# COPZ (Defiance Daily Target 2X Long Copper Miners ETF)

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

Three months to Sep 11, 2026: COPZ returned −4.0% where its own daily promise gave +1.6%, 5.5 points short.

## Key facts

- COPZ, what COPX did: +3.3%, as of Sep 11, 2026.
- COPZ, what +2 times a day gives: +1.6%, as of Sep 11, 2026.
- COPZ, what the fund returned: −4.0%, as of Sep 11, 2026.
- COPZ, the fund itself cost: −5.5 pts, as of Sep 11, 2026.
- COPZ, net assets: $4m (source, as filed for Apr 30, 2026).
- COPZ, expense ratio: 0.95% (485BPOS XBRL, Aug 25, 2026).

## COPZ over each window to Sep 11, 2026

| Window | Fund | COPX | +2x the move | Difference | COPX moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −2.9% | +0.3% | +0.5% | −3.4 pts | 43% |
| 3 months | −4.0% | +3.3% | +6.7% | −10.6 pts | 45% |
| 6 months | +8.1% | +16.3% | +32.6% | −24.4 pts | 51% |
| Since launch | −19.0% | +2.5% | +5.0% | −24.1 pts | 51% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of COPX, reset daily | ETFIQ |
| Multiple a holder actually got over the window | COPX moved +3.3% over this window, too little to read a multiple from | ETFIQ |
| Underlying | COPX | ETFIQ |
| Segment | asset class, commodity | ETFIQ |
| Net assets | $4m | source, as filed for Apr 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Aug 25, 2026 |
| Launched | Feb 18, 2026 | ETFIQ |
| Underlying volatility over the window | 45% annualized | ETFIQ |

## Questions

### Did COPZ return +2 times COPX?

Over the window to Sep 11, 2026, COPX moved +3.3% and COPZ returned −4.0%. 2 times that move is +6.7%, so the fund came out 10.6 points short of it.

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

Because it resets daily. COPZ 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.


## Cite this page

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

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