The stated multiple and what the holder got
Over the three months to Oct 27, 2026, 510 of 661 leveraged and inverse ETFs finished short of their own stated multiple. The median fund finished -5.5 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. 129 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.
510 of 661 leveraged and inverse ETFs finished short of their stated multiple over three months to Oct 27, 2026.
510 of 661 leveraged and inverse ETFs finished short of their stated multiple over three months to Oct 27, 2026, grouped by how much the underlying moved.
How far from the stated multiple, by how long it was held
| Window | Funds | Short of stated | Median difference | Median distance | Median underlying volatility |
|---|---|---|---|---|---|
| One month | 692 | 358 of 692 | −0.6% | 1.7% | 44% |
| Three months | 661 | 510 of 661 | −5.5% | 6.7% | 50% |
| Six months | 431 | 322 of 431 | −8.5% | 9.8% | 45% |
| One year | 289 | 205 of 289 | −10.8% | 13.6% | 35% |
| Three years | 92 | 60 of 92 | −22.8% | 38.0% | 18% |
The same trade from more than one issuer, widest spread first
| On | Issuers | Underlying moved | Closest to stated | Furthest | Spread |
|---|---|---|---|---|---|
| NXPI +2x | 2 | −1.7% | NXPG -8.5 | NXPX -25.4 | 16.9% |
| BABA +2x | 4 | −13.0% | KBAB +10.7 | BABU -3.1 | 13.8% |
| PDD +2x | 2 | −8.5% | KPDD +2.3 | PDDL -4.9 | 7.2% |
| PLTR +2x | 5 | +60.9% | PLTU +6.7 | PLTG +0.9 | 5.8% |
| IONQ +2x | 3 | −2.7% | IONC -14.7 | IONX -19.6 | 4.9% |
| RGTI +2x | 3 | −14.3% | RGTC -9.4 | RGTX -14.3 | 4.9% |
| SNDK +2x | 4 | +19.0% | SNXX -25.6 | SNDC -30.4 | 4.8% |
| BMNR +2x | 3 | +23.1% | BNMC -19.0 | BMNG -23.6 | 4.6% |
| HIMS +2x | 2 | −4.8% | HIMC -14.6 | HIMZ -19.1 | 4.5% |
| ONDS +2x | 4 | −15.4% | ONDG -9.8 | ONDL -14.0 | 4.2% |
| SPCX +2x | 7 | +27.6% | SPCM -14.6 | SPCU -18.6 | 4.0% |
| NOW +2x | 2 | +39.9% | NOWX +0.1 | NOWL -3.9 | 4.0% |
Erosion against the underlying’s volatility, three months
| Underlying volatility | Funds | Median volatility | Median difference from stated | Short of stated |
|---|---|---|---|---|
| 0% to 30% | 181 | 16% | −1.8% | 113 of 181 |
| 30% to 50% | 150 | 39% | −4.2% | 111 of 150 |
| 50% to 80% | 206 | 67% | −11.6% | 181 of 206 |
| 80% and above | 124 | 93% | −18.8% | 105 of 124 |
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.
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ETFIQ Research, The stated multiple and what the holder got, data as of Oct 27, 2026. https://etfiq.com/research/leverage-label
ETFIQ Research. (Oct 27, 2026). The stated multiple and what the holder got. Retrieved from https://etfiq.com/research/leverage-label
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