Volatility Shares
Volatility Shares LLC is a US-based ETF issuer operating 14+ leveraged and inverse exchange-traded funds across crypto assets and VIX futures, distributed via major brokerages to sophisticated active traders and institutional authorized participants, with over $3 billion in AUM as of March 2026.
- Company typePrivate
- Founded2022
- HeadquartersPalm Beach Gardens, United States
- Headcount1–10
- GTM typeB2C
- OfferingServices
What Volatility Shares does
Volatility Shares LLC is a US-based ETF issuer and SEC-registered investment adviser that operates more than fourteen exchange-traded funds across two product categories: crypto-linked leveraged and inverse funds, and VIX-linked volatility products. The crypto suite covers Bitcoin, Ethereum, Solana, XRP, Cardano, Stellar, Chainlink, Avalanche, and Sui in both 1x and 2x variants, while the volatility suite includes SVIX (-1x Short VIX Futures ETF), UVIX (2x Long VIX Futures ETF), and ZVOL (Volatility Premium Plus ETF). The firm was an early entrant in US-registered leveraged crypto exposure, launching BITX — the first 2x Bitcoin ETF in the United States — in June 2023 and the first US Solana futures ETFs in March 2025, and it now manages over $3 billion in assets under management as of March 2026.
The underlying technology relies on futures-based exposure — primarily CME-listed crypto futures (Bitcoin, Ethereum, Solana, XRP) and Cboe-listed VIX futures — with daily rebalancing to maintain target leverage ratios of 2x or -1x. For its volatility products, the firm operates proprietary SHORTVOL and LONGVOL indexes that determine daily settlement prices using a Time Weighted Average Price (TWAP) of VIX futures over the final 15 minutes of NYSE trading, providing differentiated price discovery versus legacy VIX products. Funds are organized under VS Trust, a Delaware statutory trust, with investments channeled through wholly-owned Cayman Islands subsidiaries to preserve RIC tax status while accessing offshore crypto futures exposure.
The business model is asset-gathering-driven: revenue is generated through management fees ranging from 0.95% (SOLZ) to 1.85% (BITX, ETHU, SOLT) on AUM, with first-year fee waivers common on newer products. Distribution is conducted via listing on CBOE BZX and Nasdaq, with the funds made available through nine major US brokerages (Charles Schwab, E*Trade, Fidelity, Interactive Brokers, Robinhood, Webull, Tastytrade, Tradeweb, Firstrade) and Foreside Fund Services acting as marketing agent/distributor. Customer segments include sophisticated active traders (primary), institutional authorized participants, long-term crypto exposure seekers, and income-oriented investors targeted via ZVOL and XRPI's monthly distributions. The firm has begun international expansion, with SOLZ listed on the Kazakhstan Stock Exchange in June 2026 — the first crypto ETF listing on a Central Asian exchange.
Volatility Shares firmographics
Firmographics- Name
- Volatility Shares
- Legal name
- Volatility Shares LLC
- Website
- https://volatilityshares.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Volatility Shares LLC is a US-based ETF issuer operating 14+ leveraged and inverse exchange-traded funds across crypto assets and VIX futures, distributed via major brokerages to sophisticated active traders and institutional authorized participants, with over $3 billion in AUM as of March 2026.
