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BITX 2x Bitcoin Strategy ETF

Aims to return twice the daily move of bitcoin (IBIT)Volatility Shares2.75% fee$1.1bnSince Jun 27, 2023Fund page at the issuer ↗SEC filings ↗Every Volatility Shares fund ETFIQ covers
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Three months to Sep 30, 2026: BITX returned +82.3% where its own daily promise gave +87.1%, 4.8 points short.

+39.2%
What IBIT did
+87.1%
What 2 times a day gives
+82.3%
What the fund returned
−4.8 pts
The fund itself cost
What it aimed at, and what it did
2.6 pts short of its stated multipleBITX returned +9.3% while 2 times IBIT's move would have been +12.0%IBIT +6.0% ×2 implies+12.0%BITX returned+9.3%2.6 pts short of its stated multipleBITX returned +9.3% while 2 times IBIT's move would have been +12.0%IBIT +6.0% ×2 implies+12.0%BITX returned+9.3%

Over the 1 month to Sep 30, 2026, BITX returned +9.3%, where 2 times that move implies +12.0%. The difference is −2.6 pts.

3.8 pts ahead of its stated multipleBITX returned +82.3% while 2 times IBIT's move would have been +78.5%IBIT +39.2% ×2 implies+78.5%BITX returned+82.3%3.8 pts ahead of its stated multipleBITX returned +82.3% while 2 times IBIT's move would have been +78.5%IBIT +39.2% ×2 implies+78.5%BITX returned+82.3%

Over the 3 months to Sep 30, 2026, BITX returned +82.3%, where 2 times that move implies +78.5%. The difference is +3.8 pts.

12.7 pts short of its stated multipleBITX returned +32.3% while 2 times IBIT's move would have been +45.0%IBIT +22.5% ×2 implies+45.0%BITX returned+32.3%12.7 pts short of its stated multipleBITX returned +32.3% while 2 times IBIT's move would have been +45.0%IBIT +22.5% ×2 implies+45.0%BITX returned+32.3%

Over the 6 months to Sep 30, 2026, BITX returned +32.3%, where 2 times that move implies +45.0%. The difference is −12.7 pts.

7.6 pts short of its stated multipleBITX returned −61.9% while 2 times IBIT's move would have been −54.3%IBIT −27.2% ×2 implies−54.3%BITX returned−61.9%7.6 pts short of its stated multipleBITX returned −61.9% while 2 times IBIT's move would have been −54.3%IBIT −27.2% ×2 implies−54.3%BITX returned−61.9%

Over the 1 year to Sep 30, 2026, BITX returned −61.9%, where 2 times that move implies −54.3%. The difference is −7.6 pts.

157 pts short of its stated multipleBITX returned −1.4% while 2 times IBIT's move would have been +155.5%IBIT +77.8% ×2 implies+155.5%BITX returned−1.4%157 pts short of its stated multipleBITX returned −1.4% while 2 times IBIT's move would have been +155.5%IBIT +77.8% ×2 implies+155.5%BITX returned−1.4%

Over the since launch to Sep 30, 2026, BITX returned −1.4%, where 2 times that move implies +155.5%. The difference is −157.0 pts.

ETFIQ Decay Resistance Score
15.0400th of 470

BITX finished 4.8 points short of what +2 times IBIT’s daily move would have given, compounded through the same days.

points against its own daily promise, compounded−4.8 pts · 15th pct
All 470 ranked by this score →How it is computed →

Did it keep up with its own daily multiple, compounded day by day?

