At a glance
SKRE charges 0.75% a year. It has $5.4M in assets; it paid 0.31% of its price in distributions over the past 12 months, annual. Over the past year it returned −37.7% with distributions reinvested (S&P 500: +11.5%).
The short version
Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) uses swaps to seek twice the opposite of the daily return of the SPDR S&P Regional Banking ETF (KRE), so it is designed to gain on days regional bank stocks fall. Because its exposure resets every day, it is built for short-term trading rather than long-term holding: it lost 44.5% in 2024, its first year, and 31.3% in 2025. It charges 0.75% a year.
Price history
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SKRE -37.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SKRE price data to Oct 27, 2026 | -28.3% | -37.7% | — | — | — | -36.9% |
- Over the year to Oct 27, 2026, SKRE returned -37.7%.
- Its worst full calendar year was 2025 (-31.3%); its best was 2025 (-31.3%).
- The deepest fall in its price history was 79.5% (Feb 7, 2024 to Aug 14, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -28.3% |
| 2025 | -31.3% |
| 2024 | -44.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0200 | -95.2% |
| 2024 | $0.4200 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its exposure coming from 2 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $874K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -15.31%, -3.78%, +6.75%.
How it works
SKRE does not own bank stocks. It holds total return swaps with major global financial institutions: contracts in which two parties exchange the return on a reference asset. Here the reference is the SPDR S&P Regional Banking ETF (KRE), which tracks the S&P Regional Banks Select Industry Index. The fund aims for -200% of KRE's return each day, before fees and expenses: twice the move, in the opposite direction.
Tuttle Capital Management rebalances the swaps daily to reset exposure to -200%. A "day" runs from one market close to the next, so shares purchased midday will likely carry more or less than that exposure. Over longer periods, daily returns compound, and the result is likely to differ from -2 times KRE's return, usually for the worse when prices swing back and forth. The prospectus warns that a one-day KRE rise approaching 50% could wipe out the investment.
Depending on how much collateral its counterparties require, 40% to 80% of the portfolio may sit in Treasury securities, money market funds, short-term bond ETFs or investment-grade commercial paper. Its holdings report to the SEC as of August 31, 2026 listed two total return swaps on KRE. The fund is non-diversified, meaning it may concentrate in few positions, and it depends on counterparties paying what they owe.
What it really costs
- SKRE charges 0.75% a year.
- Of that, 0% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SKRE | $77 | $240 | $417 | $930 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
Its prospectus says it seeks -200% of KRE's return for one trading day only, and its daily reset makes results over longer periods unpredictable and, so far, deeply negative.
SKRE launched in January 2024, so it has no track record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. It fell 44.5% in 2024 from launch, 31.3% in 2025 and 28.3% in 2026 through October 27. Its deepest drop was 79.5%, from February 7, 2024 to August 14, 2026, with no recovery by October 27, 2026. A retiree needing cash during such a slide would lock in heavy losses. Gaining when banks fall may look like a hedge, but daily resets make it unreliable over months.
Income is minimal: a 0.31% yield as of October 27, 2026, paid annually. It charges 0.75% a year; the SEC's standard $10,000 example shows $77 in costs after one year and $930 after 10 years. Past results don't predict the future, and a retirement plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Short-term traders expecting a one-day fall in the KRE ETF (which tracks the S&P Regional Banks Select Industry Index); the fund seeks twice the opposite.
- Experienced investors wanting a brief hedge (an offsetting bet) against falling regional bank stocks, who can monitor daily and accept a possible total loss.
- Traders who understand total return swaps (contracts paying twice the opposite of KRE's daily move) and accept the risk a swap partner fails to pay.
Look elsewhere if
- Long-term and retirement investors: it lost 44.5% in 2024 and 31.3% in 2025, and fell 79.5% from its February 2024 peak to August 2026.
- Anyone expecting twice the opposite of KRE over months: daily resets and compounding mean multi-day results can differ sharply, usually worse in choppy markets.
- Income seekers: the yield was 0.31% as of October 27, 2026, below the fund's 0.75% yearly expense ratio, and payouts come once a year.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is SKRE a good long-term investment?
SKRE is not designed for long-term holding. Its prospectus says it seeks -200% of KRE's return for a single trading day, and returns over longer periods are very likely to differ from that. It lost 44.5% in 2024 from its January launch, 31.3% in 2025 and 28.3% in 2026 through October 27. Its deepest drop was 79.5%, from February 7, 2024 to August 14, 2026, with no recovery by October 27, 2026.
What's the difference between SKRE and KRE?
SKRE is built to move opposite to KRE, at twice the daily size. KRE, the SPDR S&P Regional Banking ETF advised by SSGA Funds Management, holds regional bank stocks to track the S&P Regional Banks Select Industry Index. SKRE holds no bank stocks. It uses total return swaps tied to KRE and resets them daily. When KRE rises for the day, SKRE is designed to fall about twice as much, before fees. The fund is not affiliated with KRE or its manager.
Does SKRE pay dividends?
Yes, but very little. SKRE's yield was 0.31% as of October 27, 2026, based on about $0.02 per share paid over the prior year, and it pays annually. Because the fund owns no bank stocks, it does not pass along bank dividends. With a yield that low and a 31.3% loss in 2025, it does not work as an income holding.
What is SKRE's expense ratio?
SKRE's expense ratio, the yearly fee taken from fund assets, is 0.75%, according to its prospectus filed December 29, 2025. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares cashed in at the end of each period. On that basis, costs would total $77 after one year, $240 after three years, $417 after five years and $930 after 10 years. Because the fund targets one-day results, the longer figures mainly show how fees add up.
Can SKRE go to zero?
Yes. The prospectus warns that an investor could lose all of the money invested. Because SKRE targets -200% of KRE's daily move, a one-day KRE rise approaching 50% could wipe out the fund's value. Losses can also pile up over time: it fell 79.5% from February 7, 2024 to August 14, 2026. The fund also relies on its swap counterparties, which are major financial institutions, to make the payments they owe.