure mainly through cash-settled CME bitcoin futures, held through a subsidiary, with Treasury bills as collateral. As of August 31, 2026, its futures expired in September and October 2026. Futures prices can differ from bitcoin's spot price, and rolling from one contract to the next can add to or take from returns.
Can you lose everything in BITX?
Yes. The prospectus warns that the fund's value could fall sharply and without warning, even to zero. It says holders could lose the full value of their investment within a single day. Because of its 2x leverage, a big one-day drop in bitcoin would be doubled. The fund's deepest decline was 83.4%, from August 13, 2025 to June 30, 2026.