Key Highlights

  • The T-REX 2X Long FIGR Daily Target ETF (CBOE:FGRU) trades at USD 8.00 after a 2.70 percent daily gain, yet it lost 31.39 percent on the week, 42.20 percent on the month and 68.77 percent since its February launch.
  • The underlying Figure Technology Solutions (NASDAQ:FIGR) closed at USD 31.90 on September 25 and fell 6.9 percent to USD 29.69 on September 28, near the low end of a 52-week range of USD 24.11 to USD 78.00.
  • A short-seller report questioning Figure's technology positioning and Business model continues to weigh, even after a quarterly Earnings beat.
  • The fund uses swaps and listed call options, charges 1.50 percent and resets exposure daily, so long-run returns can diverge sharply from twice the stock.

How the T-REX 2X Long FIGR Daily Target ETF (CBOE:FGRU) Works

The T-REX 2X Long FIGR Daily Target ETF (CBOE:FGRU) is issued by Tuttle Capital Management and began trading on February 18, 2026. It lists on Cboe, charges a 1.50 percent expense ratio and holds about USD 2.4 million to USD 4.0 million depending on the data page. The fund seeks 200 percent of the daily performance of Figure Technology Solutions (NASDAQ:FIGR) through swap agreements and listed call options. It rebalances every session, so multi-day results are not simply twice the stock's move. No reverse split appears in the data reviewed.

What Hit Figure Technology Solutions (NASDAQ:FIGR)

Figure Technology Solutions (NASDAQ:FIGR) runs a Fintech platform that automates Loan origination, Underwriting and servicing across home Equity and personal lending. Market Value was about USD 5.45 billion, and shares were down 21.89 percent year to date at the September 25 close. A short-seller report raised questions about the company's technology positioning and business model, creating a credibility overhang. Operating results were not the issue: Figure reported earnings of USD 0.35 per share against a USD 0.24 consensus on Revenue of USD 218.45 million. Analysts still average a USD 52.88 target. The specific trigger for the latest leg lower was not confirmed.

Why a 2x Fund Fell More Than the Stock Alone Suggests

A 31.39 percent weekly loss is broadly what doubling a mid-teens decline in Figure Technology Solutions (NASDAQ:FIGR) implies, but longer windows show decay. If a stock falls 10 percent then rises 10 percent it ends down 1 percent, while a 2x daily fund ends down 4 percent. Across a volatile quarter that drag compounds. The 6-month loss of 40.96 percent and all-time loss of 68.77 percent exceed what fees alone would explain. The 2.70 percent gain on the latest session shows daily moves are amplified both ways.

Where Things Stand

The T-REX 2X Long FIGR Daily Target ETF (CBOE:FGRU) is cheap in price only; the question of value turns on Figure Technology Solutions (NASDAQ:FIGR). The underlying has a USD 52.88 average analyst target against a USD 29.69 price, but a short-seller overhang and a 52-week low of USD 24.11 keep outcomes wide. A 68.77 percent decline since launch shows what daily compounding can do. Institutional desks tend to see the T-REX 2X Long FIGR Daily Target ETF (CBOE:FGRU) as a short-horizon tactical instrument with total-loss risk. This is not a recommendation.