- Ownership category
- akta.pro rank
Volatility Shares industry classification
Industry- Product category
- Leveraged and Inverse ETFs
- NAICS
- Open-End Investment Funds (525910), Commodity Contracts Intermediation (523160), Securities and Commodity Contracts Intermediation and Brokerage (5231)
- SIC
- Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Leveraged & Inverse ETFs (FSAAAFAK)
- akta.pro secondary industries
- Volatility & Variance Derivatives Exchanges (e.g., VIX-style products) (FSAFABAH), Derivatives Trading Venues (perps, futures, options) (FSAPADAE)
Keywords
Where Volatility Shares is headquartered
LocationHeadquarters
- HQ city
- Palm Beach Gardens
- HQ country
- United States
- HQ region
- North America
Markets served
Volatility Shares business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Operations, Marketing or Sales, Personnel, Technology or R&D, Others
Revenue model
- ETF Management Fees: Volatility Shares generates revenue through management fees charged on its ETF products, typically ranging from 0.95% to 1.85% of assets under management depending on the product. Expense ratios cover fund operations, marketing (Foreside Fund Services), and management.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Annual | SVIX (-1x Short VIX Futures ETF) and UVIX (2x Long VIX Futures ETF) expense ratios |
| Other | Annual | ZVOL (Volatility Premium Plus ETF): Total Expense Ratio 1.42%, Management Fee 1.35% |
| Other | Monthly | BITX (2x Bitcoin ETF): Annual fee 1.85% |
| Other | Monthly | XRPI (XRP ETF): Total Expense Ratio 1.68%, Management Fee 0.94% (waived through May 22, 2026, then 1.15%) |
| Other | Monthly | ETHU (2x Ether ETF) and SOLT (2x Solana ETF): Expense ratio 1.85% |
| Other | Annual | SOLZ (Solana ETF): Expense ratio 0.95% |
| Other | Annual | New Crypto ETFs (AVAZ, SUIL, CHNL, CHNU, CRDD, CRDX, STLR, STLU): Standard and 2x leveraged versions |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels7 records
Volatility Shares product offering
Product offeringCore offering
Volatility Shares is an ETF issuer that designs, launches, and manages leveraged and inverse exchange-traded funds providing 2x, -1x, and 1x daily exposure to cryptocurrency and volatility markets. Products include single-day leveraged and inverse ETFs on Bitcoin, Ethereum, Solana, XRP, Cardano, Stellar, Chainlink, Avalanche, and Sui via CME futures, plus VIX futures-based ETFs (UVIX, SVIX, ZVOL) that trade on standard brokerage platforms with regulatory oversight under the Investment Company Act of 1940.
Differentiator
Problem solved
Functional benefit
Products and services
- SVIX (-1x Short VIX Futures ETF) Daily inverse (-1x) exposure to a proprietary index of short VIX futures positions, designed for sophisticated traders seeking to profit from declining VIX futures or hedge equity volatility exposure. Trades on CBOE BZX via standard brokerage accounts.
- UVIX (2x Long VIX Futures ETF) Provides 2x daily leveraged exposure to a proprietary index of long VIX futures positions, allowing sophisticated traders to amplify bets on rising equity market volatility through standard brokerage accounts.
- ZVOL (Volatility Premium Plus ETF) Targets monthly income and alternative diversification by capturing the volatility premium through short positions in mid-term VIX futures. Offers a Distribution Rate of 70.23% and 30-Day SEC Yield of 0.84% as of May 31, 2026, with monthly distributions anticipated. Total Expense Ratio 1.42%, Management Fee 1.35%.
- BITX (2x Bitcoin ETF) First leveraged crypto ETF in the United States, providing 2x daily Bitcoin exposure through CME futures contracts. Annual fee 1.85%. Ranked #1 in asset growth for all leveraged ETFs and #1 in ETF trading volume among all ETFs launched since inception through December 2023. Trades via standard brokerage accounts.
- ETHU (2x Ether ETF) First 2x leveraged Ethereum ETF in the United States, delivering twice the daily performance of Ether through CME futures contracts. Expense ratio 1.85% with monthly dividend distributions. Provides sophisticated traders with amplified, regulated exposure to Ether without direct wallet or custody management.
- SOLT (2x Solana ETF) First 2x leveraged Solana futures ETF in the United States, delivering twice the daily performance of Solana through CME futures contracts. Expense ratio 1.85% with monthly dividend distributions. Provides sophisticated traders amplified, regulated exposure to the Solana ecosystem.
- SOLZ (Solana ETF) First standard (1x) Solana futures ETF in the United States, providing diversified exposure to the Solana ecosystem through CME futures contracts. Expense ratio 0.95%. Designed for long-term investors seeking Solana exposure without direct wallet or custody management.
- XRPI (XRP ETF) Standard (1x) XRP ETF providing exposure to XRP through regulated CME futures contracts. Total Expense Ratio 1.68%, Management Fee 0.94% (waived through May 22, 2026, then 1.15%). Generated a 2.98% trailing twelve-month yield through monthly variable distributions. Listed on Nasdaq. Designed for investors seeking diversified crypto exposure and monthly income.
- XRPT (2x XRP ETF) 2x leveraged XRP ETF delivering twice the daily performance of XRP through regulated CME futures contracts. Listed on CBOE BZX. Subject to reverse share split announced February 19, 2026. Designed for sophisticated traders seeking amplified exposure to XRP.
- CRDX (2x Cardano ETF) 2x leveraged Cardano ETF providing amplified exposure to Cardano through regulated futures contracts. Part of the strategic April 2026 expansion into granular asset-specific crypto ETFs targeting sophisticated traders.