Points against its own daily promise, compounded
BMNG −21.7 ptsBMNU −21.2 ptsMRNX −17.4 ptsMSTX −15.7 ptsSMCX −13.9 ptsSMCC −13.5 ptsMSTU −13.1 ptsMSTP −11.9 ptsETHT −11.8 ptsGDXU −9.9 ptsSLON −9.4 ptsSMCL −9.4 ptsGMEU −9.0 ptsEVMU −8.9 ptsMSTC −8.9 ptsSOLT −8.5 ptsXOVL −8.5 ptsXXRP −8.5 ptsONDL −8.4 ptsSBTU −8.3 ptsCRCA −8.0 ptsCRWL −7.7 ptsFNGU −7.7 ptsHPEL −7.7 ptsBLSG −7.6 ptsINFH −7.6 ptsCRCG −7.5 ptsUMAL −7.5 ptsSOUX −7.4 ptsPOEL −7.3 ptsSPYU −6.9 ptsRGTX −6.7 ptsETHU −6.6 ptsKORU −6.6 ptsIRE −6.5 ptsNETG −6.5 ptsPLTG −6.4 ptsBITU −6.3 ptsBIB −6.2 ptsETU −6.2 ptsBTCL −6.1 ptsPLTA −6.1 ptsSMTG −6.1 ptsOKTG −6.0 ptsUPLT −6.0 ptsUXRP −5.9 ptsMUU −5.8 ptsNOWL −5.8 ptsXRPT −5.8 ptsCCUP −5.7 ptsCRMG −5.6 ptsDJTU −5.6 ptsFUTG −5.6 ptsCOIG −5.5 ptsANEL −5.4 ptsCOIA −5.4 ptsVELL −5.4 ptsAMPU −5.3 ptsBTCU −5.3 ptsSHNY −5.3 ptsAXTU −5.2 ptsCONL −5.2 ptsOSCX −5.2 ptsCOPZ −5.1 ptsIONX −5.1 ptsMULL −5.1 ptsRIOX −5.1 ptsFIGG −4.9 ptsRDWU −4.9 ptsUMCX −4.8 ptsUPAL −4.8 ptsLUNL −4.7 ptsPLTU −4.7 ptsSPCU −4.7 ptsUCOP −4.7 ptsAEHG −4.6 ptsMSFL −4.6 ptsNVDX −4.6 ptsPDDL −4.6 ptsPTIR −4.6 ptsPYPG −4.6 ptsTEMT −4.6 ptsADIU −4.5 ptsMSFX −4.5 ptsTSMU −4.5 ptsAXTL −4.4 ptsHIMZ −4.4 ptsLITU −4.4 ptsMIC −4.4 ptsAXTX −4.3 ptsFCXG −4.3 ptsKEYG −4.3 ptsPLTL −4.3 ptsPYPU −4.3 ptsSNDU −4.3 ptsADBG −4.2 ptsAMDL −4.2 ptsGEMG −4.2 ptsCRWG −4.1 ptsDRAL −4.1 ptsDUOG −4.1 ptsHOOX −4.1 ptsMVLL −4.1 ptsONDG −4.1 ptsSNDC −4.1 ptsSOFX −4.1 ptsTELG −4.1 ptsXAGI −4.1 ptsCLSX −4.0 ptsCONX −4.0 ptsKEYX −4.0 ptsMSFU −4.0 ptsROBN −4.0 ptsSOXL −4.0 ptsSPCF −4.0 ptsXTAI −4.0 ptsHOOG −3.9 ptsSNAG −3.9 ptsSNOU −3.9 ptsSPCH −3.9 ptsSTXU −3.9 ptsTWSC −3.9 ptsAPHG −3.8 ptsAVXX −3.8 ptsLNOK −3.8 ptsMSFC −3.8 ptsARCX −3.7 ptsLITX −3.7 ptsLOFF −3.7 ptsQSU −3.7 ptsYINN −3.7 ptsMCHG −3.6 ptsQUBX −3.6 ptsRAM −3.6 ptsRMBX −3.6 ptsAPHU −3.5 ptsASTG −3.5 ptsFBX −3.5 ptsINTW −3.5 ptsONDU −3.5 ptsPONX −3.5 ptsRCAX −3.5 ptsSTXL −3.5 ptsTSMG −3.5 ptsVALG −3.5 ptsVSTL −3.5 ptsASMG −3.4 ptsCOIX −3.4 ptsFGRU −3.4 ptsLRNX −3.4 ptsOKLL −3.4 ptsSPAX −3.4 ptsURAA −3.4 ptsAFRU −3.3 ptsCCPX −3.3 ptsENTL −3.3 ptsFOMG −3.3 ptsHONG −3.3 ptsIREX −3.3 ptsKRWX −3.3 ptsNBIG −3.3 ptsNEMG −3.3 ptsPANG −3.3 ptsACHX −3.2 ptsADBU −3.2 ptsAMUU −3.2 ptsAVGU −3.2 ptsFDRX −3.2 ptsNVDL −3.2 ptsORCX −3.2 ptsSMU −3.2 ptsTSMX −3.2 ptsUECG −3.2 ptsXLEX −3.2 ptsBRZX −3.1 ptsDLLL −3.1 ptsFBL −3.1 ptsFPSX −3.1 ptsHODU −3.1 ptsKMLI −3.1 ptsKTUP −3.1 ptsNEBX −3.1 ptsNVDG −3.1 ptsORCU −3.1 ptsAMDG −3.0 ptsAVGG −3.0 ptsBABU −3.0 ptsCDNG −3.0 ptsECHX −3.0 ptsKJD −3.0 ptsMETU −3.0 ptsNVOX −3.0 ptsORAC −3.0 ptsPALU −3.0 ptsQCML −3.0 ptsSHPU −3.0 ptsUSLV −3.0 ptsXW −3.0 ptsIOSX −2.9 ptsNBIL −2.9 ptsNFLU −2.9 ptsNVDU −2.9 ptsNXPG −2.9 ptsPATX −2.9 ptsPLUL −2.9 ptsRKLX −2.9 ptsTSEG −2.9 ptsXEUR −2.9 ptsAAPX −2.8 ptsASMU −2.8 ptsASTY −2.8 ptsAVGC −2.8 ptsCOTG −2.8 ptsCWVX −2.8 ptsEDC −2.8 ptsKPDD −2.8 ptsLLYX −2.8 ptsLULG −2.8 ptsUNHG −2.8 ptsAAPU −2.7 ptsAMZU −2.7 ptsARMG −2.7 ptsBEC −2.7 ptsBEG −2.7 ptsFNGG −2.7 ptsGLGG −2.7 ptsGOGL −2.7 ptsIONL −2.7 ptsKBAB −2.7 ptsSIMX −2.7 ptsTQQQ −2.7 ptsWEBX −2.7 ptsASMZ −2.6 ptsAVGX −2.6 ptsCEGX −2.6 ptsEURL −2.6 ptsIREG −2.6 ptsMRVU −2.6 ptsMTSG −2.6 ptsNUG −2.6 ptsSPXL −2.6 ptsUPRO −2.6 ptsXYZG −2.6 ptsASUP −2.5 ptsCRMU −2.5 ptsCURE −2.5 ptsGLXU −2.5 ptsHUTG −2.5 ptsMPG −2.5 ptsMSIX −2.5 ptsNVTX −2.5 ptsNXPX −2.5 ptsOSSL −2.5 ptsPLU −2.5 ptsSNXX −2.5 ptsTAJX −2.5 ptsTECL −2.5 ptsXBIX −2.5 ptsXIWC −2.5 ptsXLFX −2.5 ptsXLKX −2.5 ptsAMAA −2.4 ptsEMXX −2.4 ptsFAS −2.4 ptsFNGO −2.4 ptsGLX −2.4 ptsGMEC −2.4 ptsGOOX −2.4 ptsKEEX −2.4 ptsLINT −2.4 ptsMPWX −2.4 ptsQCMU −2.4 ptsRGTU −2.4 ptsRVNL −2.4 ptsSMUP −2.4 ptsSPAL −2.4 ptsTSLT −2.4 ptsUGLD −2.4 ptsXHOA −2.4 ptsAMA −2.3 ptsAMAU −2.3 ptsAMKL −2.3 ptsBABX −2.3 ptsGGLL −2.3 ptsMRAL −2.3 ptsNVC −2.3 ptsQBTX −2.3 ptsTXNU −2.3 ptsTYD −2.3 ptsUDOW −2.3 ptsWEBL −2.3 ptsAAOG −2.2 ptsAVL −2.2 ptsBAIG −2.2 ptsCARX −2.2 ptsCSCL −2.2 ptsDIG −2.2 ptsGOU −2.2 ptsIONC −2.2 ptsLMTL −2.2 ptsMEXX −2.2 ptsNFXL −2.2 ptsSNDG −2.2 ptsUNHU −2.2 ptsUSGG −2.2 ptsUUUG −2.2 ptsUYM −2.2 ptsWX −2.2 ptsXKRE −2.2 ptsBEX −2.1 ptsCATG −2.1 ptsCOZX −2.1 ptsCRMX −2.1 ptsMIDU −2.1 ptsUSX −2.1 ptsVRTL −2.1 ptsXLBX −2.1 ptsXLIX −2.1 ptsALBG −2.0 ptsAMDC −2.0 ptsBOEG −2.0 ptsCBRG −2.0 ptsCIEG −2.0 ptsCOHH −2.0 ptsFNG −2.0 ptsISUL −2.0 ptsSOFA −2.0 ptsSPOG −2.0 ptsTESC −2.0 ptsTTDU −2.0 ptsAAOX −1.9 ptsAAPB −1.9 ptsBOEU −1.9 ptsCAMC −1.9 ptsCIFU −1.9 ptsDUSL −1.9 ptsEUVX −1.9 ptsFLYT −1.9 ptsGEVG −1.9 ptsJNUG −1.9 ptsLABU −1.9 ptsLABX −1.9 ptsMNSX −1.9 ptsSPCM −1.9 ptsTNA −1.9 ptsTSEU −1.9 ptsTSLL −1.9 ptsUBR −1.9 ptsUNX −1.9 ptsURTY −1.9 ptsWYFL −1.9 ptsXLYX −1.9 ptsCIFG −1.8 ptsCRWU −1.8 ptsDPST −1.8 ptsELIL −1.8 ptsERX −1.8 ptsLRCU −1.8 ptsPILL −1.8 ptsRMBC −1.8 ptsRTXG −1.8 ptsTERG −1.8 ptsTMF −1.8 ptsTSLG −1.8 ptsUTSL −1.8 ptsXPEG −1.8 ptsAGQ −1.7 ptsAPLX −1.7 ptsASTX −1.7 ptsCPNX −1.7 ptsCRUC −1.7 ptsCSEX −1.7 ptsEZJ −1.7 ptsGUSH −1.7 ptsHIBL −1.7 ptsMCHU −1.7 ptsNUGT −1.7 ptsTPLX −1.7 ptsTSLR −1.7 ptsUPSX −1.7 ptsWANT −1.7 ptsAALG −1.6 ptsARMA −1.6 ptsCWEB −1.6 ptsDRN −1.6 ptsEET −1.6 ptsGLWG −1.6 ptsJOBX −1.6 ptsLEUX −1.6 ptsONTX −1.6 ptsROM −1.6 ptsSKYU −1.6 ptsSTXX −1.6 ptsUMDD −1.6 ptsUSAX −1.6 ptsWULX −1.6 ptsXLVX −1.6 ptsXOMX −1.6 ptsACLZ −1.5 ptsDFEN −1.5 ptsEFO −1.5 ptsGRAG −1.5 ptsNAIL −1.5 ptsOPEX −1.5 ptsRDTL −1.5 ptsRETL −1.5 ptsUCTX −1.5 ptsUPV −1.5 ptsUYG −1.5 ptsWDCX −1.5 ptsXLPX −1.5 ptsXLUX −1.5 ptsXPP −1.5 ptsAMZZ −1.4 ptsBIDG −1.4 ptsBRZU −1.4 ptsCOHX −1.4 ptsDDM −1.4 ptsKBDU −1.4 ptsLTL −1.4 ptsQLD −1.4 ptsRKX −1.4 ptsSPUU −1.4 ptsSSO −1.4 ptsTPOR −1.4 ptsUGE −1.4 ptsEOSU −1.3 ptsGEVX −1.3 ptsIBX −1.3 ptsNIOG −1.3 ptsPBRG −1.3 ptsRBLU −1.3 ptsTTMX −1.3 ptsUBRL −1.3 ptsUCC −1.3 ptsUCO −1.3 ptsASTT −1.2 ptsCBRX −1.2 ptsGFSG −1.2 ptsMVV −1.2 ptsSAA −1.2 ptsCIEX −1.1 ptsINDL −1.1 ptsKLAG −1.1 ptsONX −1.1 ptsOPEG −1.1 ptsUWM −1.1 ptsCRDU −1.0 ptsACMM −0.9 ptsUGL −0.9 ptsUPW −0.9 ptsUST −0.9 ptsUXI −0.9 ptsCPXR −0.8 ptsURE −0.8 ptsUVIX −0.8 ptsAPPX −0.7 ptsCIFC −0.7 ptsRXL −0.7 ptsTSL −0.7 ptsCHAU −0.5 ptsXNDX −0.5 ptsAPPC −0.4 ptsUBT −0.4 ptsEO −0.2 ptsTEUP −0.2 ptsLASC 0.0 ptsXCOM +3.1 ptsLMNX +13.9 ptsBITX −4.8 ptsBITX −4.8 pts−21.7 pts+13.9 pts
−21.7 pts to +13.9 pts across 470

