Did TDAX return +1.3 times TDAQ?

Over the three months to Nov 12, 2026, TDAQ moved −5.6% and TDAX returned −9.5%. 1.3 times that move is −7.3%, so the fund came out 2.2 points short of it. That is not its objective, which is daily. Against 1.3 times each day's move, compounded, it was 2.0 points short.

Why does TDAX not return +1.3 times over a year?

Because it resets daily. TDAX aims at +1.3 times each day's move, and daily results compound. If the underlying falls and recovers, a holder ends up behind +1.3 times the period move; in a steady run in one direction, possibly ahead. The longer the holding and the more the underlying swings, the wider the gap.

TDAX TDAQ LIFT ETF

$21.15

−0.8% · 1 day, price

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Over the three months to Nov 12, 2026, TDAX lost 9.5%, against −7.5% for 1.3 times TDAQ's daily moves.

Why does TDAX lose ground in choppy markets?How does TDAX compare with its benchmark since launch?What does TDAX hold?

Total return since launch: +5.9%TDAQ +9.5% to Nov 12, 2026
Expense ratio: 0.97%a year

Aims to return 1.3 times the daily move of TappAlpha Innovation 100 Growth & Daily Income ETF (TDAQ)not established Expense ratio 0.97%Fund assets $43m net assets, latest filing (Jun 30, 2026)Benchmark TDAQFirst traded Jan 7, 2026SEC filings ↗Dividend history

Did what it promises: PartlyOver three months to Nov 12, 2026, TDAX finished 2.0 points behind 1.3 times TDAQ's daily moves, compounded.

Analyze TDAX Put to the committee Add to portfolio Alerts

Growth of $10,000

TDAX vs TDAQ, since Jan 2026

Total return, distributions reinvested, Jan 7, 2026 to Nov 11, 2026.

TDAX $10,679 +6.8%TDAQ $11,003 +10.0%Returns from daily closes. Data

Scorecard · vs TDAQ

TDAX risk and return scorecard

vs TDAQ · Jan 16, 2026 to Nov 6, 2026 · 42 weekly returns · dividend-adjusted

Short history · 10 months

TDAX +1.3%, TDAQ +4.7%, Jan 16, 2026 to Nov 6, 2026, distributions reinvested.

42 weekly returns: annualized numbers and ratios need 52.

MeasureTDAXTDAQEdge

Return

Total return+1.3%+4.7%TDAQ

Price return−15.2%−9.2%TDAQ

MeasureTDAXTDAQEdge

Risk

Max drawdown−16.7%−12.5%TDAQ

MeasureTDAXTDAQEdge

Alpha vs TDAQ

Beta to TDAQ1.341.00Higher beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Total return

What you earned

TDAX −10.0%, TDAQ −7.2%: total return over one month to Nov 12, 2026.

$10,000 in TDAX would be $9,000, over one month to Nov 12, 2026.

TDAX

−10.0%

TDAQ

−7.2%

TDAX −9.5%, TDAQ −5.6%: total return over three months to Nov 12, 2026.

$10,000 in TDAX would be $9,050, over three months to Nov 12, 2026.

TDAX

−9.5%

TDAQ

−5.6%

TDAX −8.5%, TDAQ −4.0%: total return over six months to Nov 12, 2026.

$10,000 in TDAX would be $9,150, over six months to Nov 12, 2026.

TDAX

−8.5%

TDAQ

−4.0%

TDAX +5.9%, TDAQ +9.5%: total return since launch to Nov 12, 2026.

$10,000 in TDAX would be $10,590, since launch to Nov 12, 2026.

TDAX

+5.9%

TDAQ

+9.5%

askIQ: why did TDAX return +5.9% since launch, against TDAQ’s +9.5%? ↗

Fees over time · hypothetical

Amount$10,000Growth a year0%

Fees paid

$929

Of the amount

9.3%

At TDAX’s 0.97% a year, taken each year from the amount after growth. Hypothetical.

Sets out to return 1.3 times the daily move of TDAQ

Did it deliver its multiple?

−5.6%

What TDAQ did

to Nov 12, 2026

Report

−7.5%

What 1.3 times a day gives

to Nov 12, 2026

Report

−9.5%

What the fund returned

to Nov 12, 2026

Report

−2.0 pts

Gap to 1.3 times a day

to Nov 12, 2026

Report

$0.0989

Last payment (paid weekly), ex-date Nov 10, 2026

Report

Stated multiple against delivered, by window

−10.0%

−9.5%

−8.5%

Launch

+5.9%

Black line is the stated multiple of the underlying's move.

Two-day reversal, hypothetical

If TDAQ rises 2% one day and falls 2% the next, it ends −0.04%. A daily 1.3× fund ends −0.07%, 1.7 times the index’s loss. Hypothetical.

If TDAQ rises 5% one day and falls 5% the next, it ends −0.25%. A daily 1.3× fund ends −0.42%, 1.7 times the index’s loss. Hypothetical.

