Key Highlights

  • T-REX 2X Long RBLX Daily Target ETF (CBOE:RBLU) lost 36.29 percent over the week, trades at USD 4.02 and is down 96.11 percent over one year and 86.36 percent year to date, even with a 11.98 percent gain across the past month.
  • Roblox (NYSE:RBLX) closed down 9.86 percent at USD 41.86 on September 28 after Jefferies cut it to Underperform with a USD 38 price target, roughly 18 percent below the prior Friday close.
  • Jefferies sees 2027 bookings growth of 5 percent against a Street view near 12 percent.
  • The fund launched March 4, 2025 with a 1.05 percent expense ratio and about USD 10.5 million in Assets as of September 25, per the issuer.

How RBLU is built

T-REX 2X Long RBLX Daily Target ETF (CBOE:RBLU) is run by Tuttle Capital Management with REX Shares and lists on Cboe BZX. It began trading on March 4, 2025, and the issuer reports a total expense ratio of 1.05 percent. Exposure comes through swaps that seek 200 percent of the daily performance of Roblox (NYSE:RBLX), and the issuer's own literature warns that over periods longer than one day the fund can lose money even if the stock is flat. The net asset value was USD 5.06 on September 25. No reverse split appeared in the issuer documents we reviewed.

What hit Roblox this week

Roblox (NYSE:RBLX) runs an online platform where users build and play experiences, using Robux as its virtual currency. The stock slipped 5.2 percent on Friday, September 25, to about USD 46, then fell 9.86 percent on Monday, September 28, to USD 41.86 after Jefferies moved to Underperform. The firm argued that a recent 30 percent rally had priced in too much. Second quarter Revenue of USD 1.47 billion missed the USD 1.60 billion expected, though it grew 8.3 percent, and management declined to guide beyond the third quarter. Hours played rose only 1 percent, with lower spending per hour among younger players. Offsetting that, Roblox holds a USD 3 billion buyback authorization.

Why the fund fell far more than the stock

From USD 47.82 on September 18 to USD 41.86 on September 28, Roblox (NYSE:RBLX) lost about 12.5 percent by our arithmetic. Leverage plus timing explains why T-REX 2X Long RBLX Daily Target ETF (CBOE:RBLU) fell 36.29 percent in the week. Daily resetting means a 10 percent drop then a 10 percent rebound leaves the stock 1 percent lower but a 2x fund 4 percent lower. Whipsaws such as Roblox's 12.73 percent jump on September 14 followed by declines erode fund value over time, which is why the fund is down 86.36 percent this year while the stock is down 48.3 percent.

Where Things Stand

It depends, but the data argue for caution. The 11.98 percent one-month gain in T-REX 2X Long RBLX Daily Target ETF (CBOE:RBLU) shows how quickly sentiment can swing, yet the 36.29 percent weekly drop and the 55.82 percent three-month decline show the cost when the stock reverses. For Roblox (NYSE:RBLX), analysts remain divided: a consensus Hold, an average target near USD 49 to USD 61 depending on the aggregator, and three Sell ratings. Some investors see monetization softening; others see a USD 3 billion buyback and user growth as support. A daily 2x product is a tactical instrument, and returns depend on the path taken. This is not a recommendation.