Are KATT and PUR levered on the same thing?

Yes. Both are levered on Hyperliquid Strategies, KATT at +2 times and PUR at +2 times the daily move.

Can I hold KATT or PUR 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, KATT or PUR?

KATT charges 1.50% a year and PUR charges 1.31%, so PUR is cheaper. Fees come from each fund's prospectus.

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KATT vs PUR: which held to its multiple?

Over the days both have traded, KATT finished 0.4 points from its stated multiple and PUR 0.2. T-REX 2X LONG PURR DAILY TARGET ETF and Defiance Daily Target 2X Long PURR ETF.

−3.5%

KATT returned, since launch

+80.5%

PUR returned, since launch

−7.5 pts

KATT from its stated multiple

−34.9 pts

PUR from its stated multiple

KATT · since launch to Sep 30, 20267.5 pts short of its stated multiple

KATT returned −3.5% while 2 times PURR's move would have been +4.0%

PUR · 1 month to Sep 30, 202610.6 pts short of its stated multiple

PUR returned −10.3% while 2 times PURR's move would have been +0.3%

Performance, window by window

	Total return		Multiple would give		Difference
Window	KATT	PUR	KATT	PUR	KATT	PUR
1 month	not published	−10.3%	not published	+0.3%	not published	−10.6 pts
Since launch KATT Sep 2026 · PUR Jul 2026	−3.5%	+80.5%	+4.0%	+115.4%	−7.5 pts	−34.9 pts

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

On the same fields

KATT

T-REX 2X LONG PURR DAILY TARGET ETF · Aims to return twice the daily move of Hyperliquid Strategies (PURR)

PUR

Defiance Daily Target 2X Long PURR ETF · Aims to return twice the daily move of Hyperliquid Strategies (PURR)

Issuer T-REX Defiance

Sets out to return +2x +2x

Underlying asset PURR PURR

Segment company company

Fund returned, 3 months or since launch −3.5% −10.3%

Underlying returned, over that window +2.0% +0.2%

What the stated multiple implies, over that window +4.0% +0.3%

Difference from stated, over that window −7.5 pts −10.6 pts

Fund returned, 1 year or since launch −3.5% +80.5%

Difference from stated, over that window −7.5 pts −34.9 pts

Underlying volatility 94% 96%

Difference over the days both have traded +0.4 pts +0.2 pts

Expense ratio 1.50% 1.31%

Launched Sep 9, 2026 Jul 8, 2026

Net assets $465,800 $12m

KATT and PUR on the same fields, as of Sep 30, 2026. Source: ETFIQ.

KATT in plain words

Since launch to Sep 30, 2026: KATT returned −3.5% where its own daily promise gave −1.3%, 2.2 points short. Read the multiple against the whole window instead and 2 times PURR's 2.0% implies +4.0%, which makes KATT look 7.5 points short. 5.3 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. KATT aims to return +2 times PURR'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. PURR moved at 94% 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.

PUR in plain words

One month to Sep 30, 2026: PUR returned −10.3% where its own daily promise gave −6.9%, 3.5 points short. Read the multiple against the whole window instead and 2 times PURR's 0.2% implies +0.3%, which makes PUR look 10.6 points short. 7.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. PUR aims to return +2 times PURR's move each day, then resets. PURR moved at 96% annualized over that window.

Questions people ask

Are KATT and PUR levered on the same thing?: Yes. Both are levered on Hyperliquid Strategies, KATT at +2 times and PUR at +2 times the daily move.
Can I hold KATT or PUR 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, KATT or PUR?: KATT charges 1.50% a year and PUR charges 1.31%, so PUR is cheaper. Fees come from each fund's prospectus.

Other comparisons

KATT on its own →PUR on its own →How every figure is computed →Standards and sources →

Where these figures came from

KATT filings on SEC EDGAR ↗KATT prospectus with the expense ratio (SEC) ↗T-REX page for KATT ↗PUR filings on SEC EDGAR ↗PUR prospectus with the expense ratio (SEC) ↗Defiance page for PUR ↗

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, KATT against PUR, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/katt-vs-pur

Open data

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