The Volatility Shares 2x Cardano ETF is a leveraged exchange-traded fund from Volatility Shares that aims to deliver twice the daily performance of Cardano (ADA), before fees and expenses. The fund trades on Cboe BZX under the ticker CRDX and launched on April 1, 2026. It does not hold ADA directly. Instead, it gets its exposure mainly through Cardano futures contracts, and it may also use swap agreements and other ADA-linked instruments, with U.S. Treasuries and money market funds held as collateral.

Cardano is a proof-of-stake blockchain founded by Ethereum co-founder Charles Hoskinson and launched in 2017. It runs on the Ouroboros consensus protocol and has supported smart contracts since its 2021 Alonzo upgrade. ADA, its native token, pays transaction fees and is staked to secure the network.

CRDX is registered under the Investment Company Act of 1940 as a non-diversified fund. It is also a commodity pool under CFTC rules and holds part of its exposure through a Cayman Islands subsidiary. The total expense ratio is 1.85%, and Foreside Fund Services serves as distributor. The fund targets a single-day return only, so because of compounding, results over longer periods can differ sharply from twice ADA’s return. ADA and its futures market are volatile and still developing, and investors could lose their entire investment.