Key Highlights

  • The T-REX 2X Long PURR Daily Target ETF (CBOE:KATT) trades at USD 24.12 after an 11.48 percent daily fall, down 30.45 percent on the week and 8.46 percent since its September 9 launch.
  • PURR is the ticker of Hyperliquid Strategies (NASDAQ:PURR), a digital asset treasury company holding the HYPE token; it fell 8.7 percent on September 25 and 5.9 percent on September 28 to USD 12.09.
  • HYPE retreated from a weekly peak of USD 98.03 to below USD 86, as HYPE ETFs saw a net September outflow and traders rotated to tokenization assets.
  • The fund charges 1.50 percent, uses swaps and resets daily; at roughly three weeks old it has almost no track record to judge decay.

What the T-REX 2X Long PURR Daily Target ETF (CBOE:KATT) Is

The T-REX 2X Long PURR Daily Target ETF (CBOE:KATT) is issued by Tuttle Capital Management and began trading on September 9, 2026. It lists on Cboe, charges a 1.50 percent expense ratio and holds about USD 486,000 to USD 665,000. It uses swap agreements to deliver 200 percent of the daily percentage change in Hyperliquid Strategies (NASDAQ:PURR), rebalanced every day. Its 1-month and all-time returns are identical at negative 8.46 percent. Very small asset bases can mean wide bid-ask spreads. No reverse split appears in the data reviewed.

The Underlying: Hyperliquid Strategies (NASDAQ:PURR) and HYPE

Hyperliquid Strategies (NASDAQ:PURR), the company behind the PURR ticker, is a digital asset treasury company giving regulated exposure to HYPE, the native token of the Hyperliquid blockchain, through accumulation and staking. Market Value was about USD 2.94 billion. On September 25, shares fell 8.7 percent even as a company-linked wallet acquired 494,200 HYPE worth about USD 45.8 million. On Monday they dropped 5.9 percent to USD 12.09. The token itself fell over 5 percent Monday and nearly 2 percent Tuesday, leaving it below USD 86 after a USD 98.03 high the week before. A Binance listing of HYPE was reported to be followed by a 4.5 percent token drop on September 26. HYPE ETFs reported a net monthly outflow of USD 1.83 million in September after USD 66.33 million of inflows in August, and traders shifted toward tokenization names.

Why Two Times a Treasury Stock Is Demanding

Decay means that if the stock rises 10 percent then falls 10 percent it ends 1 percent down, while a 2x daily fund ends 4 percent down. PURR has a Beta of 1.89, and at USD 12.09 it remains above its 50-day average of USD 9.66 and 200-day average of USD 8.01, so the fall is a pullback within a larger climb. Analysts average a USD 19.80 target, with one downgrade to sell.

Where Things Stand

Whether the T-REX 2X Long PURR Daily Target ETF (CBOE:KATT) is a HYPE bargain or a fast lesson is not settled by three weeks of history. The fund is down 8.46 percent since launch after a 30.45 percent weekly drop, which tells us it was higher before this week, and Hyperliquid Strategies (NASDAQ:PURR) still trades above its 50-day and 200-day averages. That is a fair reading of the position. It is also a very young, small product. Institutional desks usually see such funds as short-term tactical tools with total-loss risk. This is not a recommendation.