# UMAL (Defiance Daily Target 2X Long UMAC ETF)

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

One month to Sep 11, 2026: UMAL returned −38.9% where its own daily promise gave −36.5%, 2.4 points short.

## Key facts

- UMAL, what UMAC did: −15.1%, as of Sep 11, 2026.
- UMAL, what +2 times a day gives: −36.5%, as of Sep 11, 2026.
- UMAL, what the fund returned: −38.9%, as of Sep 11, 2026.
- UMAL, the fund itself cost: −2.4 pts, as of Sep 11, 2026.
- UMAL, net assets: $1m (source, as filed for Jun 30, 2026).
- UMAL, expense ratio: 1.31% (485BPOS XBRL, Apr 24, 2026).

## UMAL over each window to Sep 11, 2026

| Window | Fund | UMAC | +2x the move | Difference | UMAC moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −38.9% | −15.1% | −30.2% | −8.7 pts | 130% |
| Since launch | −47.1% | −8.1% | −16.3% | −30.9 pts | 128% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of UMAC, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.58 times, against +2 stated | ETFIQ |
| Underlying | UMAC | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $1m | source, as filed for Jun 30, 2026 |
| Expense ratio | 1.31% | 485BPOS XBRL, Apr 24, 2026 |
| Launched | Jun 18, 2026 | ETFIQ |
| Underlying volatility over the window | 130% annualized | ETFIQ |

## Questions

### Did UMAL return +2 times UMAC?

Over the window to Sep 11, 2026, UMAC moved −15.1% and UMAL returned −38.9%. 2 times that move is −30.2%, so the fund came out 8.7 points short of it.

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

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

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