The Volatility Shares Cardano ETF (CRDD) is an actively managed exchange-traded fund from Volatility Shares that gives investors exposure to the price of ADA, the native token of the Cardano network. The fund launched on April 1, 2026, and trades on the Cboe BZX Exchange under the ticker CRDD. It does not hold ADA directly. Instead, it gets its exposure mainly through cash-settled ADA futures contracts, held through a Cayman Islands subsidiary, and it may also use swaps and ADA-linked exchange-traded products.

Cardano is a proof-of-stake layer-1 blockchain that launched in 2017. It was co-founded by Charles Hoskinson, and its development is led by Input Output Global (IOG). The network runs on the Ouroboros consensus protocol and supports smart contracts, decentralized applications, and native tokens. ADA pays transaction fees, is staked to secure the network, and is used for on-chain governance.

Unlike spot crypto trusts, CRDD is registered under the Investment Company Act of 1940 and is a non-diversified fund. Because it uses CFTC-regulated futures, it is also treated as a commodity pool. The fund charges a 1.15% expense ratio, and Foreside Fund Services, LLC is its distributor. ADA and ADA futures are highly volatile and could lose substantially all of their value. The fund also faces futures roll costs, imperfect tracking of ADA’s spot price, and liquidity risk in a Cardano futures market that is still developing.