IQ

SKRE TUTTLE CAPITAL DAILY 2X INVERSE REGIONAL BANKS ETF

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$6.62
+1.4% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Over the three months to Oct 28, 2026, SKRE returned 9.8%, against 8.4% for twice the inverse of KRE's daily moves.

Why did SKRE return −73.4% against KRE’s +54.6%?What would a 10% drop in KRE do to SKRE?What do SKRE’s net flows of +$16.1m over the since Dec 2023 mean?
Aims to return twice the opposite of the daily move of State Street SPDR S&P Regional Banking ETF (KRE)Tuttle ↗Expense ratio 0.75%Fund assets $7.2m net assets, latest filing (May 31, 2026)First traded Jan 4, 2024Benchmark KRESEC filings ↗Every Tuttle fund ETFIQ coversDividend history

Promise check: DeliveredOver three months to Oct 28, 2026, SKRE finished 1.4 points ahead of twice the inverse of KRE's daily moves, compounded.

Compare with…Trading costsPut to the committeeaskIQ about SKREAdd to portfolioFlowsAlerts

SKRE risk and return scorecard

vs KRE · Jan 2024 to Oct 2026 · 145 weekly returns · dividend-adjusted

Short history · 33 months
SKRE −73.4%, KRE +54.6%, Jan 2024 to Oct 2026, distributions reinvested.
Return
MeasureSKREKREEdge
Total return−73.4%+54.6%KRE
Annualized−37.8%+16.9%KRE
Price return−74.3%+43.8%KRE
Risk
MeasureSKREKREEdge
Volatility50.8%25.2%KRE
Max drawdown−78.9%−26.4%KRE
Upside capture−31.3%100.0%KRE
Downside captureNot measured100.0%
Risk-adjusted
MeasureSKREKREEdge
Sharpe ratio−0.770.57KRE
Sortino ratio−1.050.84KRE
Alpha vs KRE
MeasureSKREKREEdge
Alpha, a year−9.9%KRE
Alpha t-stat−3.47
Beta to KRE−2.011.00Lower beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · May 31, 2026
12 months to May 31, 2026
+$7.6m
Since Dec 2023
+$16.1m
askIQ: what do these flows mean? ↗

What you earned

SKRE −4.4%, KRE +2.2%: total return over one month to Oct 28, 2026.
SKRE−4.4%
KRE+2.2%
SKRE +9.8%, KRE −4.8%: total return over three months to Oct 28, 2026.
SKRE+9.8%
KRE−4.8%
SKRE −12.8%, KRE +5.7%: total return over six months to Oct 28, 2026.
SKRE−12.8%
KRE+5.7%
SKRE −27.3%, KRE +13.2%: total return over the year to Oct 28, 2026.
SKRE−27.3%
KRE+13.2%
SKRE −37.6%, KRE +21.2%: total return over one year to Oct 28, 2026.
SKRE−37.6%
KRE+21.2%
SKRE −72.3%, KRE +51.7%: total return since launch to Oct 28, 2026.
SKRE−72.3%
KRE+51.7%
askIQ: why did SKRE return −37.6% against KRE’s +21.2%? ↗

Did it deliver its multiple?

Sets out to return -2 times the daily move of KRE
−4.8%
What KRE did
Report
+8.4%
What −2 times a day gives
Report
+9.8%
What the fund returned
Report
+1.4 pts
Gap to −2 times a day
Report
0.2%
12-month yield, capital gains included, on its starting price
Report
$0.0233
Last payment, ex-date Dec 24, 2025
Report
Stated multiple against delivered, by window
1M
−4.4%
3M
+9.8%
6M
−12.8%
YTD
−27.3%
1Y
−37.6%
Black line is the stated multiple of the underlying's move.
Two-day reversal, hypothetical
If KRE rises 2% one day and falls 2% the next, it ends −0.04%. A daily -2× fund ends −0.16%, 4.0 times the index’s loss. Hypothetical.
If KRE rises 5% one day and falls 5% the next, it ends −0.25%. A daily -2× fund ends −1.00%, 4.0 times the index’s loss. Hypothetical.
If KRE rises 10% one day and falls 10% the next, it ends −1.00%. A daily -2× fund ends −4.00%, 4.0 times the index’s loss. Hypothetical.
Formula: (1 + L·m)(1 − L·m) − 1 for a move m up then down at multiple L. Hypothetical; not a forecast.
askIQ: what would a 10% drop in KRE do to SKRE? ↗

