Which came closer to its stated multiple, MUG or MUZ?

Over the window to Sep 30, 2026, MUG finished 0.8 points from what its multiple implies and MUZ finished 36.8 points from its own, so MUG came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are MUG and MUZ levered on the same thing?

Yes. Both are levered on Micron Technology, MUG at +2 times and MUZ at -2 times the daily move.

Which one decays faster, MUG or MUZ?

Decay follows how much the underlying moves about. Over this window MUG’s moved at 49% annualized and MUZ’s at 76%, so MUZ has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold MUG or MUZ 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, MUG or MUZ?

MUG charges 0.99% a year and MUZ charges 1.31%, so MUG is cheaper. Fees come from each fund's prospectus.

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MUG vs MUZ: which held to its multiple?

Over a month against its own daily promise, MUG finished 0.4 points over and MUZ 2.0 points short. Leverage Shares 2X Long MU Daily ETF and Defiance Daily Target 2X Short MU ETF.

+28.5%

MUG returned, since launch

−43.2%

MUZ returned, 3 months

+1.2 pts

MUG from its stated multiple

−36.8 pts

MUZ from its stated multiple

MUG · 1 month to Sep 30, 20260.8 pts short of its stated multiple

MUG returned +21.4% while 2 times MU's move would have been +22.2%

MUZ · 3 months to Sep 30, 202636.8 pts short of its stated multiple

MUZ returned −43.2% while −2 times MU's move would have been −6.4%

Performance, window by window

	Total return		Multiple would give		Difference
Window	MUG	MUZ	MUG	MUZ	MUG	MUZ
1 month	+21.4%	−25.8%	+22.2%	−22.2%	−0.8 pts	−3.6 pts
3 months	not published	−43.2%	not published	−6.4%	not published	−36.8 pts
Since launch MUG Aug 2026 · MUZ Jun 2026	+28.5%	−67.1%	+27.3%	−27.6%	+1.2 pts	−39.5 pts

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

On the same fields

MUG

Leverage Shares 2X Long MU Daily ETF · Aims to return twice the daily move of Micron Technology (MU)

MUZ

Defiance Daily Target 2X Short MU ETF · Aims to return twice the opposite of the daily move of Micron Technology (MU)

Issuer Leverage Shares Defiance

Sets out to return +2x -2x

Underlying asset MU MU

Segment company company

Fund returned, 3 months or since launch +21.4% −43.2%

Underlying returned, over that window +11.1% +3.2%

What the stated multiple implies, over that window +22.2% −6.4%

Difference from stated, over that window −0.8 pts −36.8 pts

Fund returned, 1 year or since launch +28.5% −67.1%

Difference from stated, over that window +1.2 pts −39.5 pts

Underlying volatility 49% 76%

Difference over the days both have traded −0.8 pts no shared window

Expense ratio 0.99% 1.31%

Launched Aug 19, 2026 Jun 9, 2026

Net assets $1m $43m

MUG and MUZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.

MUG in plain words

One month to Sep 30, 2026: MUG returned +21.4% where its own daily promise gave +21.0%, 0.4 points over. Read the multiple against the whole window instead and 2 times MU's 11.1% implies +22.2%, which makes MUG look 0.8 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. MUG aims to return +2 times MU'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. MU moved at 49% 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.

MUZ in plain words

Three months to Sep 30, 2026: MUZ returned −43.2% where its own daily promise gave −40.1%, 3.1 points short. Read the multiple against the whole window instead and −2 times MU's 3.2% implies −6.4%, which makes MUZ look 36.8 points short. 33.7 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. MUZ aims to return -2 times MU's move each day, then resets. 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. MU moved at 76% annualized over that window.

Questions people ask

Which came closer to its stated multiple, MUG or MUZ?: Over the window to Sep 30, 2026, MUG finished 0.8 points from what its multiple implies and MUZ finished 36.8 points from its own, so MUG came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are MUG and MUZ levered on the same thing?: Yes. Both are levered on Micron Technology, MUG at +2 times and MUZ at -2 times the daily move.
Which one decays faster, MUG or MUZ?: Decay follows how much the underlying moves about. Over this window MUG’s moved at 49% annualized and MUZ’s at 76%, so MUZ has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold MUG or MUZ 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, MUG or MUZ?: MUG charges 0.99% a year and MUZ charges 1.31%, so MUG is cheaper. Fees come from each fund's prospectus.

Other comparisons

MUG vs MULL MUG vs MUU MUG vs MIC MUG vs MUD MUZ vs MIC MUZ vs MUD MUZ vs MULL MUZ vs MUU

MUG on its own →MUZ on its own →How every figure is computed →Standards and sources →

Where these figures came from

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

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, MUG against MUZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/mug-vs-muz

Open data

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