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

Over the window to Sep 30, 2026, SMU finished 9.4 points from what its multiple implies and SMUP finished 8.5 points from its own, so SMUP came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are SMU and SMUP levered on the same thing?

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

Which one decays faster, SMU or SMUP?

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

Can I hold SMU 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, SMU or SMUP?

SMU charges 1.30% a year and SMUP charges 1.50%, so SMU is cheaper. Fees come from each fund's prospectus.

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SMU vs SMUP: which held to its multiple?

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

−53.7%

SMU returned, 3 months

−52.9%

SMUP returned, 3 months

−9.4 pts

SMU from its stated multiple

−8.5 pts

SMUP from its stated multiple

SMU · 3 months to Sep 30, 20269.4 pts short of its stated multiple

SMU returned −53.7% while 2 times SMR's move would have been −44.3%

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%

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

SMU 36.4

SMUP 58.9

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	SMU	SMUP	SMU	SMUP	SMU	SMUP
1 month	−34.7%	−34.6%	−29.6%	−29.6%	−5.1 pts	−5.1 pts
3 months	−53.7%	−52.9%	−44.3%	−44.3%	−9.4 pts	−8.5 pts
6 months	−67.5%	−66.3%	−46.0%	−46.0%	−21.5 pts	−20.3 pts
1 year	−98.7%	−98.6%	−156.1%	−156.1%	+57.5 pts	+57.6 pts
Since launch SMU Jul 2025 · SMUP Jul 2025	−99.0%	−99.4%	−157.8%	−169.4%	+58.8 pts	+70.0 pts

SMU 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

SMU

Tradr 2X Long SMR 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 Tradr T-REX

Sets out to return +2x +2x

Underlying asset SMR SMR

Segment company company

Fund returned, 3 months or since launch −53.7% −52.9%

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

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

Difference from stated, over that window −9.4 pts −8.5 pts

Fund returned, 1 year or since launch −98.7% −98.6%

Difference from stated, over that window +57.5 pts +57.6 pts

Underlying volatility 89% 89%

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

Expense ratio 1.30% 1.50%

Launched Jul 11, 2025 Jul 25, 2025

Net assets $46m $6m

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

SMU in plain words

Three months to Sep 30, 2026: SMU returned −53.7% where its own daily promise gave −50.5%, 3.2 points short. Read the multiple against the whole window instead and 2 times SMR's −22.2% implies −44.3%, which makes SMU look 9.4 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. SMU 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 89% 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. SMUP aims to return +2 times SMR's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, SMU or SMUP?: Over the window to Sep 30, 2026, SMU finished 9.4 points from what its multiple implies and SMUP finished 8.5 points from its own, so SMUP came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are SMU and SMUP levered on the same thing?: Yes. Both are levered on NuScale Power, SMU at +2 times and SMUP at +2 times the daily move.
Which one decays faster, SMU or SMUP?: Decay follows how much the underlying moves about. Over this window SMU’s moved at 89% annualized and SMUP’s at 89%, so SMU has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold SMU 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, SMU or SMUP?: SMU charges 1.30% a year and SMUP charges 1.50%, so SMU is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Where these figures came from

SMU filings on SEC EDGAR ↗SMU prospectus with the expense ratio (SEC) ↗Tradr 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, SMU against SMUP, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/smu-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.