More on SKRE

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Price, 1 year

$6.62+1.4%1 day, priceClose, Oct 28, 2026

Price only. Total return over the same days, distributions reinvested, was −37.6%. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Oct 28, 2026. Updated every trading night. Report a data error

SKRE returns by window: total return, cash paid and price change
WindowTotal returnKRE-2x the moveDifferenceKRE moved about, annualized
1M Sep 28 – Oct 28, 2026−4.4%+2.2%−4.4%0.0 pts17%
3M Jul 29 – Oct 28, 2026+9.8%−4.8%+9.6%+0.2 pts15%
6M Apr 29 – Oct 28, 2026−12.8%+5.7%−11.4%−1.4 pts18%
YTD Dec 31, 2025 – Oct 28, 2026−27.3%+13.2%−26.4%−0.9 pts21%
1Y Oct 28, 2025 – Oct 28, 2026−37.6%+21.2%−42.4%+4.8 pts20%
Since launch Jan 4, 2024 – Oct 28, 2026−72.3%+51.7%not meaningful over this windownot meaningful over this window27%
Since launch, annualised Jan 4, 2024 – Oct 28, 2026−36.6%––––

Total returns, distributions reinvested. -2x the move is -2 times the window's move. That is not the fund's objective, which is -2 times each day's move. Listed Jan 2024: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

What it aimed at, and what it did
On its stated multipleSKRE returned −4.4% while −2 times KRE's move would have been −4.4%. Data from Sep 28, 2026 to Oct 28, 2026.KRE +2.2% ×−2 implies−4.4%SKRE returned−4.4%On its stated multipleSKRE returned −4.4% while −2 times KRE's move would have been −4.4%. Data from Sep 28, 2026 to Oct 28, 2026.KRE +2.2% ×−2 implies−4.4%SKRE returned−4.4%

Over the 1 month to Oct 28, 2026, SKRE returned −4.4%, where −2 times that move implies −4.4%. The difference is 0.0 pts. Of that, daily compounding is −0.6 pts and the gap to −2 times each day's move compounded is +0.6 pts.

On its stated multipleSKRE returned +9.8% while −2 times KRE's move would have been +9.6%. Data from Jul 29, 2026 to Oct 28, 2026.KRE −4.8% ×−2 implies+9.6%SKRE returned+9.8%On its stated multipleSKRE returned +9.8% while −2 times KRE's move would have been +9.6%. Data from Jul 29, 2026 to Oct 28, 2026.KRE −4.8% ×−2 implies+9.6%SKRE returned+9.8%

Over the 3 months to Oct 28, 2026, SKRE returned +9.8%, where −2 times that move implies +9.6%. The difference is +0.2 pts. Of that, daily compounding is −1.2 pts and the gap to −2 times each day's move compounded is +1.4 pts.

1.4 pts short of its stated multipleSKRE returned −12.8% while −2 times KRE's move would have been −11.4%. Data from Apr 29, 2026 to Oct 28, 2026.KRE +5.7% ×−2 implies−11.4%SKRE returned−12.8%1.4 pts short of its stated multipleSKRE returned −12.8% while −2 times KRE's move would have been −11.4%. Data from Apr 29, 2026 to Oct 28, 2026.KRE +5.7% ×−2 implies−11.4%SKRE returned−12.8%

Over the 6 months to Oct 28, 2026, SKRE returned −12.8%, where −2 times that move implies −11.4%. The difference is −1.4 pts. Of that, daily compounding is −3.2 pts and the gap to −2 times each day's move compounded is +1.8 pts.

