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

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

Three months to Oct 2, 2026: UMAL returned −34.6% where its own daily promise gave −26.8%, 7.8 points short.

## Key facts

- UMAL, what UMAC did: +1.3%, as of Oct 2, 2026.
- UMAL, what 2 times a day gives: −26.8%, as of Oct 2, 2026.
- UMAL, what the fund returned: −34.6%, as of Oct 2, 2026.
- UMAL, the fund itself cost: −7.8 pts, as of Oct 2, 2026.
- UMAL, net assets: $3m (the issuer’s own daily fund list, as of Oct 1, 2026).
- UMAL, expense ratio: 1.31% (485BPOS XBRL, Apr 24, 2026).

## UMAL over each window to Oct 2, 2026

| Window | Fund | UMAC | +2x the move | Difference | UMAC moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −18.2% | −5.0% | −10.0% | −8.2 pts | 78% |
| 3 months | −34.6% | +1.3% | +2.6% | −37.2 pts | 119% |
| Since launch | −52.8% | −10.4% | −20.9% | −31.9 pts | 119% |

## 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 | UMAC moved +1.3% over this window, too little to read a multiple from | ETFIQ |
| Underlying | UMAC | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $3m | the issuer’s own daily fund list, as of Oct 1, 2026 |
| Expense ratio | 1.31% | 485BPOS XBRL, Apr 24, 2026 |
| Launched | Jun 18, 2026 | ETFIQ |
| Underlying volatility over the window | 119% annualized | ETFIQ |

## Questions

### Did UMAL return +2 times UMAC?

Over the window to Oct 2, 2026, UMAC moved +1.3% and UMAL returned −34.6%. 2 times that move is +2.6%, so the fund came out 37.2 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 Oct 2, 2026. https://etfiq.com/funds/umal
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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