# SMUP (T-REX 2X Long SMR Daily Target ETF)

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

Three months to Sep 30, 2026: SMUP returned −52.9% where its own daily promise gave −50.5%, 2.4 points short.

## Key facts

- SMUP, what SMR did: −22.2%, as of Sep 30, 2026.
- SMUP, what 2 times a day gives: −50.5%, as of Sep 30, 2026.
- SMUP, what the fund returned: −52.9%, as of Sep 30, 2026.
- SMUP, the fund itself cost: −2.4 pts, as of Sep 30, 2026.
- SMUP, net assets: $6m (issuer page, as of Sep 29, 2026).
- SMUP, expense ratio: 1.50% (485BPOS XBRL, Apr 30, 2026).

## SMUP over each window to Sep 30, 2026

| Window | Fund | SMR | +2x the move | Difference | SMR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −34.6% | −14.8% | −29.6% | −5.1 pts | 97% |
| 3 months | −52.9% | −22.2% | −44.3% | −8.5 pts | 89% |
| 6 months | −66.3% | −23.0% | −46.0% | −20.3 pts | 98% |
| 1 year | −98.6% | −78.1% | −156.1% | +57.6 pts | 100% |
| Since launch | −99.4% | −84.7% | −169.4% | +70.0 pts | 99% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of SMR, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.39 times, against +2 stated | ETFIQ |
| Underlying | SMR | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $6m | issuer page, as of Sep 29, 2026 |
| Expense ratio | 1.50% | 485BPOS XBRL, Apr 30, 2026 |
| Launched | Jul 25, 2025 | ETFIQ |
| Underlying volatility over the window | 89% annualized | ETFIQ |

## Questions

### Did SMUP return +2 times SMR?

Over the window to Sep 30, 2026, SMR moved −22.2% and SMUP returned −52.9%. 2 times that move is −44.3%, so the fund came out 8.5 points short of it.

### Why does SMUP not return +2 times over a year?

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.

### Which +2x SMR ETF tracked its stated multiple most closely?

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.


## Cite this page

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

HTML: https://etfiq.com/funds/smup  ·  JSON: https://etfiq.com/funds/smup.json