4.8 pts ahead of its stated multipleSKRE returned −37.6% while −2 times KRE's move would have been −42.4%. Data from Oct 28, 2025 to Oct 28, 2026.KRE +21.2% ×−2 implies−42.4%SKRE returned−37.6%4.8 pts ahead of its stated multipleSKRE returned −37.6% while −2 times KRE's move would have been −42.4%. Data from Oct 28, 2025 to Oct 28, 2026.KRE +21.2% ×−2 implies−42.4%SKRE returned−37.6%

Over the 1 year to Oct 28, 2026, SKRE returned −37.6%, where −2 times that move implies −42.4%. The difference is +4.8 pts. Of that, daily compounding is +2.5 pts and the gap to −2 times each day's move compounded is +2.3 pts.

58.0
IQ Leverage ScoreETFIQ 3-Month Tracking Score32nd of 75 · Oct 28, 2026
0.7 · lowest of 75 inverse ETFs at 2x, over three months99.3 · highest

How closely it delivered its daily multiple over 3 months, ranked against 75 inverse ETFs at 2x, over three months. 100 is best. How it is computed

SKRE finished 1.4 points ahead of what -2 times KRE’s daily move would have given, compounded through the same days.

points against its daily multiple, compounded+1.4 pts · 58th pct
All 75 ranked by this score →

Money in and out

Monthly data · as of May 31, 2026

SKRE: in the month to May 31, 2026, net $2.5m went out, by its SEC filing.

12 months
+$7.6m
198.8% of $3.8m on May 31, 2025
Jun 1, 2025 to May 31, 2026
monthly, from SEC filings
Since Dec 2023
+$16.1m
Dec 1, 2023 to May 31, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions SKRE files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is May 2026. Every day and month ETFIQ holds for SKRE, back to Dec 2023, is in its flows file. Flows across every fund · How these flows are computed · Compare SKRE with other funds in the flows tool

Month by month, money in and money outDec 2023 to May 2026

SKRE, money in and money out each month from Dec 2023 to May 2026: two bars a month, money in above the line and money out below. Every bar is from SKRE’s SEC filings (N-PORT item B.6). Of the 30 months listed, money came in on net in 15 and went out in 11.

Every bar is from SKRE’s SEC filings (N-PORT item B.6). Of the 30 months listed, money came in on net in 15 and went out in 11.

MonthInOutNet
May 2026 SEC Form N-PORT+$223k−$2.7m−$2.5m
Apr 2026 SEC Form N-PORT+$1.5m−$2.4m−$866k
Mar 2026 SEC Form N-PORT+$7.9m−$2.3m+$5.6m
Feb 2026 SEC Form N-PORT+$2.7m−$755k+$1.9m
Jan 2026 SEC Form N-PORT+$249k−$578k−$329k
Dec 2025 SEC Form N-PORT$0−$2.8m−$2.8m
Nov 2025 SEC Form N-PORT+$3.6m−$2.4m+$1.2m
Oct 2025 SEC Form N-PORT+$5.1m−$536k+$4.5m
Sep 2025 SEC Form N-PORT+$190k$0+$190k
Aug 2025 SEC Form N-PORT$0$0$0
Jul 2025 SEC Form N-PORT+$534k$0+$534k
Jun 2025 SEC Form N-PORT+$2.0m−$1.8m+$131k
May 2025 SEC Form N-PORT+$1.6m−$912k+$642k
Apr 2025 SEC Form N-PORT+$1.4m−$1.8m−$414k
Mar 2025 SEC Form N-PORT$0−$1.0m−$1.0m
Feb 2025 SEC Form N-PORT$0$0$0
Jan 2025 SEC Form N-PORT$0$0$0
Dec 2024 SEC Form N-PORT$0−$1.3m−$1.3m
Nov 2024 SEC Form N-PORT+$1.6m$0+$1.6m
Oct 2024 SEC Form N-PORT$0−$352k−$352k
Sep 2024 SEC Form N-PORT+$1.5m−$1.2m+$297k
Aug 2024 SEC Form N-PORT$0−$5.2m−$5.2m
Jul 2024 SEC Form N-PORT+$5.9m−$511k+$5.4m
Jun 2024 SEC Form N-PORT+$565k−$1.3m−$748k
May 2024 SEC Form N-PORT+$4.5m−$8.2m−$3.6m
Apr 2024 SEC Form N-PORT+$7.4m$0+$7.4m
Mar 2024 SEC Form N-PORT+$1.3m−$816k+$499k
Feb 2024 SEC Form N-PORT+$9.4m−$4.8m+$4.6m
Jan 2024 SEC Form N-PORT+$1.3m−$509k+$768k
Dec 2023 SEC Form N-PORT$0$0$0

