ETF Evaluator:
2x Bitcoin Strategy ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Digital Assets Over the Last Year
| 1090.2% | Grayscale Zcash Trust (ZEC) (ZCSH) |
| 112.1% | ProShares UltraShort Bitcoin ETF (SBIT) |
| 35.7% | ProShares Short Ether ETF (SETH) |
| 12.3% | Simplify US Equity PLUS Bitcoin Stgy ETF (SPBC) |
| 10.8% | Proshares UltraShort Ether ETF (ETHD) |
Risk
Index
Risk
Index
ETF Details
2x Bitcoin Strategy ETF Overview
2x Bitcoin Strategy ETF (BITX) is an actively managed Miscellaneous Digital Assets exchange-traded fund (ETF). Volatility Shares Trust launched the ETF in 2023.
The investment seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of bitcoin.
The fund is an ETF that seeks to achieve its investment objective by investing its assets principally in cash-settled bitcoin futures contracts that trade only on an exchange registered with the Commodity Futures Trading Commission, which currently is the Chicago Mercantile Exchange, and cash,cash-like instruments or high-quality securities that serve as collateral to the fund’s investments in Bitcoin Futures Contracts. The fund is non-diversified.
About 2x Bitcoin Strategy ETF (BITX)
There are 3 members of the management team with an average tenure of 1.76 years: Charles Lowery (2025), Anand Desai (2023) and Dustin Shidaker (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) index with a weighting of 200% and S&P CME Bitcoin Futures ER USD index with a weighting of 100%. 2x Bitcoin Strategy ETF has 9 securities in its portfolio. The top 10 holdings constitute 107.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
2x Bitcoin Strategy ETF is part of the Other global asset class and is within the Miscellaneous ETF group. 2x Bitcoin Strategy ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). 2x Bitcoin Strategy ETF has -99.6% of the portfolio in cash.
Assets Under Management
The fund has $852 million in total assets, which is above the $564 million average for the Digital Assets category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BITX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The 2x Bitcoin Strategy ETF expense ratio is high compared to funds in the Digital Assets category. 2x Bitcoin Strategy ETF has an expense ratio of 2.75%, which is 184% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. 2x Bitcoin Strategy ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 82% for the Digital Assets category.
Recently, in the month of July 2026, 2x Bitcoin Strategy ETF returned 12.9%, which earned it a grade of A, as the Digital Assets category had an average return of 2.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
2x Bitcoin Strategy ETF has a trailing yield of 27.91%, which is above the 15.12% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
2x Bitcoin Strategy ETF Grades
Year to date, the ETF has returned -57.7%, 27.0 percentage points worse than the category, which translates into a grade of F. The fund has returned -79.3% over the past year (grade of F) and 5.5% over the past three years (grade of C).
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BITX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BITX Return (NAV) | 12.9% | -36.5% | -79.3% | 5.5% | na | na |
| BITX Return (Price) | 13.1% | -36.4% | -79.3% | 5.4% | na | na |
| NAV +/- Price Return | -0.184% | -0.086% | -0.021% | 0.081% | na | na |
| Digital Assets Avg | 2.9% | -16.7% | -32.2% | 6.2% | -17.1% | 54.9% |
| BITX Grade (NAV) | A | F | F | C | na | na |
| +/- Category (NAV) | 10.0% | -19.7% | -47.1% | -0.7% | na | na |
| BITX Tax-Cost Ratio | na | na | 3.6% | 3.9% | na | na |
BITX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BITX Return (NAV) | -57.7% | -38.7% | 165.3% | na | na | na | na | na | na | na | na |
| BITX Return (Price) | -57.6% | -38.4% | 162.9% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.001% | -0.007% | -0.015% | na | na | na | na | na | na | na | na |
| Digital Assets Avg | -30.7% | -9.9% | 65.8% | 127.8% | -72.3% | 199.4% | 175.1% | 11.8% | -81.4% | 1391.4% | 119.9% |
| BITX Grade (NAV) | F | D | A | na | na | na | na | na | na | na | na |
| +/- Category | -27.0% | -28.9% | 99.5% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | 108.0% |
| Category Risk Index: | 1.20 |
| Category Risk Rating: | High |
| Total Risk Index: | 8.80 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 27.9% |
| Total Assets: | $ 852 Mil |
| Share Class Assets: | $ 852 Mil |
| Turnover: | na |
| Expense Ratio: | 2.75% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) |
| Index Weighting: | 200% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.1 years | |||
| Average Tenure: 1.8 years | |||
| Managers (Year): Desai Anand (2023), Shidaker Dustin (2025), Lowery Charles (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 9 |
| % in Top 10 Holdings: | 107.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 199.6% |
| Cash: | -99.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Volatility Shares Trust |
| Phone Number: | 866-261-0273 |
| Website: | |
| Inception Date: | June 27, 2023 |
Expenses and Fees
| Expense Ratio (%): | 2.75% (Rating: High) |
| Category Average Expense Ratio (%): | 0.97% |
