# BTCZ (T-REX 2X INVERSE BITCOIN DAILY TARGET ETF)

T-REX · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: BTCZ returned −53.7% where its own daily promise gave −54.2%, 0.5 points over.

## Key facts

- BTCZ, what IBIT did: +39.2%, as of Sep 30, 2026.
- BTCZ, what −2 times a day gives: −54.2%, as of Sep 30, 2026.
- BTCZ, what the fund returned: −53.7%, as of Sep 30, 2026.
- BTCZ, the fund itself added: +0.5 pts, as of Sep 30, 2026.
- BTCZ, net assets: $16m (issuer page, as of Sep 29, 2026).
- BTCZ, expense ratio: 0.95% (485BPOS XBRL, Apr 30, 2026).

## BTCZ over each window to Sep 30, 2026

| Window | Fund | IBIT | -2x the move | Difference | IBIT moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −14.5% | +6.0% | −12.0% | −2.6 pts | 43% |
| 3 months | −53.7% | +39.2% | −78.5% | +24.8 pts | 38% |
| 6 months | −45.8% | +22.5% | −45.0% | −0.7 pts | 38% |
| 1 year | +4.1% | −27.2% | +54.3% | −50.3 pts | 46% |
| Since launch | −88.4% | +44.9% | −89.8% | +1.4 pts | 48% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of IBIT, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -1.37 times, against -2 stated | ETFIQ |
| Underlying | IBIT | ETFIQ |
| Segment | asset class, crypto | ETFIQ |
| Net assets | $16m | issuer page, as of Sep 29, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Apr 30, 2026 |
| Launched | Jul 10, 2024 | ETFIQ |
| Underlying volatility over the window | 38% annualized | ETFIQ |

## Questions

### Did BTCZ return -2 times IBIT?

Over the window to Sep 30, 2026, IBIT moved +39.2% and BTCZ returned −53.7%. −2 times that move is −78.5%, so the fund came out 24.8 points ahead of it.

### Why does BTCZ not return -2 times over a year?

Because it resets daily. BTCZ aims at -2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which -2x IBIT ETF tracked its stated multiple most closely?

2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from −2 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself.


## Cite this page

ETFIQ, BTCZ, data as of Sep 30, 2026. https://etfiq.com/funds/btcz
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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