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

Defiance · Leveraged ETFs · data as of Oct 2, 2026

Three months to Oct 2, 2026: COPZ returned +17.6% where its own daily promise gave +20.2%, 2.6 points short.

## Key facts

- COPZ, what COPX did: +12.1%, as of Oct 2, 2026.
- COPZ, what 2 times a day gives: +20.2%, as of Oct 2, 2026.
- COPZ, what the fund returned: +17.6%, as of Oct 2, 2026.
- COPZ, the fund itself cost: −2.6 pts, as of Oct 2, 2026.
- COPZ, net assets: $6m (the issuer’s own daily fund list, as of Oct 1, 2026).
- COPZ, expense ratio: 0.95% (485BPOS XBRL, Aug 25, 2026).

## COPZ over each window to Oct 2, 2026

| Window | Fund | COPX | +2x the move | Difference | COPX moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −11.1% | −4.4% | −8.9% | −2.2 pts | 39% |
| 3 months | +17.6% | +12.1% | +24.2% | −6.5 pts | 42% |
| 6 months | +2.3% | +12.2% | +24.3% | −22.0 pts | 48% |
| Since launch | −24.9% | −0.5% | −1.1% | −23.8 pts | 50% |

## 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 | +1.46 times, against +2 stated | ETFIQ |
| Underlying | COPX | ETFIQ |
| Segment | asset class, commodity | ETFIQ |
| Net assets | $6m | the issuer’s own daily fund list, as of Oct 1, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Aug 25, 2026 |
| Launched | Feb 18, 2026 | ETFIQ |
| Underlying volatility over the window | 42% annualized | ETFIQ |

## Questions

### Did COPZ return +2 times COPX?

Over the window to Oct 2, 2026, COPX moved +12.1% and COPZ returned +17.6%. 2 times that move is +24.2%, so the fund came out 6.5 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 Oct 2, 2026. https://etfiq.com/funds/copz
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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