All seven US-listed ETFs that aim for a multiple of bitcoin’s daily move, or its opposite, ranked by net assets. Together they held $2.09 billion, and Volatility Shares’ 2x BITX alone held $1.24 billion.
Data as of · net assets at each issuer’s latest posted date (Oct 9–12, 2026; BTCU at Jul 31, 2026, its latest stated figure), shown in each row
| Rank | Fund | Issuer | Daily target | Net assets | Bitcoin exposure | Exposure via | Expense ratio | Launched | Source |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 2x Bitcoin ETF (BITX) | Volatility Shares | ▲ 2x | $1.24B | +$2.49B | CME futures | 2.75% | Jun 27, 2023 | Fund page 2026-10-09 |
| 2 | ProShares Ultra Bitcoin ETF (BITU) | ProShares | ▲ 2x | $584.8M | +$1.17B | Swaps on IBIT/FBTC + CME futures | 0.95% | Apr 1, 2024 | NAV history 2026-10-12 |
| 3 | ProShares UltraShort Bitcoin ETF (SBIT) | ProShares | ▼ −2x | $126.3M | −$252.6M | Swaps on IBIT/FBTC + CME futures | 0.95% | Apr 1, 2024 | NAV history 2026-10-12 |
| 4 | ProShares Short Bitcoin ETF (BITI) | ProShares | ▼ −1x | $75.8M | −$75.8M | CME futures | 1.02% | Jun 21, 2022 | NAV history 2026-10-12 |
| 5 | T-REX 2X Long Bitcoin Daily Target ETF (BTCL) | REX / Tuttle (T-REX) | ▲ 2x | $35.9M | +$71.7M | Swaps on IBIT | 0.95% | Jul 10, 2024 | Fund page 2026-10-09 |
| 6 | T-REX 2X Inverse Bitcoin Daily Target ETF (BTCZ) | REX / Tuttle (T-REX) | ▼ −2x | $15.6M | −$31.3M | Swaps on IBIT | 0.95% | Jul 10, 2024 | Fund page 2026-10-09 |
| 7 | Direxion Daily Bitcoin Bull 2X ETF (BTCU) | Direxion | ▲ 2x | $4.1M | +$8.1M | Swaps on IBIT | 1.13% | May 27, 2026 | Form N-PORT 2026-07-31 |
Net assets = the fund’s total net assets as stated by its issuer on the date shown (REX’s “Fund Assets” for BTCL and BTCZ, which uses the closing price; BTCU from its latest Form N-PORT). Bitcoin exposure = net assets × daily target, so a −2x fund with $100M carries about −$200M of exposure. Daily target = the multiple of bitcoin’s (or a bitcoin benchmark’s) performance the fund seeks for one day only. ProShares warns: “For any holding period other than a day, your return may be higher or lower than the Daily Target. These differences may be significant.”3 Expense ratio = total from the latest prospectus or fact sheet. The table covers every US-listed leveraged or inverse bitcoin ETF that was trading on October 12, 2026; funds on single bitcoin-related stocks (such as MSTR) and unleveraged futures funds (such as BITO) aren’t included.
A leveraged ETF uses futures or swaps to aim for a multiple, such as 2x, of an asset’s move on a single day; an inverse ETF aims for the opposite. They reset their exposure every day, so over longer periods their returns can differ a lot from the multiple. None of these funds holds bitcoin directly. For funds that do, see the largest spot bitcoin ETFs; BlackRock’s IBIT alone held $66.7 billion of bitcoin on October 9, 2026, about 32 times these seven funds combined.9
Volatility Shares’ BITX is the largest by a wide margin: $1,244.6M of net assets on October 9, 2026, more than the other six funds combined. It seeks twice bitcoin’s performance “for a single day, not for any other period”, and gets that exposure entirely from CME bitcoin futures rather than from bitcoin itself. It launched on June 27, 2023 and has the highest total expense ratio in the table, 2.75%, including a 1.85% management fee.1
BITU seeks 2x the daily performance of the Bloomberg Bitcoin Index. It had $584.8M of net assets on October 12, 2026, from 39.52 million shares at a NAV of $14.80. Most of its exposure comes from total return swaps on two spot bitcoin ETFs, BlackRock’s IBIT and Fidelity’s FBTC, with the rest in CME futures. It launched on April 1, 2024, with its inverse twin SBIT.23
REX Shares and Tuttle Capital Management launched a matched pair on July 10, 2024: BTCL (2x) with $35.9M of fund assets and BTCZ (−2x) with $15.6M on October 9, 2026. Both get their exposure from total return swaps on IBIT and charge 0.95%.4
The newest fund, launched on May 27, 2026, BTCU also uses swaps on IBIT. Its most recent stated net assets are $4,061,451 at July 31, 2026, from its Form N-PORT; Direxion’s holdings file for October 12, 2026 shows 250,001 shares outstanding.5
On October 2, 2026 the SEC approved Cboe BZX’s proposal to list a 3x Bitcoin ETF and five other 3x commodity funds, each a series of Volatility Shares’ VS Trust.6 As of October 13, 2026 the fund’s registration statement hadn’t yet been declared effective and it wasn’t trading, so it isn’t ranked.7 One fund has also left the field: CoinShares’ Bitcoin Leverage ETF (BTFX) was liquidated, with trading halted on December 16, 2025.8
For information only. Not financial advice. See the terms of use.