# CRCD (T-REX 2X INVERSE CRCL DAILY TARGET ETF)

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

Three months to Sep 30, 2026: CRCD returned −68.2% where its own daily promise gave −67.8%, 0.3 points short.

## Key facts

- CRCD, what CRCL did: +32.6%, as of Sep 30, 2026.
- CRCD, what −2 times a day gives: −67.8%, as of Sep 30, 2026.
- CRCD, what the fund returned: −68.2%, as of Sep 30, 2026.
- CRCD, the fund itself cost: −0.3 pts, as of Sep 30, 2026.
- CRCD, net assets: $9m (issuer page, as of Sep 29, 2026).
- CRCD, expense ratio: 1.50% (485BPOS XBRL, Apr 30, 2026).

## CRCD over each window to Sep 30, 2026

| Window | Fund | CRCL | -2x the move | Difference | CRCL moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +5.1% | −14.0% | +28.0% | −22.9 pts | 95% |
| 3 months | −68.2% | +32.6% | −65.3% | −2.9 pts | 85% |
| 6 months | −69.6% | −9.4% | +18.9% | −88.5 pts | 94% |
| 1 year | −89.7% | −38.0% | +76.0% | −165.7 pts | 98% |
| Since launch | −90.6% | −35.3% | +70.6% | −161.2 pts | 97% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of CRCL, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -2.09 times, against -2 stated | ETFIQ |
| Underlying | CRCL | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $9m | issuer page, as of Sep 29, 2026 |
| Expense ratio | 1.50% | 485BPOS XBRL, Apr 30, 2026 |
| Launched | Sep 26, 2025 | ETFIQ |
| Underlying volatility over the window | 85% annualized | ETFIQ |

## Questions

### Did CRCD return -2 times CRCL?

Over the window to Sep 30, 2026, CRCL moved +32.6% and CRCD returned −68.2%. −2 times that move is −65.3%, so the fund came out 2.9 points short of it.

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

Because it resets daily. CRCD 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.


## Cite this page

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

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