- CRDD (Cardano ETF) Standard (1x) Cardano ETF providing diversified exposure to the Cardano ecosystem through regulated futures contracts. Part of the April 2026 strategic expansion into additional blockchain ecosystems beyond Bitcoin, Ethereum, Solana, and XRP.
- STLU (2x Stellar ETF) 2x leveraged Stellar ETF providing amplified exposure to Stellar through regulated futures contracts. Part of the April 2026 launch wave that expanded the firm's crypto ETF lineup from 4 to 10 crypto-linked products.
- STLR (Stellar ETF) Standard (1x) Stellar ETF providing diversified exposure to the Stellar blockchain ecosystem through regulated futures contracts. Part of the April 2026 expansion of the crypto ETF lineup targeting additional blockchain ecosystems.
- CHNU (2x Chainlink ETF) 2x leveraged Chainlink ETF providing amplified exposure to the Chainlink token through regulated futures contracts. Part of the April 2026 launch wave expanding into infrastructure-focused blockchain ecosystems.
- CHNL (Chainlink ETF) Standard (1x) Chainlink ETF providing diversified exposure to the Chainlink token through regulated futures contracts. Part of the April 2026 expansion into infrastructure-focused blockchain ecosystems.
- AVAZ (2x Avalanche ETF) 2x leveraged Avalanche ETF providing amplified exposure to the Avalanche token through regulated futures contracts. Part of the May 2026 expansion into additional blockchain ecosystems.
- SUIL (2x Sui ETF) 2x leveraged Sui ETF providing amplified exposure to the Sui token through regulated futures contracts. Part of the May 2026 expansion into newer blockchain ecosystems targeting sophisticated traders seeking asset-specific crypto exposure.
Quantifiable outcome
- First leveraged crypto ETF in the United States with BITX (launched June 27, 2023), ranked #1 in asset growth for all leveraged ETFs and #1 in ETF trading volume among all ETFs launched since inception through December 2023
- +1 more outcomes
Companies that use Volatility Shares
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles4 records
Volatility Shares technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Volatility Shares partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core, flagship and notable.
- Investment Company Standard JSCcoreInvestment Company Standard JSC acted as the listing sponsor for Volatility Shares' Solana ETF (SOLZ) on the Kazakhstan Stock Exchange, facilitating the regulatory compliance and listing process for the fund.
- Kazakhstan Stock Exchange (KASE)flagshipKASE listed Volatility Shares' Solana ETF (SOLZ) on June 25, 2026, marking the first crypto ETF listing on the Kazakhstan Stock Exchange and the first exchange in Central Asia to offer regulated crypto ETF exposure. The listing was facilitated by a December 2025 memorandum of understanding between KASE and the Solana Foundation. Investment Company Standard JSC acted as the listing sponsor.
- Solana FoundationcoreDecember 2025 MoU between KASE and Solana Foundation facilitated the listing of Solana-based ETFs, including Volatility Shares' SOLZ, on KASE. The partnership enables regulated access to Solana financial products through Central Asian exchange infrastructure.
- Foreside Fund Services, LLCcoreForeside Fund Services, LLC serves as the marketing agent for UVIX and SVIX and the distributor for BITX, ZVOL, ETHU, OOSB, OOQB, SOLT, SOLZ, XRPI, XRPT, CHNL, CHNU, CRDD, CRDX, STLR, STLU, AVAZ, and SUIL. This covers the entire ETF lineup.
- CME GroupcoreVolatility Shares' crypto ETFs gain exposure through CME futures contracts (Bitcoin, Ethereum, Solana, XRP futures). CME Group's robust crypto futures market and liquidity enables BITX to rank #1 in asset growth for all leveraged ETFs since launch. Bitcoin futures contango has remained substantially lower than VIX futures contango, enabling close tracking.
- BlackRocknotableBlackRock's iShares Ethereum Trust ETF (ETHA) was simultaneously listed alongside Volatility Shares' SOLZ on KASE on June 19, 2026. Both represent US-based crypto ETFs listed on the Kazakhstan Stock Exchange, with ETHA offering direct token exposure versus SOLZ's futures-based approach.
- CBOE BZX ExchangecoreCBOE BZX serves as the primary exchange listing for multiple Volatility Shares ETFs including BITX, SVIX, UVIX, ZVOL, SOLT, SOLZ, and XRPT. The exchange provides the trading infrastructure and regulatory oversight for these securities.
