# MUZ (Defiance Daily Target 2X Short MU ETF)

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

Three months to Sep 11, 2026: MUZ returned −52.0% where its own daily promise gave −48.9%, 3.1 points short.

## Key facts

- MUZ, what MU did: −0.6%, as of Sep 11, 2026.
- MUZ, what −2 times a day gives: −48.9%, as of Sep 11, 2026.
- MUZ, what the fund returned: −52.0%, as of Sep 11, 2026.
- MUZ, the fund itself cost: −3.1 pts, as of Sep 11, 2026.
- MUZ, expense ratio: 1.31% (485BPOS XBRL, Aug 25, 2026).
- MUZ, underlying: MU, as of Sep 11, 2026.

## MUZ over each window to Sep 11, 2026

| Window | Fund | MU | -2x the move | Difference | MU moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −20.8% | +7.0% | −14.0% | −6.8 pts | 53% |
| 3 months | −52.0% | −0.6% | +1.3% | −53.3 pts | 94% |
| Since launch | −59.0% | +4.2% | −8.4% | −50.6 pts | 95% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of MU, reset daily | ETFIQ |
| Multiple a holder actually got over the window | MU moved −0.6% over this window, too little to read a multiple from | ETFIQ |
| Underlying | MU | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Expense ratio | 1.31% | 485BPOS XBRL, Aug 25, 2026 |
| Launched | Jun 9, 2026 | ETFIQ |
| Underlying volatility over the window | 94% annualized | ETFIQ |

## Questions

### Did MUZ return -2 times MU?

Over the window to Sep 11, 2026, MU moved −0.6% and MUZ returned −52.0%. 2 times that move is +1.3%, so the fund came out 53.3 points short of it.

### Why does MUZ not return -2 times over a year?

Because it resets daily. MUZ 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, MUZ, data as of Sep 11, 2026. https://etfiq.com/funds/MUZ
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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