Key Highlights

  • The Tradr 2X Long USAR Daily ETF (CBOE:USAX) fell 32.83 percent on the week, the T-REX 2X Long FIGR Daily Target ETF (CBOE:FGRU) fell 31.39 percent, the GraniteShares 2x Long BTDR Daily ETF (NASDAQ:BTDL) fell 31.38 percent and the T-REX 2X Long PURR Daily Target ETF (CBOE:KATT) fell 30.45 percent.
  • Each fund seeks twice one day's move in a single stock, so a weekly loss near 31 percent is consistent, by simple arithmetic, with underlying declines in the mid-teens.
  • The catalysts differed: share overhang, a short-seller report, Bitcoin at its Mining cost and a slide in the HYPE token.
  • All four funds launched in 2026, and the youngest began trading only on September 9, 2026.

Tradr 2X Long USAR Daily ETF (CBOE:USAX): the Supply overhang angle

The Tradr 2X Long USAR Daily ETF (CBOE:USAX) lost 32.83 percent on the week and closed at USD 6.67, extending a 3-month loss of 63.79 percent. Its underlying, USA Rare Earth (NASDAQ:USAR), was USD 14.42 on September 28 after falling 5.1 percent that day, and it has traded below its 200-day average of USD 19.66. Two supply-side factors stand out. About 126.5 million shares issued in the September 3 Serra Verde merger, roughly a third of shares outstanding, were registered for resale, and reports of US-China warming on September 10 hit the Scarcity premium behind domestic rare earth names. Earlier, an August Earnings report showed a USD 0.15 per share loss on Revenue of only USD 5.82 million, and Needham trimmed its target from USD 39 to USD 33. The fund launched January 12, 2026, charges 1.49 percent and lists on Cboe. A leveraged sibling, Leverage Shares 2X Long USAR Daily ETF (NASDAQ:USGG), lost 32.42 percent in the same week. Both are amplified expressions of the same overhang, which is why the Tradr 2X Long USAR Daily ETF (CBOE:USAX) and its rival moved almost in lockstep.

T-REX 2X Long FIGR Daily Target ETF (CBOE:FGRU): the short-seller angle

The T-REX 2X Long FIGR Daily Target ETF (CBOE:FGRU) sits at USD 8.00, up 2.70 percent on the latest session but down 31.39 percent on the week and 68.77 percent since its February 18 launch. Figure Technology Solutions (NASDAQ:FIGR), a platform that automates lending across home Equity and personal loans, closed at USD 31.90 on September 25 and fell 6.9 percent to USD 29.69 on September 28. A short-seller report questioning its technology positioning weighs on sentiment even though quarterly earnings of USD 0.35 per share beat a USD 0.24 estimate. What is unusual is the gap between analyst optimism, with a USD 52.88 average target, and the tape. Tuttle Capital Management issues the T-REX 2X Long FIGR Daily Target ETF (CBOE:FGRU), charges 1.50 percent, and uses swaps and listed call options. With only a few million dollars in assets, the T-REX 2X Long FIGR Daily Target ETF (CBOE:FGRU) may carry wider trading spreads than larger funds.

GraniteShares 2x Long BTDR Daily ETF (NASDAQ:BTDL): the bitcoin mining-cost angle

Bitcoin ran into a wall this week. It briefly topped USD 85,000, its first time there in 280 days, then eased to about USD 84,187, right at JPMorgan's estimated mining cost of roughly USD 85,000. Bitdeer Technologies Group (NASDAQ:BTDR), which offers hash rate sharing and builds SEALMINER machines, slid 5.3 percent to USD 11.51 on September 25 and 4.2 percent more on September 28, and it sold 288.4 bitcoin against 288.1 mined that week. With yields at 5.18 percent on the 10-year and a reported exchange breach, risk appetite faded. The GraniteShares 2x Long BTDR Daily ETF (NASDAQ:BTDL), launched in mid-July and listed on Nasdaq at a 1.50 percent expense ratio, is down 44.04 percent since inception, the same figure as its 3-month and 6-month readings. The underlying's Beta of 2.51 means a 2x wrapper is doubling something already volatile. Analysts still average a USD 24.00 target, but the company lost USD 0.37 per share last quarter.

T-REX 2X Long PURR Daily Target ETF (CBOE:KATT): the token treasury angle

PURR is the ticker of Hyperliquid Strategies (NASDAQ:PURR), a treasury company that holds the HYPE token and stakes it. The T-REX 2X Long PURR Daily Target ETF (CBOE:KATT) launched on September 9, 2026, so its story is three weeks old: USD 24.12 after an 11.48 percent daily fall, 30.45 percent lower on the week, 8.46 percent lower since launch. PURR dropped 8.7 percent on September 25 and 5.9 percent to USD 12.09 on September 28, while HYPE slid from USD 98.03 to below USD 86 as ETF flows cooled and traders looked toward tokenization assets. A wallet linked to the company bought about USD 45.8 million of HYPE and the stock still fell, which suggests that treasury stocks respond to token direction rather than purchases. Assets in the T-REX 2X Long PURR Daily Target ETF (CBOE:KATT) are under USD 1 million, the fund charges 1.50 percent, and it lists on Cboe. Analysts average a USD 19.80 target on PURR, with one sell rating.

Where Things Stand

Chasing the bounce in the Tradr 2X Long USAR Daily ETF (CBOE:USAX), the T-REX 2X Long FIGR Daily Target ETF (CBOE:FGRU), the GraniteShares 2x Long BTDR Daily ETF (NASDAQ:BTDL) or the T-REX 2X Long PURR Daily Target ETF (CBOE:KATT) is a trap only if the holder ignores compounding, and it can be a fast trade if the holder respects it. A 10 percent rise followed by a 10 percent fall leaves a stock 1 percent lower and a 2x fund 4 percent lower, and the four funds show how that plays out over months. All four hold assets in the low millions or less, rely on swap-based exposure, and reset daily, so holding them through a volatile month is a very different proposition from trading a single session. Institutional desks tend to size such funds as short-dated tactical positions with total-loss risk. This article gives information, not recommendations.