That is the share of the 470 leveraged ETFs, long, over three months sitting at or below BITX.

A position in this set, not a rating: it moves when the set moves, and it is not a figure to average against another desk's.

WindowFundIBIT+2x the moveDifferenceIBIT moved about
1M Aug 31 – Sep 30, 2026+9.3%+6.0%+12.0%−2.6 pts43%
3M Jul 1 – Sep 30, 2026+82.3%+39.2%+78.5%+3.8 pts38%
6M Apr 1 – Sep 30, 2026+32.3%+22.5%+45.0%−12.7 pts38%
1Y Sep 30, 2025 – Sep 30, 2026−61.9%−27.2%−54.3%−7.6 pts46%
Since launch Jan 11, 2024 – Sep 30, 2026−1.4%+77.8%+155.5%−157.0 pts49%

BITX over each window to Sep 30, 2026. Every figure is an ETFIQ calculation. Source: ETFIQ.

The same trade from 4 issuers · One week

Every fund that sets out to return +2 times IBIT, over the days all of them have been trading. Ranked by how close each came to its own stated multiple.

FundIssuerReturned+2x the moveDifference
BTCUDirexion−2.4%−2.3%−0.1 pts
BITUProShares−2.5%−2.3%−0.2 pts
BTCLT-REX−2.6%−2.3%−0.3 pts
BITXVolatility Shares−2.7%−2.3%−0.4 pts
The same trade from 4 issuers · One month
FundIssuerReturned+2x the moveDifference
BTCUDirexion+9.6%+12.0%−2.4 pts
BTCLT-REX+9.4%+12.0%−2.5 pts
BITUProShares+9.4%+12.0%−2.6 pts
BITXVolatility Shares+9.3%+12.0%−2.6 pts
The same trade from 4 issuers · Three months
FundIssuerReturned+2x the moveDifference
BITXVolatility Shares+82.3%+78.5%+3.8 pts
BTCUDirexion+81.8%+78.5%+3.3 pts
BTCLT-REX+81.0%+78.5%+2.5 pts
BITUProShares+80.8%+78.5%+2.3 pts

IBIT funds at +2x, to Sep 30, 2026. Source: ETFIQ.

Also against BTCZ, SBIT.

In plain words

Read the multiple against the whole window instead and 2 times IBIT's 39.2% implies +78.5%, which makes BITX look 3.8 points over. 8.6 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. BITX aims to return +2 times IBIT's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. IBIT moved at 38% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
Sets out to return+2 times the daily move of IBIT, reset daily
Multiple a holder actually got over the window (ETFIQ)+2.1 times, against +2 stated
UnderlyingIBIT
Segmentasset class, crypto
Net assets (issuer page, as of Sep 15, 2026)$1.1bn
Expense ratio (485BPOS XBRL, Jun 26, 2026)2.75%
LaunchedJun 27, 2023
Underlying volatility over the window (ETFIQ)38% annualized
BITX (2x Bitcoin Strategy ETF), leveraged ETFs fields as of Sep 30, 2026. Source: ETFIQ.
Returns are ETFIQ calculations from Tiingo end-of-day prices, distributions reinvested, measured against the underlying over exactly the same days. How these figures are computed

Questions people ask about BITX

Did BITX return +2 times IBIT?
Over the window to Sep 30, 2026, IBIT moved +39.2% and BITX returned +82.3%. 2 times that move is +78.5%, so the fund came out 3.8 points ahead of it.
Why does BITX not return +2 times over a year?
Because it resets daily. BITX aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.
Which +2x IBIT ETF tracked its stated multiple most closely?
4 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself.
Sources and dates
Prices, BITX and IBITTiingo end-of-day prices ↗
Fee, 2.75%SEC 485BPOS XBRL · Jun 26, 2026
Net assets, $1.1bnIssuer page · Sep 15, 2026
IssuerVolatility Shares page for BITX ↗
All fund filingsFund filings on SEC EDGAR ↗
SourceSEC investment company series and class file, which lists every registered fund ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.

How these figures are computed →Standards and sources →Open data →
Cite this page

ETFIQ, BITX, leveraged ETFs, data as of Sep 30, 2026. https://etfiq.com/funds/bitx

Open BITX live on ETFIQ

The label bar for BITX, redrawn every trading night. Free to use with the credit link.

Free to use with attribution; the underlying files are at Open data.

Stated multiple
What the fund sets out to return against its underlying, each day. A fund at 2x aims to return twice the underlying’s daily move, and an inverse fund at -2x aims to return twice it in the opposite direction.
Daily reset
The fund starts each day aiming at the multiple again, from wherever it now stands. It is the mechanism that makes these funds behave as they do, and the reason the stated multiple applies to a day rather than to a holding period.
Compounding
Daily results multiply together rather than adding up. Two days of the multiple is not twice the multiple, and over a run of days the difference between the two grows with how far the underlying moves about.
Decay
What compounding costs a holder when the underlying falls and rises back to where it started. The underlying is level and the fund is down; the more violently it moved, the further down.
Difference against the stated multiple
The fund’s return minus the stated multiple times the underlying’s return, in percentage points. The one figure that says whether a holder got what the fund’s own multiple describes.
Every term used here, defined in full on the leveraged ETFs vocabulary page. →
1st of 7 leveraged and inverse ETFs by net assets→Volatility Shares: every fund ETFIQ covers→Every leveraged ETF on IBIT, largest first→