ETFIQ Research · rebuilt every trading night

The stated multiple and what the holder got

Over the three months to Oct 13, 2026, 512 of 643 leveraged and inverse ETFs finished short of their own stated multiple. The median fund finished -5.2 points from its stated multiple.

These funds deliver the multiple over a single day and reset. Daily results compound, so a run of days is not the multiple times the period's move, and the gap widens with how far the underlying travels rather than with where it ends up. 127 underlyings carry the same stated multiple from more than one issuer. Same mandate, same days, and the spread between the closest and the furthest is in the second table.

Short of the stated multiple, by holding period
One month
473 of 679
Three months
512 of 643
Six months
330 of 424
One year
200 of 286
Three years
65 of 98

512 of 643 leveraged and inverse ETFs finished short of their stated multiple over three months to Oct 13, 2026.

ETFIQ Narrative

Over the three months to October 13, 2026, 512 of 643 leveraged and inverse ETFs finished short of their own stated multiple. The median fund finished 5.2 points below what its name promises. This is not a defect in any single fund. These products deliver their stated multiple over one day only, then reset. When daily results compound across many days, the outcome is not the multiple applied to the period's overall move. The gap between the two tends to widen with how much the underlying moved around during the period, not with where it ended up.

The first table shows this pattern across holding periods. At one month, the median fund sat 1.3 points short of its stated multiple, with median underlying volatility of 39%. By three years, the median shortfall had grown to 27.1 points, against median volatility of 20%. The distance from the stated multiple, a separate column from the signed difference, also grows with the holding period: 1.7% at one month, 34.9% at three years. Three months was the window with the highest median underlying volatility among those shown, at 47%, and the median difference there was minus 5.2 points.

The third table breaks the three-month numbers out by how volatile the underlying was. Funds tracking underlyings that moved 0% to 30% had a median difference from stated of minus 1.9%, with 117 of 179 funds short. Funds in the 80%-and-above band had a median difference of minus 16.6%, with 109 of 125 funds short. The median volatility in that top band was 93%, against 16% in the lowest band. The pattern across all four bands runs in the same direction: more underlying volatility, a wider gap from the stated multiple.

The second table looks at cases where more than one issuer offers the same stated multiple on the same underlying over the same days. Across 127 such underlyings, the spread between the closest and furthest fund from the stated multiple varied by trade. On GME +2x, two issuers produced a spread of 8.2 points, with GMEC at minus 6.2 and GMEU at minus 14.4, while the underlying itself moved plus 21.4%. On BMNR +2x, three issuers spread 6.3 points, from BNMC at minus 13.8 to BMNG at minus 20.1, against an underlying move of plus 44.2%. At the other end of this table, PLTR +2x, with five issuers, produced a spread of 4.2 points, with PLTU at plus 2.1 and PLTG at minus 2.1, against an underlying move of plus 56.0%. Same mandate, same underlying, same days, and still a measurable spread in outcome between issuers.

None of this describes a fund failing to do what it says for a single day. The stated multiple is a one-day target, reset daily, and the tables above measure what happened when that daily reset compounded over weeks, months, or years. Readers can look up any individual fund's own underlying, holding period, and measured difference from its stated multiple on ETFIQ's fund pages.

Short of the stated multiple, by the underlying’s volatility
0% to 30%
117 of 179
30% to 50%
137 of 165
50% to 80%
149 of 174
80% and above
109 of 125

512 of 643 leveraged and inverse ETFs finished short of their stated multiple over three months to Oct 13, 2026, grouped by how much the underlying moved.

How far from the stated multiple, by how long it was held

How far from the stated multiple, by how long it was held
WindowFundsShort of statedMedian differenceMedian distanceMedian underlying volatility
One month679473 of 679−1.3%1.7%39%
Three months643512 of 643−5.2%6.1%47%
Six months424330 of 424−8.1%11.0%45%
One year286200 of 286−10.6%13.5%34%
Three years9865 of 98−27.1%34.9%20%

The same trade from more than one issuer, widest spread first

The same trade from more than one issuer, widest spread first
OnIssuersUnderlying movedClosest to statedFurthestSpread
GME +2x2+21.4%GMEC -6.2GMEU -14.48.2%
BMNR +2x3+44.2%BNMC -13.8BMNG -20.16.3%
ONDS +2x4−8.8%ONDU -12.7ONDL -18.25.6%
MSTR +2x4+56.0%MSTC -11.4MSTX -16.65.2%
SMCI +2x3+41.3%SMCL -21.9SMCC -26.64.8%
CRCL +2x4+33.3%CCUP -19.1CRCA -23.84.7%
PLTR +2x5+56.0%PLTU +2.1PLTG -2.14.2%
IONQ +2x3−11.6%IONC -10.0IONX -14.14.2%
RGTI +2x3−20.7%RGTC -5.5RGTX -9.64.1%
CPER +2x2+5.0%CPXR -2.0UCOP -5.83.8%
SPCX +2x7+15.0%SPCM -15.4SPCU -19.13.7%
IREN +2x4−9.8%IREG -19.6IRE -23.13.6%

Erosion against the underlying’s volatility, three months

Erosion against the underlying’s volatility, three months
Underlying volatilityFundsMedian volatilityMedian difference from statedShort of stated
0% to 30%17916%−1.9%117 of 179
30% to 50%16539%−5.5%137 of 165
50% to 80%17469%−10.5%149 of 174
80% and above12593%−16.6%109 of 125
Method

Every number is an ETFIQ calculation from Tiingo end-of-day prices with distributions reinvested, measured against the fund’s own underlying over exactly the same days. The stated multiple comes from the fund’s registered name; the underlying is mapped by hand and checked against the name the exchange gives it. Funds whose underlying has no investable tracker are listed on ETFIQ and excluded here, because there is nothing to measure them against. Rebuilt every trading night.

Data file: leverage.json. ETFIQ is an independent publisher and makes no recommendations. Standards →

Cite this pageCitation, APA and Markdown

ETFIQ Research, The stated multiple and what the holder got, data as of Oct 13, 2026. https://etfiq.com/research/2026-10-14/leverage-label

Open data →

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