If TDAQ rises 10% one day and falls 10% the next, it ends −1.00%. A daily 1.3× fund ends −1.69%, 1.7 times the index’s loss. Hypothetical.

Formula: (1 + L·m)(1 − L·m) − 1 for a move m up then down at multiple L. Hypothetical; not a forecast.

askIQ: what would a 10% drop in TDAQ do to TDAX? ↗

10 committee seats read TDAX on data as of Nov 12, 2026: 0 Supports, 1 Mixed, 3 Challenges, 6 without enough data.

0 Supports1 Mixed3 Challenges6 Not enough data

Bogle
Graham
Buffett & Munger
Lynch
Templeton
Dalio
Marks
Druckenmiller
Swensen
Wood
Livermore
Skeptic

Watch the committee read TDAX How the committee works

12 seats on TDAX, as of Nov 12, 2026: 1 Mixed, 3 Challenges, 6 Not enough data, 2 Does not apply.

In the tradition ofJohn BogleBogle-style Low CostChallenges

In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data

In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data

In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data

In the tradition ofJohn TempletonTempleton-style Global ContrarianDoes not apply

In the tradition ofRay DalioDalio-style All-WeatherNot enough data

In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data

In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityDoes not apply

In the tradition ofDavid SwensenSwensen-style DiversificationChallenges

In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data

In the tradition ofJesse LivermoreLivermore-style Trend FollowingChallenges

Uses ETFIQ’s measuresETFIQ SkepticETFIQ’s own seatMixed

Put TDAX to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Risk Officer

Risk check

What to look at before you hold TDAX. Not advice.

As of Nov 13, 2026, TDAX crossed 2 of 6 ETFIQ risk lines.

OverlapNot publishedNot published

Trading costNot publishedNot published

Premium or discountNot publishedNot published

Promise checkPartly deliveredPartly delivered: Over three months to Nov 12, 2026, TDAX finished 2.0 points behind 1.3 times TDAQ's daily moves, compounded.Flag

Leverage1.3x daily resetTDAX is a 1.3x daily-reset fund.Flag

ClosureNo closure flagClear

Lines and sources: Method. Check several funds at once on My Portfolio.

More on TDAX

Every number below is on this page. Open what you need.

Price and total return since launch, Jan 7, 2026

$21.15−0.8%1 day, priceClose, Nov 12, 2026

−10%0%10%20%Total return +5.9%Price −11.8%

Jan 7, 2026Nov 12, 2026

Price −11.8%Total return +5.9%

Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 12, 2026. Updated every trading night. Report a data error

TDAX returns by window: total return, cash paid and price change
Window	Total return	TDAQ	+1.3x the move	Difference	TDAQ moved about, annualized
1M Oct 13 – Nov 12, 2026	−10.0%	−7.2%	−9.4%	−0.6 pts	36%
3M Aug 13 – Nov 12, 2026	−9.5%	−5.6%	−7.3%	−2.2 pts	25%
6M May 14 – Nov 12, 2026	−8.5%	−4.0%	−5.2%	−3.3 pts	25%
Since launch Jan 7 – Nov 12, 2026	+5.9%	+9.5%	+12.4%	−6.5 pts	22%

Total returns, distributions reinvested. +1.3x the move is +1.3 times the window's move. That is not the fund's objective, which is +1.3 times each day's move. Listed Jan 2026: no year to date, 1 year and 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

What it aimed at, and what it did

Over the 1 month to Nov 12, 2026, TDAX returned −10.0%, where 1.3 times that move implies −9.4%. The difference is −0.6 pts. Of that, daily compounding is −0.1 pts and the gap to 1.3 times each day's move compounded is −0.5 pts.

Over the 3 months to Nov 12, 2026, TDAX returned −9.5%, where 1.3 times that move implies −7.3%. The difference is −2.2 pts. Of that, daily compounding is −0.2 pts and the gap to 1.3 times each day's move compounded is −2.0 pts.

Over the 6 months to Nov 12, 2026, TDAX returned −8.5%, where 1.3 times that move implies −5.2%. The difference is −3.3 pts. Of that, daily compounding is −0.5 pts and the gap to 1.3 times each day's move compounded is −2.8 pts.

From launch to Nov 12, 2026, TDAX returned +5.9%, where 1.3 times that move implies +12.4%. The difference is −6.5 pts. Of that, daily compounding is −0.8 pts and the gap to 1.3 times each day's move compounded is −5.7 pts.

TDAX key stats

High since Jan 7, 2026, daily closes to Nov 12, 2026 (ETFIQ)$26.85 on Jun 2, 2026

Low since Jan 7, 2026, daily closes to Nov 12, 2026 (ETFIQ)$19.68 on Mar 30, 2026

Close on Nov 12, 2026, within that range (ETFIQ)$21.15, 21% of the way from the low to the high

Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Nov 11, 2026

Trading · TDAXas of Nov 11, 2026

Not scored1 of 6 measured · Nov 11, 2026

0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant

Cost for your order · one way, half its 30-day median spread

How to tradeSpread not read.

