Which came closer to its stated multiple, CCUP or CIR?

Over the window to Sep 30, 2026, CCUP finished 23.4 points from what its multiple implies and CIR finished 3.7 points from its own, so CIR came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are CCUP and CIR levered on the same thing?

Yes. Both are levered on Circle Internet, CCUP at +2 times and CIR at +2 times the daily move.

Which one decays faster, CCUP or CIR?

Decay follows how much the underlying moves about. Over this window CCUP’s moved at 85% annualized and CIR’s at 95%, so CIR has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold CCUP or CIR 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, CCUP or CIR?

CCUP charges 1.50% a year and CIR charges 0.45%, so CIR is cheaper. Fees come from each fund's prospectus.

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CCUP vs CIR: which held to its multiple?

Over the days both have traded, CCUP finished 4.1 points from its stated multiple and CIR 3.7. T-REX 2X LONG CRCL DAILY TARGET ETF and Corgi CRCL 2x Daily ETF.

+41.9%

CCUP returned, 3 months

+30.6%

CIR returned, since launch

−23.4 pts

CCUP from its stated multiple

−21.6 pts

CIR from its stated multiple

CCUP · 3 months to Sep 30, 202623.4 pts short of its stated multiple

CCUP returned +41.9% while 2 times CRCL's move would have been +65.3%

CIR · 1 month to Sep 30, 20263.7 pts short of its stated multiple

CIR returned −31.7% while 2 times CRCL's move would have been −28.0%

Performance, window by window

	Total return		Multiple would give		Difference
Window	CCUP	CIR	CCUP	CIR	CCUP	CIR
1 month	−32.1%	−31.7%	−28.0%	−28.0%	−4.1 pts	−3.7 pts
3 months	+41.9%	not published	+65.3%	not published	−23.4 pts	not published
6 months	−50.0%	not published	−18.9%	not published	−31.1 pts	not published
1 year	−86.6%	not published	−76.0%	not published	−10.6 pts	not published
Since launch CCUP Aug 2025 · CIR Jul 2026	−91.9%	+30.6%	−98.0%	+52.2%	+6.1 pts	−21.6 pts

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

On the same fields

CCUP

T-REX 2X LONG CRCL DAILY TARGET ETF · Aims to return twice the daily move of Circle Internet (CRCL)

CIR

Corgi CRCL 2x Daily ETF · Aims to return twice the daily move of Circle Internet (CRCL)

Issuer T-REX Corgi

Sets out to return +2x +2x

Underlying asset CRCL CRCL

Segment company company

Fund returned, 3 months or since launch +41.9% −31.7%

Underlying returned, over that window +32.6% −14.0%

What the stated multiple implies, over that window +65.3% −28.0%

Difference from stated, over that window −23.4 pts −3.7 pts

Fund returned, 1 year or since launch −86.6% +30.6%

Difference from stated, over that window −10.6 pts −21.6 pts

Underlying volatility 85% 95%

Difference over the days both have traded −4.1 pts −3.7 pts

Expense ratio 1.50% 0.45%

Launched Aug 11, 2025 Jul 7, 2026

Net assets $34m $586,610

CCUP and CIR on the same fields, as of Sep 30, 2026. Source: ETFIQ.

CCUP in plain words

Three months to Sep 30, 2026: CCUP returned +41.9% where its own daily promise gave +47.6%, 5.7 points short. Read the multiple against the whole window instead and 2 times CRCL's 32.6% implies +65.3%, which makes CCUP look 23.4 points short. 17.7 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. CCUP aims to return +2 times CRCL'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. CRCL moved at 85% 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.

CIR in plain words

One month to Sep 30, 2026: CIR returned −31.7% where its own daily promise gave −31.2%, 0.5 points short. Read the multiple against the whole window instead and 2 times CRCL's −14.0% implies −28.0%, which makes CIR look 3.7 points short. 3.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. CIR aims to return +2 times CRCL's move each day, then resets. CRCL moved at 95% annualized over that window.

Questions people ask

Which came closer to its stated multiple, CCUP or CIR?: Over the window to Sep 30, 2026, CCUP finished 23.4 points from what its multiple implies and CIR finished 3.7 points from its own, so CIR came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are CCUP and CIR levered on the same thing?: Yes. Both are levered on Circle Internet, CCUP at +2 times and CIR at +2 times the daily move.
Which one decays faster, CCUP or CIR?: Decay follows how much the underlying moves about. Over this window CCUP’s moved at 85% annualized and CIR’s at 95%, so CIR has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold CCUP or CIR 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, CCUP or CIR?: CCUP charges 1.50% a year and CIR charges 0.45%, so CIR is cheaper. Fees come from each fund's prospectus.

Other comparisons

CCUP vs CRCA CCUP vs CRCD CCUP vs CRCG CIR vs CRCA CIR vs CRCD CIR vs CRCG

CCUP on its own →CIR on its own →How every figure is computed →Standards and sources →

Where these figures came from

CCUP filings on SEC EDGAR ↗CCUP prospectus with the expense ratio (SEC) ↗T-REX page for CCUP ↗CIR filings on SEC EDGAR ↗CIR prospectus with the expense ratio (SEC) ↗Corgi 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, CCUP against CIR, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/ccup-vs-cir

Open data

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