Which came closer to its stated multiple, BITU or BTCL?

Over the window to Sep 30, 2026, BITU finished 2.3 points from what its multiple implies and BTCL finished 2.5 points from its own, so BITU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are BITU and BTCL levered on the same thing?

Yes. Both are levered on bitcoin, BITU at +2 times and BTCL at +2 times the daily move.

Which one decays faster, BITU or BTCL?

Decay follows how much the underlying moves about. Over this window BITU’s moved at 38% annualized and BTCL’s at 38%, so BITU has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold BITU or BTCL for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, BITU or BTCL?

BITU charges 0.95% a year and BTCL charges 0.95%, so BITU is cheaper. Fees come from each fund's prospectus.

Share on X Download as PDF Open live

BITU vs BTCL: which held to its multiple?

Over the days both have traded, BITU finished 2.3 points from its stated multiple and BTCL 2.5. ProShares Ultra Bitcoin ETF and T-REX 2X LONG BITCOIN DAILY TARGET ETF.

+80.8%

BITU returned, 3 months

+81.0%

BTCL returned, 3 months

+2.3 pts

BITU from its stated multiple

+2.5 pts

BTCL from its stated multiple

BITU · 3 months to Sep 30, 20262.3 pts ahead of its stated multiple

BITU returned +80.8% while 2 times IBIT's move would have been +78.5%

BTCL · 3 months to Sep 30, 20262.5 pts ahead of its stated multiple

BTCL returned +81.0% while 2 times IBIT's move would have been +78.5%

ETFIQ Decay Resistance Score · BTCL scores higherDid it keep up with its own daily multiple, compounded day by day?

BITU 8

BTCL 8.9

0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	BITU	BTCL	BITU	BTCL	BITU	BTCL
1 month	+9.4%	+9.4%	+12.0%	+12.0%	−2.6 pts	−2.5 pts
3 months	+80.8%	+81.0%	+78.5%	+78.5%	+2.3 pts	+2.5 pts
6 months	+30.4%	+29.5%	+45.0%	+45.0%	−14.7 pts	−15.5 pts
1 year	−62.6%	−63.8%	−54.3%	−54.3%	−8.3 pts	−9.4 pts
Since launch BITU Apr 2024 · BTCL Jul 2024	−39.4%	−14.3%	+51.8%	+89.8%	−91.2 pts	−104.1 pts

BITU and BTCL over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BITU

ProShares Ultra Bitcoin ETF · Aims to return twice the daily move of bitcoin (IBIT)

BTCL

T-REX 2X LONG BITCOIN DAILY TARGET ETF · Aims to return twice the daily move of bitcoin (IBIT)

Issuer ProShares T-REX

Sets out to return +2x +2x

Underlying asset IBIT IBIT

Segment crypto crypto

Fund returned, 3 months or since launch +80.8% +81.0%

Underlying returned, over that window +39.2% +39.2%

What the stated multiple implies, over that window +78.5% +78.5%

Difference from stated, over that window +2.3 pts +2.5 pts

Fund returned, 1 year or since launch −62.6% −63.8%

Difference from stated, over that window −8.3 pts −9.4 pts

Underlying volatility 38% 38%

Difference over the days both have traded +2.3 pts +2.5 pts

Expense ratio 0.95% 0.95%

Launched Apr 2, 2024 Jul 10, 2024

Net assets $600m $37m

BITU and BTCL on the same fields, as of Sep 30, 2026. Source: ETFIQ.

BITU in plain words

Three months to Sep 30, 2026: BITU returned +80.8% where its own daily promise gave +87.1%, 6.3 points short. Read the multiple against the whole window instead and 2 times IBIT's 39.2% implies +78.5%, which makes BITU look 2.3 points over. 8.6 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. BITU aims to return +2 times IBIT's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. IBIT moved at 38% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

BTCL in plain words

Three months to Sep 30, 2026: BTCL returned +81.0% where its own daily promise gave +87.1%, 6.1 points short. Read the multiple against the whole window instead and 2 times IBIT's 39.2% implies +78.5%, which makes BTCL look 2.5 points over. BTCL aims to return +2 times IBIT's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, BITU or BTCL?: Over the window to Sep 30, 2026, BITU finished 2.3 points from what its multiple implies and BTCL finished 2.5 points from its own, so BITU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are BITU and BTCL levered on the same thing?: Yes. Both are levered on bitcoin, BITU at +2 times and BTCL at +2 times the daily move.
Which one decays faster, BITU or BTCL?: Decay follows how much the underlying moves about. Over this window BITU’s moved at 38% annualized and BTCL’s at 38%, so BITU has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold BITU or BTCL for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, BITU or BTCL?: BITU charges 0.95% a year and BTCL charges 0.95%, so BITU is cheaper. Fees come from each fund's prospectus.

Other comparisons

BITU vs BITX BITU vs BTCZ BITU vs SBIT BITU vs BTCU BTCL vs BTCU BTCL vs BTCZ BTCL vs SBIT BTCL vs BITX

IBIT →BITU on its own →BTCL on its own →How every figure is computed →Standards and sources →

Where these figures came from

BITU filings on SEC EDGAR ↗BITU prospectus with the expense ratio (SEC) ↗ProShares page for BITU ↗BTCL filings on SEC EDGAR ↗BTCL prospectus with the expense ratio (SEC) ↗T-REX page for BTCL ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BITU against BTCL, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/bitu-vs-btcl

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.