Which came closer to its stated multiple, OPEG or OPEX?

Over the window to Sep 30, 2026, OPEG finished 23.2 points from what its multiple implies and OPEX finished 22.7 points from its own, so OPEX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are OPEG and OPEX levered on the same thing?

Yes. Both are levered on Opendoor Technologies, OPEG at +2 times and OPEX at +2 times the daily move.

Which one decays faster, OPEG or OPEX?

Decay follows how much the underlying moves about. Over this window OPEG’s moved at 67% annualized and OPEX’s at 67%, so OPEG has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold OPEG or OPEX 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, OPEG or OPEX?

OPEG charges 0.75% a year and OPEX charges 1.30%, so OPEG is cheaper. Fees come from each fund's prospectus.

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OPEG vs OPEX: which held to its multiple?

Over the days both have traded, OPEG finished 23.2 points from its stated multiple and OPEX 22.7. Leverage Shares 2X Long OPEN Daily ETF and Tradr 2X Long OPEN Daily ETF.

−80.8%

OPEG returned, 3 months

−81.3%

OPEX returned, 3 months

+23.2 pts

OPEG from its stated multiple

+22.7 pts

OPEX from its stated multiple

OPEG · 3 months to Sep 30, 202623.2 pts ahead of its stated multiple

OPEG returned −80.8% while 2 times OPEN's move would have been −104.0%

OPEX · 3 months to Sep 30, 202622.7 pts ahead of its stated multiple

OPEX returned −81.3% while 2 times OPEN's move would have been −104.0%

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

OPEG 95.2

OPEX 85.4

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	OPEG	OPEX	OPEG	OPEX	OPEG	OPEX
1 month	−48.4%	−48.3%	−51.9%	−51.9%	+3.5 pts	+3.6 pts
3 months	−80.8%	−81.3%	−104.0%	−104.0%	+23.2 pts	+22.7 pts
6 months	−81.0%	−81.6%	−96.3%	−96.3%	+15.3 pts	+14.6 pts
Since launch OPEG Dec 2025 · OPEX Oct 2025	−93.7%	−95.3%	−132.8%	−130.3%	+39.0 pts	+35.0 pts

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

On the same fields

OPEG

Leverage Shares 2X Long OPEN Daily ETF · Aims to return twice the daily move of Opendoor Technologies (OPEN)

OPEX

Tradr 2X Long OPEN Daily ETF · Aims to return twice the daily move of Opendoor Technologies (OPEN)

Issuer Leverage Shares Tradr

Sets out to return +2x +2x

Underlying asset OPEN OPEN

Segment company company

Fund returned, 3 months or since launch −80.8% −81.3%

Underlying returned, over that window −52.0% −52.0%

What the stated multiple implies, over that window −104.0% −104.0%

Difference from stated, over that window +23.2 pts +22.7 pts

Fund returned, 1 year or since launch −93.7% −95.3%

Difference from stated, over that window +39.0 pts +35.0 pts

Underlying volatility 67% 67%

Difference over the days both have traded +23.2 pts +22.7 pts

Expense ratio 0.75% 1.30%

Launched Dec 11, 2025 Oct 23, 2025

Net assets $1m $4m

OPEG and OPEX on the same fields, as of Sep 30, 2026. Source: ETFIQ.

OPEG in plain words

Three months to Sep 30, 2026: OPEG returned −80.8% where its own daily promise gave −79.8%, 1.1 points short. Read the multiple against the whole window instead and 2 times OPEN's −52.0% implies −104.0%, which makes OPEG look 23.2 points over. 24.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. OPEG aims to return +2 times OPEN'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. OPEN moved at 67% 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.

OPEX in plain words

Three months to Sep 30, 2026: OPEX returned −81.3% where its own daily promise gave −79.8%, 1.5 points short. Read the multiple against the whole window instead and 2 times OPEN's −52.0% implies −104.0%, which makes OPEX look 22.7 points over. OPEX aims to return +2 times OPEN's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, OPEG or OPEX?: Over the window to Sep 30, 2026, OPEG finished 23.2 points from what its multiple implies and OPEX finished 22.7 points from its own, so OPEX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are OPEG and OPEX levered on the same thing?: Yes. Both are levered on Opendoor Technologies, OPEG at +2 times and OPEX at +2 times the daily move.
Which one decays faster, OPEG or OPEX?: Decay follows how much the underlying moves about. Over this window OPEG’s moved at 67% annualized and OPEX’s at 67%, so OPEG has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold OPEG or OPEX 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, OPEG or OPEX?: OPEG charges 0.75% a year and OPEX charges 1.30%, so OPEG is cheaper. Fees come from each fund's prospectus.

Other comparisons

OPEG on its own →OPEX on its own →How every figure is computed →Standards and sources →

Where these figures came from

OPEG filings on SEC EDGAR ↗OPEG prospectus with the expense ratio (SEC) ↗Leverage Shares website ↗OPEX filings on SEC EDGAR ↗OPEX prospectus with the expense ratio (SEC) ↗Tradr 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, OPEG against OPEX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/opeg-vs-opex

Open data

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