Which came closer to its stated multiple, SMRX or SMUP?

Over the window to Sep 30, 2026, SMRX finished 4.8 points from what its multiple implies and SMUP finished 8.5 points from its own, so SMRX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are SMRX and SMUP levered on the same thing?

Yes. Both are levered on NuScale Power, SMRX at +2 times and SMUP at +2 times the daily move.

Which one decays faster, SMRX or SMUP?

Decay follows how much the underlying moves about. Over this window SMRX’s moved at 97% annualized and SMUP’s at 89%, so SMRX has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold SMRX or SMUP 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, SMRX or SMUP?

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

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SMRX vs SMUP: which held to its multiple?

Over the days both have traded, SMRX finished 4.8 points from its stated multiple and SMUP 5.1. Corgi SMR 2x Daily ETF and T-REX 2X Long SMR Daily Target ETF.

−38.7%

SMRX returned, since launch

−52.9%

SMUP returned, 3 months

−13.5 pts

SMRX from its stated multiple

−8.5 pts

SMUP from its stated multiple

SMRX · 1 month to Sep 30, 20264.8 pts short of its stated multiple

SMRX returned −34.4% while 2 times SMR's move would have been −29.6%

SMUP · 3 months to Sep 30, 20268.5 pts short of its stated multiple

SMUP returned −52.9% while 2 times SMR's move would have been −44.3%

Performance, window by window

	Total return		Multiple would give		Difference
Window	SMRX	SMUP	SMRX	SMUP	SMRX	SMUP
1 month	−34.4%	−34.6%	−29.6%	−29.6%	−4.8 pts	−5.1 pts
3 months	not published	−52.9%	not published	−44.3%	not published	−8.5 pts
6 months	not published	−66.3%	not published	−46.0%	not published	−20.3 pts
1 year	not published	−98.6%	not published	−156.1%	not published	+57.6 pts
Since launch SMRX Jul 2026 · SMUP Jul 2025	−38.7%	−99.4%	−25.2%	−169.4%	−13.5 pts	+70.0 pts

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

On the same fields

SMRX

Corgi SMR 2x Daily ETF · Aims to return twice the daily move of NuScale Power (SMR)

SMUP

T-REX 2X Long SMR Daily Target ETF · Aims to return twice the daily move of NuScale Power (SMR)

Issuer Corgi T-REX

Sets out to return +2x +2x

Underlying asset SMR SMR

Segment company company

Fund returned, 3 months or since launch −34.4% −52.9%

Underlying returned, over that window −14.8% −22.2%

What the stated multiple implies, over that window −29.6% −44.3%

Difference from stated, over that window −4.8 pts −8.5 pts

Fund returned, 1 year or since launch −38.7% −98.6%

Difference from stated, over that window −13.5 pts +57.6 pts

Underlying volatility 97% 89%

Difference over the days both have traded −4.8 pts −5.1 pts

Expense ratio 0.45% 1.50%

Launched Jul 10, 2026 Jul 25, 2025

Net assets $230,697 $6m

SMRX and SMUP on the same fields, as of Sep 30, 2026. Source: ETFIQ.

SMRX in plain words

One month to Sep 30, 2026: SMRX returned −34.4% where its own daily promise gave −33.3%, 1.1 points short. Read the multiple against the whole window instead and 2 times SMR's −14.8% implies −29.6%, which makes SMRX look 4.8 points short. 3.7 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. SMRX aims to return +2 times SMR'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. SMR moved at 97% 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.

SMUP in plain words

Three months to Sep 30, 2026: SMUP returned −52.9% where its own daily promise gave −50.5%, 2.4 points short. Read the multiple against the whole window instead and 2 times SMR's −22.2% implies −44.3%, which makes SMUP look 8.5 points short. 6.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. SMUP aims to return +2 times SMR's move each day, then resets. SMR moved at 89% annualized over that window.

Questions people ask

Which came closer to its stated multiple, SMRX or SMUP?: Over the window to Sep 30, 2026, SMRX finished 4.8 points from what its multiple implies and SMUP finished 8.5 points from its own, so SMRX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are SMRX and SMUP levered on the same thing?: Yes. Both are levered on NuScale Power, SMRX at +2 times and SMUP at +2 times the daily move.
Which one decays faster, SMRX or SMUP?: Decay follows how much the underlying moves about. Over this window SMRX’s moved at 97% annualized and SMUP’s at 89%, so SMRX has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold SMRX or SMUP 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, SMRX or SMUP?: SMRX charges 0.45% a year and SMUP charges 1.50%, so SMRX is cheaper. Fees come from each fund's prospectus.

Other comparisons

SMRX vs SMU SMRX vs SMZ SMUP vs SMZ SMUP vs SMU

SMRX on its own →SMUP on its own →How every figure is computed →Standards and sources →

Where these figures came from

SMRX filings on SEC EDGAR ↗SMRX prospectus with the expense ratio (SEC) ↗Corgi website ↗SMUP filings on SEC EDGAR ↗SMUP prospectus with the expense ratio (SEC) ↗T-REX page for SMUP ↗

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, SMRX against SMUP, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/smrx-vs-smup

Open data

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