ETQ -2x T-Rex 2X Inverse Ether Daily Target ETF
ETQ
ETF -2x BEAR standardT-Rex 2X Inverse Ether Daily Target ETF
Realized return vs theoretical -2x Ethereum
Pair counterpart found:
ETHT
(+2x bull, ProShares Ultra Ether ETF)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking Ethereum
| Symbol | Factor | Direction | Issuer | Name | Implied AUM | 30d Vol | Options |
|---|---|---|---|---|---|---|---|
| ETHT | +2x | BULL | ProShares | ProShares Ultra Ether ETF | $207.3M | 2,150,496 | |
| ETU | +2x | BULL | T-Rex | T-Rex 2X Long Ether Daily Target ETF | $11.3M | 120,454 | |
| EVMU | +2x | BULL | Direxion | DIREXION DAILY ETHER BULL 2X ETF | $2.4M | 9,142 | |
| ETHD | -2x | BEAR | ProShares | ProShares UltraShort Ether ETF | $48.2M | 328,764 |
How ETQ works
ETQ targets -2x the daily return of Ethereum — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.
Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a -2x product on an underlying with 25% annualized vol, expected annual drag is around 6.2%. Add expense ratio and the realized number is typically worse.
- Short-term tactical: daily and intraday holds are where these products were designed to live.
- Premium selling: options on ETQ carry very rich IV — see the quote page for IV rank and straddle pricing.
- Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.