PENU T-REX 2X LONG PENG DAILY TARGET ETF

Aims to return twice the daily move of Penguin Solutions (PENG)T-REX1.50% fee$3mFirst traded Aug 6, 2026Fund page at the issuer ↗SEC filings ↗
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One month to Oct 9, 2026: PENU returned +96.7% where its own daily promise gave +109.7%, 13.0 points short.

+49.4%
What PENG did
+109.7%
What 2 times a day gives
+96.7%
What the fund returned
−13.0 pts
The fund itself cost
What it aimed at, and what it did
2.1 pts short of its stated multiplePENU returned +96.7% while 2 times PENG's move would have been +98.8%. Figures from Sep 9, 2026 to Oct 9, 2026.PENG +49.4% ×2 implies+98.8%PENU returned+96.7%2.1 pts short of its stated multiplePENU returned +96.7% while 2 times PENG's move would have been +98.8%. Figures from Sep 9, 2026 to Oct 9, 2026.PENG +49.4% ×2 implies+98.8%PENU returned+96.7%

Over the 1 month to Oct 9, 2026, PENU returned +96.7%, where 2 times that move implies +98.8%. The difference is −2.1 pts. Of that, daily compounding is +10.9 pts and the fund itself −13.0 pts against its own daily promise.

22.6 pts short of its stated multiplePENU returned +48.6% while 2 times PENG's move would have been +71.2%. Figures from Aug 6, 2026 to Oct 9, 2026.PENG +35.6% ×2 implies+71.2%PENU returned+48.6%22.6 pts short of its stated multiplePENU returned +48.6% while 2 times PENG's move would have been +71.2%. Figures from Aug 6, 2026 to Oct 9, 2026.PENG +35.6% ×2 implies+71.2%PENU returned+48.6%

From launch to Oct 9, 2026, PENU returned +48.6%, where 2 times that move implies +71.2%. The difference is −22.6 pts. Of that, daily compounding is −5.4 pts and the fund itself −17.2 pts against its own daily promise.

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WindowFundPENG+2x the moveDifferencePENG moved about, annualized
1M Sep 9 – Oct 9, 2026+96.7%+49.4%+98.8%−2.1 pts83%
Since launch Aug 6 – Oct 9, 2026+48.6%+35.6%+71.2%−22.6 pts76%

Source: ETFIQ.

Head to head
Funds near this one

In plain words

That 2.1 is two pieces: daily compounding, +10.9 points, which happens to any 2 times fund over the same path, and the fund itself, −13.0 points against its own daily promise.
Summary
Read the multiple against the whole window instead and 2 times PENG's 49.4% implies +98.8%, which makes PENU look 2.1 points short. PENU aims to return +2 times PENG'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. PENG moved at 83% 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.
Sets out to return+2 times the daily move of PENG, reset daily
Multiple a holder actually got over the window (ETFIQ)+1.96 times, against +2 stated
UnderlyingPENG
Segmentsingle stock, company
Net assets (issuer page, as of Oct 8, 2026)$3m
Expense ratio (485BPOS XBRL, Jul 22, 2026)1.50%
First tradedAug 6, 2026
Underlying volatility over the window (ETFIQ)83% annualized
What the underlying did, 3 monthsPENG 49.4%
How this is computed
Returns are ETFIQ calculations from Tiingo end-of-day prices, distributions reinvested, measured against the underlying over exactly the same days. How these figures are computed

Questions people ask about PENU

Did PENU return +2 times PENG?
Over the month to Oct 9, 2026, PENG moved +49.4% and PENU returned +96.7%. 2 times that move is +98.8%, so the fund came out 2.1 points short of it. Against its own daily promise, 2 times each day's move compounded, it was 13.0 points short.
Why does PENU not return +2 times over a year?
Because it resets daily. PENU 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.
Sources and dates
Prices, PENU and PENGTiingo end-of-day prices ↗
Fee, 1.50%SEC 485BPOS XBRL · Jul 22, 2026
Net assets, $3mIssuer page · Oct 8, 2026
IssuerT-REX page for PENU ↗
All fund filingsFund filings on SEC EDGAR ↗
SourceSEC investment company series and class file, which lists every registered fund ↗
T-REX’s own site ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement.

How these figures are computed →Standards and sources →Open data →
Cite this page

ETFIQ, PENU, leveraged ETFs, data as of Oct 9, 2026. https://etfiq.com/funds/penu

Open PENU live on ETFIQ

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Stated multiple
What the fund sets out to return against its underlying, each day. A fund at 2x aims to return twice the underlying’s daily move, and an inverse fund at -2x aims to return twice it in the opposite direction.
Daily reset
The fund starts each day aiming at the multiple again, from wherever it now stands. It is the mechanism that makes these funds behave as they do, and the reason the stated multiple applies to a day rather than to a holding period.
Compounding
Daily results multiply together rather than adding up. Two days of the multiple is not twice the multiple, and over a run of days the difference between the two grows with how far the underlying moves about.
Decay
What compounding costs a holder when the underlying falls and rises back to where it started. The underlying is level and the fund is down; the more violently it moved, the further down.
Difference against the stated multiple
The fund’s return minus the stated multiple times the underlying’s return, in percentage points. The one figure that says whether a holder got what the fund’s own multiple describes.
Every term used here, defined in full on the leveraged ETFs vocabulary page. →
T-REX: every fund ETFIQ covers→ETF News, Aug 6, 2026→