# AMA (Defiance Daily Target 2X Long AMAT ETF)

Defiance · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: AMA returned −46.4% where its own daily promise gave −43.9%, 2.4 points short.

## Key facts

- AMA, what AMAT did: −19.4%, as of Sep 11, 2026.
- AMA, what +2 times a day gives: −43.9%, as of Sep 11, 2026.
- AMA, what the fund returned: −46.4%, as of Sep 11, 2026.
- AMA, the fund itself cost: −2.4 pts, as of Sep 11, 2026.
- AMA, expense ratio: 1.31% (485BPOS XBRL, Aug 28, 2026).
- AMA, underlying: AMAT, as of Sep 11, 2026.

## AMA over each window to Sep 11, 2026

| Window | Fund | AMAT | +2x the move | Difference | AMAT moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −32.9% | −16.6% | −33.3% | +0.4 pts | 44% |
| 3 months | −46.4% | −19.4% | −38.9% | −7.5 pts | 78% |
| Since launch | −20.1% | +0.5% | +0.9% | −21.0 pts | 79% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of AMAT, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.38 times, against +2 stated | ETFIQ |
| Underlying | AMAT | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Expense ratio | 1.31% | 485BPOS XBRL, Aug 28, 2026 |
| Launched | May 26, 2026 | ETFIQ |
| Underlying volatility over the window | 78% annualized | ETFIQ |

## Questions

### Did AMA return +2 times AMAT?

Over the window to Sep 11, 2026, AMAT moved −19.4% and AMA returned −46.4%. 2 times that move is −38.9%, so the fund came out 7.5 points short of it.

### Why does AMA not return +2 times over a year?

Because it resets daily. AMA aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which +2x AMAT ETF tracked its stated multiple most closely?

3 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

ETFIQ, AMA, data as of Sep 11, 2026. https://etfiq.com/funds/AMA
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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