Tradr's short Coherent fund holds $900,000 against a $117 million long fund
Tradr 2X Short COHR Daily ETF, COHQ, held about $900,000 against $117 million in Tradr's long fund, COHX, as of Thursday, October 1, 2026.
Key takeaways
Tradr 2X Short COHR Daily ETF, COHQ, seeks twice the opposite of Coherent Corp.'s daily move. It held about $900,000 as of Thursday, October 1, six weeks after listing on Tuesday, August 18. COHX, which seeks twice that daily move, held $117 million the same day.
COHQ holds $900,000 against $117 million in COHX
Tradr called the August 18 funds first-to-market. On Coherent, the new fund was the first one seeking the opposite move, because COHX had listed in February.
Matt Markiewicz, Tradr's head of product and capital markets, said that morning that "active traders have indicated strong interest in being able to swing trade COHR and AXTI from the short side as well."
COHQ averages about 13,000 shares a day, against about 991,000 for COHX.
By late morning Thursday, Coherent, a maker of lasers and optical components, was up 10%. COHQ was down 21%, and COHX was up 21%.
24/7 Wall St. credited the rise to Coherent's PhotonLink platform and to Bernstein's new Outperform rating. The note is dated Wednesday, a day the stock closed lower.
The fee is 1.49% a year, the same as COHX. The cost of the swaps that supply most of the exposure in COHQ is not in that fee.
The prospectus says that because COHQ resets every day, a hold longer than one day will very likely differ from twice the opposite of Coherent's return, and that a single-day gain in the stock approaching 50% could wipe out an investment. It puts Coherent's volatility, a measure of how widely the price moves, at 58.3% over the five years ended December 31, 2025.
From the close on Tuesday, August 18, to the close on Wednesday, September 30, Coherent fell 6.1% and COHQ fell 7.9%. COHX fell 31.9% over those same days. Both funds lost money over that stretch, when the stock itself was down.
Frequently asked questions
What does the short fund try to deliver?
It seeks twice the opposite of Coherent Corp.'s daily move.
How much does it trade versus the long fund?
It averages about 13,000 shares a day, against about 991,000 for the long fund.
What happened to it from listing through September 30?
Coherent fell 6.1% and the short fund fell 7.9% from the August 18 close to the September 30 close.
What does a hold longer than one day do to the return?
The prospectus says that because the fund resets every day, a longer hold will very likely differ from twice the opposite of Coherent's return.
