{
 "ticker": "SMUP",
 "name": "T-REX 2X Long SMR Daily Target ETF",
 "issuer": "T-REX",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/smup",
 "html": "https://etfiq.com/funds/smup",
 "markdown": "https://etfiq.com/funds/smup.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: SMUP returned \u221252.9% where its own daily promise gave \u221250.5%, 2.4 points short.",
 "key_facts": [
  {
   "key": "what_smr_did",
   "label": "What SMR did",
   "value": "\u221222.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMUP, what SMR did: \u221222.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "\u221250.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMUP, what 2 times a day gives: \u221250.5%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221252.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMUP, what the fund returned: \u221252.9%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22122.4 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMUP, the fund itself cost: \u22122.4 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$6m",
   "source": "issuer page, as of Sep 29, 2026",
   "as_of": "2026-09-30",
   "sentence": "SMUP, net assets: $6m (issuer page, as of Sep 29, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.50%",
   "source": "485BPOS XBRL, Apr 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "SMUP, expense ratio: 1.50% (485BPOS XBRL, Apr 30, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of SMR, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+2.39 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "SMR",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$6m",
   "source": "issuer page, as of Sep 29, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.50%",
   "source": "485BPOS XBRL, Apr 30, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jul 25, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "89% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221234.6%",
   "SMR": "\u221214.8%",
   "+2x the move": "\u221229.6%",
   "Difference": "\u22125.1 pts",
   "SMR moved about": "97%"
  },
  {
   "window": "3 months",
   "Fund": "\u221252.9%",
   "SMR": "\u221222.2%",
   "+2x the move": "\u221244.3%",
   "Difference": "\u22128.5 pts",
   "SMR moved about": "89%"
  },
  {
   "window": "6 months",
   "Fund": "\u221266.3%",
   "SMR": "\u221223.0%",
   "+2x the move": "\u221246.0%",
   "Difference": "\u221220.3 pts",
   "SMR moved about": "98%"
  },
  {
   "window": "1 year",
   "Fund": "\u221298.6%",
   "SMR": "\u221278.1%",
   "+2x the move": "\u2212156.1%",
   "Difference": "+57.6 pts",
   "SMR moved about": "100%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221299.4%",
   "SMR": "\u221284.7%",
   "+2x the move": "\u2212169.4%",
   "Difference": "+70.0 pts",
   "SMR moved about": "99%"
  }
 ],
 "questions": [
  {
   "q": "Did SMUP return +2 times SMR?",
   "a": "Over the window to Sep 30, 2026, SMR moved \u221222.2% and SMUP returned \u221252.9%. 2 times that move is \u221244.3%, so the fund came out 8.5 points short of it."
  },
  {
   "q": "Why does SMUP not return +2 times over a year?",
   "a": "Because it resets daily. SMUP 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."
  },
  {
   "q": "Which +2x SMR ETF tracked its stated multiple most closely?",
   "a": "3 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."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}