Which came closer to its stated multiple, AMA or AMAU?

Over the window to Sep 30, 2026, AMA finished 3.9 points from what its multiple implies and AMAU finished 3.8 points from its own, so AMAU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are AMA and AMAU levered on the same thing?

Yes. Both are levered on Applied Materials, AMA at +2 times and AMAU at +2 times the daily move.

Which one decays faster, AMA or AMAU?

Decay follows how much the underlying moves about. Over this window AMA’s moved at 65% annualized and AMAU’s at 65%, so AMA has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold AMA or AMAU for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, AMA or AMAU?

AMA charges 1.31% a year and AMAU charges 0.75%, so AMAU is cheaper. Fees come from each fund's prospectus.

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AMA vs AMAU: which held to its multiple?

Over the days both have traded, AMA finished 3.1 points from its stated multiple and AMAU 3.0. Defiance Daily Target 2X Long AMAT ETF and Leverage Shares 2X Long AMAT Daily ETF.

−46.6%

AMA returned, 3 months

−46.5%

AMAU returned, 3 months

−3.9 pts

AMA from its stated multiple

−3.8 pts

AMAU from its stated multiple

AMA · 3 months to Sep 30, 20263.9 pts short of its stated multiple

AMA returned −46.6% while 2 times AMAT's move would have been −42.7%

AMAU · 3 months to Sep 30, 20263.8 pts short of its stated multiple

AMAU returned −46.5% while 2 times AMAT's move would have been −42.7%

ETFIQ Decay Resistance Score · AMAU scores higherDid it keep up with its own daily multiple, compounded day by day?

AMA 60.4

AMAU 61.4

0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	AMA	AMAU	AMA	AMAU	AMA	AMAU
1 month	+20.0%	+20.1%	+23.1%	+23.1%	−3.1 pts	−3.0 pts
3 months	−46.6%	−46.5%	−42.7%	−42.7%	−3.9 pts	−3.8 pts
Since launch AMA May 2026 · AMAU May 2026	−2.1%	+8.3%	+25.1%	+37.7%	−27.2 pts	−29.4 pts

AMA and AMAU over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AMA

Defiance Daily Target 2X Long AMAT ETF · Aims to return twice the daily move of Applied Materials (AMAT)

AMAU

Leverage Shares 2X Long AMAT Daily ETF · Aims to return twice the daily move of Applied Materials (AMAT)

Issuer Defiance Leverage Shares

Sets out to return +2x +2x

Underlying asset AMAT AMAT

Segment company company

Fund returned, 3 months or since launch −46.6% −46.5%

Underlying returned, over that window −21.4% −21.4%

What the stated multiple implies, over that window −42.7% −42.7%

Difference from stated, over that window −3.9 pts −3.8 pts

Fund returned, 1 year or since launch −2.1% +8.3%

Difference from stated, over that window −27.2 pts −29.4 pts

Underlying volatility 65% 65%

Difference over the days both have traded −3.1 pts −3.0 pts

Expense ratio 1.31% 0.75%

Launched May 26, 2026 May 12, 2026

Net assets $40m $25m

AMA and AMAU on the same fields, as of Sep 30, 2026. Source: ETFIQ.

AMA in plain words

Three months to Sep 30, 2026: AMA returned −46.6% where its own daily promise gave −44.3%, 2.3 points short. Read the multiple against the whole window instead and 2 times AMAT's −21.4% implies −42.7%, which makes AMA look 3.9 points short. 1.6 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. AMA aims to return +2 times AMAT's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. AMAT moved at 65% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

AMAU in plain words

Three months to Sep 30, 2026: AMAU returned −46.5% where its own daily promise gave −44.3%, 2.3 points short. Read the multiple against the whole window instead and 2 times AMAT's −21.4% implies −42.7%, which makes AMAU look 3.8 points short. AMAU aims to return +2 times AMAT's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, AMA or AMAU?: Over the window to Sep 30, 2026, AMA finished 3.9 points from what its multiple implies and AMAU finished 3.8 points from its own, so AMAU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are AMA and AMAU levered on the same thing?: Yes. Both are levered on Applied Materials, AMA at +2 times and AMAU at +2 times the daily move.
Which one decays faster, AMA or AMAU?: Decay follows how much the underlying moves about. Over this window AMA’s moved at 65% annualized and AMAU’s at 65%, so AMA has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold AMA or AMAU for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, AMA or AMAU?: AMA charges 1.31% a year and AMAU charges 0.75%, so AMAU is cheaper. Fees come from each fund's prospectus.

Other comparisons

AMA vs APMI AMAU vs APMI

AMA on its own →AMAU on its own →How every figure is computed →Standards and sources →

Where these figures came from

AMA filings on SEC EDGAR ↗AMA prospectus with the expense ratio (SEC) ↗Defiance page for AMA ↗AMAU filings on SEC EDGAR ↗AMAU prospectus with the expense ratio (SEC) ↗Leverage Shares website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, AMA against AMAU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/ama-vs-amau

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.