# USAX (Tradr 2X Long USAR Daily ETF)

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

Three months to Sep 11, 2026: USAX returned −59.2% where its own daily promise gave −57.4%, 1.8 points short.

## Key facts

- USAX, what USAR did: −29.2%, as of Sep 11, 2026.
- USAX, what +2 times a day gives: −57.4%, as of Sep 11, 2026.
- USAX, what the fund returned: −59.2%, as of Sep 11, 2026.
- USAX, the fund itself cost: −1.8 pts, as of Sep 11, 2026.
- USAX, net assets: $10m (source, as filed for Jun 30, 2026).
- USAX, expense ratio: 1.49% (485BPOS XBRL, Jan 12, 2026).

## USAX over each window to Sep 11, 2026

| Window | Fund | USAR | +2x the move | Difference | USAR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −32.9% | −15.5% | −31.0% | −1.9 pts | 75% |
| 3 months | −59.2% | −29.2% | −58.5% | −0.7 pts | 82% |
| 6 months | −62.7% | −20.0% | −40.1% | −22.6 pts | 96% |
| Since launch | −61.4% | −6.7% | −13.3% | −48.1 pts | 103% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of USAR, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.02 times, against +2 stated | ETFIQ |
| Underlying | USAR | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $10m | source, as filed for Jun 30, 2026 |
| Expense ratio | 1.49% | 485BPOS XBRL, Jan 12, 2026 |
| Launched | Jan 13, 2026 | ETFIQ |
| Underlying volatility over the window | 82% annualized | ETFIQ |

## Questions

### Did USAX return +2 times USAR?

Over the window to Sep 11, 2026, USAR moved −29.2% and USAX returned −59.2%. 2 times that move is −58.5%, so the fund came out 0.7 points short of it.

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

Because it resets daily. USAX 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 USAR ETF tracked its stated multiple most closely?

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

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