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AMAU vs APMI: which held to its multiple?

Over the days both have traded, AMAU finished 3.0 points from its stated multiple and APMI 1.6. Leverage Shares 2X Long AMAT Daily ETF and Corgi AMAT 2x Daily ETF.

−46.5%
AMAU returned, 3 months
−23.3%
APMI returned, since launch
−3.8 pts
AMAU from its stated multiple
−7.9 pts
APMI from its stated multiple
AMAU · 3 months to Sep 30, 20263.8 pts short of its stated multiple
3.8 pts short of its stated multipleAMAU returned −46.5% while 2 times AMAT's move would have been −42.7%AMAT −21.4% ×2 implies−42.7%AMAU returned−46.5%3.8 pts short of its stated multipleAMAU returned −46.5% while 2 times AMAT's move would have been −42.7%AMAT −21.4% ×2 implies−42.7%AMAU returned−46.5%

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

APMI · 1 month to Sep 30, 20261.6 pts short of its stated multiple
1.6 pts short of its stated multipleAPMI returned +21.5% while 2 times AMAT's move would have been +23.1%AMAT +11.6% ×2 implies+23.1%APMI returned+21.5%1.6 pts short of its stated multipleAPMI returned +21.5% while 2 times AMAT's move would have been +23.1%AMAT +11.6% ×2 implies+23.1%APMI returned+21.5%

APMI returned +21.5% while 2 times AMAT's move would have been +23.1%

Performance, window by window

Total returnMultiple would giveDifference
WindowAMAUAPMIAMAUAPMIAMAUAPMI
1 month+20.1%+21.5%+23.1%+23.1%−3.0 pts−1.6 pts
3 months−46.5%not published−42.7%not published−3.8 ptsnot published
Since launch
AMAU May 2026 · APMI Jul 2026
+8.3%−23.3%+37.7%−15.4%−29.4 pts−7.9 pts

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

On the same fields

AMAU
Leverage Shares 2X Long AMAT Daily ETF · Aims to return twice the daily move of Applied Materials (AMAT)
APMI
Corgi AMAT 2x Daily ETF · Aims to return twice the daily move of Applied Materials (AMAT)
Issuer Leverage Shares Corgi
Sets out to return +2x +2x
Underlying asset AMAT AMAT
Segment company company
Fund returned, 3 months or since launch −46.5% +21.5%
Underlying returned, over that window −21.4% +11.6%
What the stated multiple implies, over that window −42.7% +23.1%
Difference from stated, over that window −3.8 pts −1.6 pts
Fund returned, 1 year or since launch +8.3% −23.3%
Difference from stated, over that window −29.4 pts −7.9 pts
Underlying volatility 65% 49%
Difference over the days both have traded −3.0 pts −1.6 pts
Expense ratio 0.75% 0.45%
Launched May 12, 2026 Jul 7, 2026
Net assets $25m $740,612

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

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. 1.6 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. AMAU 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.

APMI in plain words

One month to Sep 30, 2026: APMI returned +21.5% where its own daily promise gave +21.9%, 0.4 points short. Read the multiple against the whole window instead and 2 times AMAT's 11.6% implies +23.1%, which makes APMI look 1.6 points short. 1.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. APMI aims to return +2 times AMAT's move each day, then resets. AMAT moved at 49% annualized over that window.

Questions people ask

Which came closer to its stated multiple, AMAU or APMI?
Over the window to Sep 30, 2026, AMAU finished 3.8 points from what its multiple implies and APMI finished 1.6 points from its own, so APMI came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are AMAU and APMI levered on the same thing?
Yes. Both are levered on Applied Materials, AMAU at +2 times and APMI at +2 times the daily move.
Which one decays faster, AMAU or APMI?
Decay follows how much the underlying moves about. Over this window AMAU’s moved at 65% annualized and APMI’s at 49%, so AMAU has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold AMAU or APMI 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, AMAU or APMI?
AMAU charges 0.75% a year and APMI charges 0.45%, so APMI is cheaper. Fees come from each fund's prospectus.
Other comparisons
AMAU vs AMAAPMI vs AMA
AMAU on its own →APMI on its own →How every figure is computed →Standards and sources →
Where these figures came from
AMAU filings on SEC EDGAR ↗AMAU prospectus with the expense ratio (SEC) ↗Leverage Shares website ↗APMI filings on SEC EDGAR ↗APMI prospectus with the expense ratio (SEC) ↗Corgi 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, AMAU against APMI, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/amau-vs-apmi

Open data

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