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of May 31, 2026. Updated when the fund files its next report.

SKRE key stats

52-week high, daily closes to Oct 28, 2026 (ETFIQ)$11.44 on Nov 17, 2025
52-week low, daily closes to Oct 28, 2026 (ETFIQ)$5.77 on Aug 14, 2026
Close on Oct 28, 2026, within that range (ETFIQ)$6.62, 15% of the way from the low to the high
Beta to its underlying, 1 year (ETFIQ)-2.00, against KRE
R-squared, the same days (ETFIQ)0.99
Beta and R-squared measured over251 daily total returns, Oct 29, 2025 to Oct 28, 2026
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Sep 10, 2026
Trading · SKREas of Sep 10, 2026
·
Not scored1 of 6 measured · Sep 10, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

Did it keep up with its own daily multiple, compounded day by day, over three months?

Points against its daily multiple, compounded
SMZ −29.3 ptsQBTZ −21.0 ptsRKLZ −11.2 ptsRGTZ −7.8 ptsIONZ −6.8 ptsASTN −5.4 ptsSPCQ −3.1 ptsMUZ −2.5 ptsSMCZ −2.1 ptsBMNZ −1.8 ptsAPLZ −1.2 ptsCONI −1.2 ptsSMST −0.9 ptsCRCD −0.4 ptsSKDD −0.3 ptsMSTZ −0.2 ptsAAOZ −0.1 pts, and 1 more at this point: SNK −0.1 ptsCORD −0.1 ptsIREZ 0.0 pts, and 4 more at this point: PLTZ 0.0 pts, SKHN 0.0 pts, SSPC 0.0 pts, STSM 0.0 ptsDAMD +0.1 pts, and 1 more at this point: NBIZ +0.1 ptsBEZ +0.2 ptsSNDQ +0.2 ptsETHD +0.3 pts, and 2 more at this point: NVDQ +0.3 pts, TSLZ +0.3 ptsLITZ +0.4 pts, and 1 more at this point: RAMZ +0.4 ptsBTCZ +0.5 ptsTSDD +0.5 ptsSPCG +0.9 ptsTSLQ +0.9 ptsEPV +1.0 pts, and 3 more at this point: AMZO +1.1 pts, CBRZ +1.1 pts, ORCZ +1.1 ptsSBIT +1.0 ptsNVD +1.2 ptsEWV +1.7 ptsJDST +1.7 ptsBIS +1.8 pts, and 8 more at this point: ERY +1.8 pts, SCO +1.8 pts, BZQ +1.9 pts, DRIP +1.9 pts, DUG +1.9 pts, EEV +1.9 pts, PST +1.9 pts, REW +1.9 ptsDUST +1.8 ptsTBT +2.0 ptsQID +2.1 ptsEFU +2.3 ptsSDS +2.3 ptsRXD +2.5 pts, and 2 more at this point: SMN +2.5 pts, SZK +2.5 ptsSCC +2.5 ptsDXD +2.6 ptsSDD +2.8 ptsSDP +2.8 ptsSIJ +2.8 ptsFXP +2.9 pts, and 4 more at this point: MZZ +2.9 pts, SKF +2.9 pts, SRS +2.9 pts, TWM +2.9 ptsGLL +3.6 ptsZSL +5.4 ptsSKRE +1.4 ptsSKRE +1.4 pts−29.3 pts+5.4 pts
−29.3 pts to +5.4 pts across 75

That is the share of the 75 inverse ETFs at 2x, over three months sitting at or below SKRE.

