The 2x Stellar ETF (STLU) is a leveraged exchange-traded fund from Volatility Shares that seeks daily investment results, before fees and expenses, equal to twice the daily performance of Stellar’s native token, XLM. The fund began trading on Cboe on April 1, 2026. It does not hold XLM directly. It gets its exposure through XLM futures contracts, along with swaps and other XLM-linked instruments, held partly through a Cayman Islands subsidiary. Collateral is held in U.S. Treasuries and money market funds.

Stellar is an open-source blockchain network built for fast, low-cost payments and asset issuance. It launched in 2014 and is supported by the nonprofit Stellar Development Foundation. Its native token, XLM, pays network fees and acts as a bridge asset between currencies. Stellar is widely used for cross-border payments and tokenized real-world assets. Notable users include MoneyGram and Franklin Templeton, whose tokenized U.S. government money market fund runs on the network.

STLU is a non-diversified series of Volatility Shares Trust and is registered under the Investment Company Act of 1940. Because it uses CFTC-regulated futures, it is also classified as a commodity pool. The fund charges a total expense ratio of 1.85%, and Foreside Fund Services serves as distributor. STLU is designed as a short-term trading vehicle. Because the leverage resets daily, returns over periods longer than one day can differ significantly from twice XLM’s return over the same period. Investors could lose their full investment in a single day.