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

Over the window to Sep 30, 2026, BTCL finished 2.5 points from what its multiple implies and BTCU finished 3.3 points from its own, so BTCL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are BTCL and BTCU levered on the same thing?

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

Which one decays faster, BTCL or BTCU?

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

Can I hold BTCL or BTCU 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, BTCL or BTCU?

BTCL charges 0.95% a year and BTCU charges 1.13%, so BTCL is cheaper. Fees come from each fund's prospectus.

Share on X Download as PDF Open live

BTCL vs BTCU: which held to its multiple?

Over the days both have traded, BTCL finished 2.5 points from its stated multiple and BTCU 3.3. T-REX 2X LONG BITCOIN DAILY TARGET ETF and Direxion Daily Bitcoin Bull 2X ETF.

+81.0%

BTCL returned, 3 months

+81.8%

BTCU returned, 3 months

+2.5 pts

BTCL from its stated multiple

+3.3 pts

BTCU from its stated multiple

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%

BTCU · 3 months to Sep 30, 20263.3 pts ahead of its stated multiple

BTCU returned +81.8% while 2 times IBIT's move would have been +78.5%

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

BTCL 8.9

BTCU 12.4

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	BTCL	BTCU	BTCL	BTCU	BTCL	BTCU
1 month	+9.4%	+9.6%	+12.0%	+12.0%	−2.5 pts	−2.4 pts
3 months	+81.0%	+81.8%	+78.5%	+78.5%	+2.5 pts	+3.3 pts
6 months	+29.5%	not published	+45.0%	not published	−15.5 pts	not published
1 year	−63.8%	not published	−54.3%	not published	−9.4 pts	not published
Since launch BTCL Jul 2024 · BTCU May 2026	−14.3%	+12.8%	+89.8%	+23.0%	−104.1 pts	−10.2 pts

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

On the same fields

BTCL

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

BTCU

Direxion Daily Bitcoin Bull 2X ETF · Aims to return twice the daily move of bitcoin (IBIT)

Issuer T-REX Direxion

Sets out to return +2x +2x

Underlying asset IBIT IBIT

Segment crypto crypto

Fund returned, 3 months or since launch +81.0% +81.8%

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 +2.5 pts +3.3 pts

Fund returned, 1 year or since launch −63.8% +12.8%

Difference from stated, over that window −9.4 pts −10.2 pts

Underlying volatility 38% 38%

Difference over the days both have traded +2.5 pts +3.3 pts

Expense ratio 0.95% 1.13%

Launched Jul 10, 2024 May 27, 2026

Net assets $37m $6m

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

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. 8.6 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. BTCL 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.

BTCU in plain words

Three months to Sep 30, 2026: BTCU returned +81.8% where its own daily promise gave +87.1%, 5.3 points short. Read the multiple against the whole window instead and 2 times IBIT's 39.2% implies +78.5%, which makes BTCU look 3.3 points over. BTCU aims to return +2 times IBIT's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, BTCL or BTCU?: Over the window to Sep 30, 2026, BTCL finished 2.5 points from what its multiple implies and BTCU finished 3.3 points from its own, so BTCL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are BTCL and BTCU levered on the same thing?: Yes. Both are levered on bitcoin, BTCL at +2 times and BTCU at +2 times the daily move.
Which one decays faster, BTCL or BTCU?: Decay follows how much the underlying moves about. Over this window BTCL’s moved at 38% annualized and BTCU’s at 38%, so BTCL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold BTCL or BTCU 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, BTCL or BTCU?: BTCL charges 0.95% a year and BTCU charges 1.13%, so BTCL is cheaper. Fees come from each fund's prospectus.

Other comparisons

BTCL vs BITI BTCL vs BITU BTCL vs BTCZ BTCL vs SBIT BTCU vs BITI BTCU vs BITU BTCU vs BTCZ BTCU vs SBIT

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

Where these figures came from

BTCL filings on SEC EDGAR ↗BTCL prospectus with the expense ratio (SEC) ↗T-REX page for BTCL ↗BTCU filings on SEC EDGAR ↗BTCU prospectus with the expense ratio (SEC) ↗Direxion website ↗

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

Open data

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