Leveraged DraftKings ETF Closing After Just Seven Months on the Market

• The leveraged ETF surprisingly failed to gain a following
• It has just $492,800 in assets under management
• It will be shuttered in March

One of the first leveraged exchange-traded funds (ETFs) focusing exclusively on DraftKings (NASDAQ: DKNG) is heading to the ETF graveyard.

In a Monday statement, Tuttle Capital Management, the company behind the REX Shares suite of ETFs, said it’s shuttering the T-REX 2X Long DKNG Daily Target ETF (CBOE: DKUP) next month. That fund, which debuted on July 31, 2025, is designed to deliver to 200% of the daily price movements of DraftKings stock. The firm is also shuttering the T-Rex 2X Long BULL Daily Target ETF (CBOE: BULU).

The Funds will cease trading on the Cboe BZX Exchange, Inc and will be closed to purchases by investors as of the close of regular tradingon March 16, 2026,” according to a statement. “The Funds will not accept purchase orders after the Closing Date. Shareholders may sell their shares in the Funds through the Closing Date, and customary brokerage charges may apply to these transactions. The Funds cannot assure shareholders that there will be a market for their Fund shares after the Closing Date. The Funds are expected to liquidate on March 23, 2026.”

Webull (NASDAQ: BULL), the stock tied to the BULU ETF, isn’t a gaming company, but it is a brokerage firm popular with retail investors and one with exposure to the prediction markets industry through a partnership with Kalshi.

Is It Surprising DKUP Didn’t Make It?

A case can be made that DKUP’s death is somewhat surprising when considering DraftKings has a large retail investor base and it is those market participants that often embrace leveraged ETFs.

That’s been a problem with DraftKings as the shares are off 52.53% over the past six months, and that’s been bad news for DKUP as that geared ETF has shed 79.42% of its value since coming to market.

Limited Appetite for DraftKings ETFs

In recent years, single-stock ETFs have become increasingly popular due, in part, to the wide embrace among active retail traders – many of whom are also sports bettors and/or trading on prediction markets. Six single-stock ETFs have north of $1 billion in assets under management, and another one is flirting with that distinction.

However, that success hasn’t matriculated to DraftKings-related ETFs, and the pending death of DKUP confirms as much.

Add to that, the Defiance Daily Target 2X Long DKNG ETF (NASDAQ: DKNX), which is DKUP’s nearest rival, has just $3.95 million in assets under management. Like DKUP, the Defiance ETF is about seven months old.