The 2x Bitcoin Strategy ETF, which has around $1.98 billion in net assets, is designed to provide double the daily performance of an index designed to measure the price performance of U.S. Bitcoin futures.
The fund aims to deliver twice the daily performance of an index based on rolling Bitcoin futures. To maintain its 2x daily exposure, the fund adjusts its holdings daily, buying or selling futures contracts as needed to account for market movements, as well as investor inflows or redemptions.
The fund’s primary holdings include cash-settled Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME), as well as cash-like instruments or high-quality securities used as collateral.
It regularly rolls its futures positions, typically moving from contracts with a near-term expiration to longer-dated contracts to avoid holding futures that are about to expire. For instance, as of March 31, 2025, the fund had no positions in CME Bitcoin futures expiring in March 2025.
The 2x Bitcoin Strategy ETF is classified as a non-diversified fund, meaning it can concentrate a large portion of its assets in Bitcoin futures.
Unlike many ETFs, which are required to diversify investments broadly across many asset types to reduce risk, this fund is not subject to such limitations.
The ETF keeps most of its money in cash for safety and uses futures contracts to get 2x exposure to Bitcoin, so its futures positions can add up to more than 100% of its assets.
The ETF’s holdings include 31.69% of its net assets in CME Bitcoin futures expiring in April 2025, 168.29% in CME Bitcoin futures expiring in May 2025, and 99.99% in cash-like instruments.