Scale indicators9 records
Recent moves6 records
Expansion highlights5 records
Volatility Shares competitors and assessment
Company assessmentDirect peers
- ProShares: ProShares is the largest US issuer of leveraged and inverse ETFs, including BITU (2x Bitcoin), ETHU Plus, and Solana futures ETFs. Direct head-to-head competitor with Volatility Shares across both crypto and VIX-linked product categories.
- Direxion: Direxion is a leading US issuer of leveraged and inverse ETFs with deep distribution across retail brokers. Directly competes with Volatility Shares in the leveraged/inverse daily-reset category and offers comparable daily-rebalanced product structures.
- Simplify Asset Management: Simplify is an ETF issuer with a notable volatility-focused lineup (SVOL, SVIX alternatives), directly competing with Volatility Shares' SVIX, UVIX, and ZVOL products in the VIX derivatives ETF category.
- REX Shares: REX Shares (formerly Rex ETF) is a US ETF sponsor focused on thematic, leveraged, and alternative strategies including crypto and volatility-linked products, overlapping with Volatility Shares' specialty in non-traditional exposures.
- GraniteShares: GraniteShares is a US ETF sponsor specializing in leveraged single-commodity and single-stock ETFs, with a focused leveraged product playbook that mirrors Volatility Shares' approach to niche, daily-reset leveraged funds.
- Leverage Shares: Leverage Shares is an issuer of single-stock and crypto leveraged ETPs in Europe and the US with a similar daily-reset leveraged product model, making it a structural comparable to Volatility Shares in product mechanics.
Emerging players
- Bitwise Asset Management: Bitwise is a leading crypto-focused asset manager that has launched spot Bitcoin and Ethereum ETFs and is expanding into broader crypto ETF offerings, putting it in competition with Volatility Shares' crypto lineup though Bitwise lacks leveraged products.
- CoinShares: CoinShares is a European crypto investment firm offering ETPs and ETNs across multiple digital assets, comparable to Volatility Shares in its crypto derivatives product range but operating primarily in European rather than US ETF channels.
- 21Shares: 21Shares is one of the largest crypto ETP issuers globally, offering single-asset crypto products that compete with Volatility Shares' crypto ETF suite, though 21Shares is more spot-based and primarily European-listed.
Broad incumbents
- VanEck: VanEck is a diversified global asset manager with crypto and commodity ETF offerings (e.g., Bitcoin Trust, Ethereum Trust) overlapping with Volatility Shares' crypto lineup as part of a much broader product portfolio.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Volatility Shares social profiles
Digital presenceVolatility Shares financial estimates
Financial estimateRevenue estimate
Valuation estimate
Volatility Shares leadership team
Management profileNumber of profiles
Profiles2 records
Volatility Shares subsidiaries and ownership
Company hierarchySubsidiaries1 record
Volatility Shares funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Volatility Shares M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Volatility Shares
What does Volatility Shares do?
Volatility Shares is an ETF issuer that designs, launches, and manages leveraged and inverse exchange-traded funds providing 2x, -1x, and 1x daily exposure to cryptocurrency and volatility markets. Products include single-day leveraged and inverse ETFs on Bitcoin, Ethereum, Solana, XRP, Cardano, Stellar, Chainlink, Avalanche, and Sui via CME futures, plus VIX futures-based ETFs (UVIX, SVIX, ZVOL) that trade on standard brokerage platforms with regulatory oversight under the Investment Company Act of 1940.
Is Volatility Shares a public or private company?
Volatility Shares is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Volatility Shares founded?
Volatility Shares was founded in 2022. It employs 1 to 10 people.
Where is Volatility Shares based?
Volatility Shares is headquartered in Palm Beach Gardens, United States, in the North America region.
How does Volatility Shares make money?
One revenue line is on record: ETF Management Fees.
Who are Volatility Shares's main competitors?
Direct peers on record are ProShares, Direxion, Simplify Asset Management, REX Shares, GraniteShares and Leverage Shares. Emerging players are Bitwise Asset Management, CoinShares and 21Shares. VanEck is listed as a broad incumbent.
Does Volatility Shares have an API?
No public API is recorded for Volatility Shares.
What industry is Volatility Shares in?
Volatility Shares's product category is Leveraged and Inverse ETFs. Its primary akta.pro industry code is FSAAAFAK, Leveraged & Inverse ETFs, with a secondary code of FSAFABAH, Volatility & Variance Derivatives Exchanges (e.g., VIX-style products). Its NAICS code is 525910 and its SIC code is 6221.