Full trading page: components, premium history, dealers →

TDAX for holders outside the US

US tax withheld on dividends, no treaty30%

Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%

TDAX interest-related and short-term gain dividendsnot read by ETFIQ

US estate tax filing threshold, non-resident holders$60,000

Share classDistributing

Treaty rate on dividends by country

TDAX is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work

Head to head

Funds near this one

Lists

Sector and country leveraged ETFs Every +1.3x fund Every leveraged and inverse ETF What these words mean Method Take the data Every leveraged ETF comparison Promise check: Partly All leveraged ETFs ranked by it How it is computed

About TDAX

Of that 2.2, daily compounding is −0.2 points, which any 1.3 times fund would show over the same path, and the fund itself is −2.0 points against 1.3 times each day's move, compounded.

Sets out to return+1.3 times the daily move of TDAQ, reset daily

Multiple a holder actually got over the window (ETFIQ)+1.69969 times, against +1.3 stated

UnderlyingTDAQ

Segmentsector or country, index

Net assets (SEC N-PORT, whole fund, as filed for Jun 30, 2026)$43mReport

Expense ratio (497 XBRL, Oct 9, 2026)0.97%Report

First tradedJan 7, 2026

Underlying volatility over the window (ETFIQ)25% annualized

How we measure

Read the multiple against the whole window instead and 1.3 times TDAQ's −5.6% implies −7.3%, which makes TDAX look 2.2 points short. That is not the fund's objective, which is daily. TDAX aims to return +1.3 times TDAQ's move each day, then resets. Over one day it does that. Over longer periods the daily results compound, so the total is not +1.3 times the period's move: it is lower after a fall and recovery, and can be higher in a steady run. TDAQ moved at 25% annualized over that window. The more it moves, the further the two numbers separate.

Returns are ETFIQ calculations from Tiingo end-of-day prices, distributions reinvested, measured against the underlying over exactly the same days. Method

Questions people ask about TDAX

Did TDAX return +1.3 times TDAQ?: Over the three months to Nov 12, 2026, TDAQ moved −5.6% and TDAX returned −9.5%. 1.3 times that move is −7.3%, so the fund came out 2.2 points short of it. That is not its objective, which is daily. Against 1.3 times each day's move, compounded, it was 2.0 points short.
Why does TDAX not return +1.3 times over a year?: Because it resets daily. TDAX aims at +1.3 times each day's move, and daily results compound. If the underlying falls and recovers, a holder ends up behind +1.3 times the period move; in a steady run in one direction, possibly ahead. The longer the holding and the more the underlying swings, the wider the gap.

Sources and dates

Prices, TDAX and TDAQTiingo end-of-day prices ↗

Fee, 0.97%497 XBRL · Oct 9, 2026

Net assets, $43mSEC N-PORT, whole fund · Jun 30, 2026

All fund filingsFund filings on SEC EDGAR ↗

SourceSEC investment company series and class file, which lists every registered fund ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →

Cite this pageCitation, APA and Markdown

ETFIQ, TDAX, leveraged ETFs, data as of Nov 12, 2026. https://etfiq.com/funds/tdax

The label bar for TDAX, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Stated multiple

What the fund sets out to return against its underlying, each day. A fund at 2x aims to return twice the underlying’s daily move, and an inverse fund at -2x aims to return twice it in the opposite direction.

Daily reset

The fund starts each day aiming at the multiple again, from wherever it now stands. It is the mechanism that makes these funds behave as they do, and the reason the stated multiple applies to a day rather than to a holding period.

Compounding

Daily results multiply together rather than adding up. Two days of the multiple is not twice the multiple, and over a run of days the difference between the two grows with how far the underlying moves about.

Decay

What compounding costs a holder when the underlying falls and rises back to where it started. The underlying is level and the fund is down; the more violently it moved, the further down.

Difference against the stated multiple

The fund’s return minus the stated multiple times the underlying’s return, in percentage points. The one number that says whether a holder got what the fund’s own multiple describes.

Full definitions: leveraged ETFs vocabulary page. →

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TDAX: TDAX returned −9.5% while 1.3 times TDAQ's move would have been −7.3%. Data from Aug 13, 2026 to Nov 12, 2026.

<figure style="margin:0;max-width:640px">
<iframe src="https://etfiq.com/embed/leverage/tdax/" title="TDAX: TDAX returned −9.5% while 1.3 times TDAQ&#x27;s move would have been −7.3%. Data from Aug 13, 2026 to Nov 12, 2026." width="640" height="334" loading="lazy" style="border:0;max-width:100%;width:100%"></iframe>
<figcaption style="font:13px/1.5 sans-serif">TDAX: TDAX returned −9.5% while 1.3 times TDAQ&#x27;s move would have been −7.3%. Data from Aug 13, 2026 to Nov 12, 2026. Data: <a href="https://etfiq.com/funds/tdax">ETFIQ</a></figcaption>
</figure>

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