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

Defiance · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: MUZ returned −43.2% where its own daily promise gave −40.1%, 3.1 points short.

## Key facts

- MUZ, what MU did: +3.2%, as of Sep 30, 2026.
- MUZ, what −2 times a day gives: −40.1%, as of Sep 30, 2026.
- MUZ, what the fund returned: −43.2%, as of Sep 30, 2026.
- MUZ, the fund itself cost: −3.1 pts, as of Sep 30, 2026.
- MUZ, net assets: $43m (the issuer’s own daily fund list, as of Sep 30, 2026).
- MUZ, expense ratio: 1.31% (485BPOS XBRL, Aug 25, 2026).

## MUZ over each window to Sep 30, 2026

| Window | Fund | MU | -2x the move | Difference | MU moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −25.8% | +11.1% | −22.2% | −3.6 pts | 49% |
| 3 months | −43.2% | +3.2% | −6.4% | −36.8 pts | 76% |
| Since launch | −67.1% | +13.8% | −27.6% | −39.5 pts | 89% |

## 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 +3.2% over this window, too little to read a multiple from | ETFIQ |
| Underlying | MU | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $43m | the issuer’s own daily fund list, as of Sep 30, 2026 |
| Expense ratio | 1.31% | 485BPOS XBRL, Aug 25, 2026 |
| Launched | Jun 9, 2026 | ETFIQ |
| Underlying volatility over the window | 76% annualized | ETFIQ |

## Questions

### Did MUZ return -2 times MU?

Over the window to Sep 30, 2026, MU moved +3.2% and MUZ returned −43.2%. −2 times that move is −6.4%, so the fund came out 36.8 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 30, 2026. https://etfiq.com/funds/muz
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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