Three months only, against the fund's own daily multiple; a different quarter can rank it very differently. Where the fund sits in this set, not a rating. Do not average it with another category's score.

About SKRE

Of that 0.2, daily compounding is −1.2 points, which any −2 times fund would show over the same path, and the fund itself is +1.4 points against −2 times each day's move, compounded.
Sets out to return-2 times the daily move of KRE, reset daily
Multiple a holder actually got over the window (ETFIQ)KRE moved −4.8% over this window, too little to read a multiple from
UnderlyingKRE
Segmentsector or country, sector
Net assets (SEC N-PORT, whole fund, as filed for May 31, 2026)$7.2mReport
Expense ratio (485BPOS XBRL, Dec 29, 2025)0.75%Report
First tradedJan 4, 2024
Underlying volatility over the window (ETFIQ)15% annualized
How we measure
Read the multiple against the whole window instead and −2 times KRE's −4.8% implies +9.6%, which makes SKRE look 0.2 points over. That is not the fund's objective, which is daily. SKRE aims to return -2 times KRE's move each day, then resets. Over one day it does that. Over longer periods the daily results compound, so the total is not -2 times the period's move: it is lower after a fall and recovery, and can be higher in a steady run. KRE moved at 15% annualized over that window. The more it moves, the further the two numbers separate.
Returns are ETFIQ calculations from Tiingo end-of-day prices, distributions reinvested, measured against the underlying over exactly the same days. Method
IQ Investment Committee on SKRE

12 seats on SKRE, as of Oct 28, 2026: 1 Supports, 3 Challenges, 6 Not enough data, 2 Does not apply.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianDoes not apply
In the tradition ofRay DalioDalio-style All-WeatherNot enough data
In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityDoes not apply
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingChallenges
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatSupports
Put SKRE to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about SKRE

Did SKRE return -2 times KRE?
Over the three months to Oct 28, 2026, KRE moved −4.8% and SKRE returned +9.8%. −2 times that move is +9.6%, so the fund came out 0.2 points ahead of it. That is not its objective, which is daily. Against −2 times each day's move, compounded, it was 1.4 points over.
Why does SKRE not return -2 times over a year?
Because it resets daily. SKRE aims at -2 times each day's move, and daily results compound. If the underlying falls and recovers, a holder ends up behind -2 times the period move; in a steady run in one direction, possibly ahead. The longer the holding and the more the underlying swings, the wider the gap.
Sources and dates
Prices, SKRE and KRETiingo end-of-day prices ↗
Fee, 0.75%SEC 485BPOS XBRL · Dec 29, 2025
Net assets, $7.2mSEC N-PORT, whole fund · May 31, 2026
IssuerTuttle website ↗
All fund filingsFund filings on SEC EDGAR ↗
SourceSEC investment company series and class file, which lists every registered fund ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, SKRE, leveraged ETFs, data as of Oct 28, 2026. https://etfiq.com/funds/skre

The label bar for SKRE, redrawn every trading night.

Free to use with attribution for data 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 number that says whether a holder got what the fund’s own multiple describes.
Full definitions: leveraged ETFs vocabulary page. →
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SKRE: SKRE returned +9.8% while −2 times KRE's move would have been +9.6%. Data from Jul 29, 2026 to Oct 28, 2026.
<figure style="margin:0;max-width:640px">
<a href="https://etfiq.com/funds/skre"><img src="https://etfiq.com/assistant/api/embed/leverage/skre.svg" alt="SKRE: SKRE returned +9.8% while −2 times KRE&#x27;s move would have been +9.6%. Data from Jul 29, 2026 to Oct 28, 2026." width="640" style="max-width:100%;height:auto"></a>
<figcaption style="font:13px/1.5 sans-serif">SKRE: SKRE returned +9.8% while −2 times KRE&#x27;s move would have been +9.6%. Data from Jul 29, 2026 to Oct 28, 2026. Data: <a href="https://etfiq.com/funds/skre">ETFIQ</a></figcaption>
</figure>

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Snapshot, Oct 28, 2026. More on the tabs above.