At a glance
ADBG charges 0.77% a year. It has $37.5M in assets. Over the past year it returned −64.8% with distributions reinvested (S&P 500: +11.5%).
The short version
Leverage Shares 2X Long ADBE Daily ETF (ADBG) aims to return two times the daily percentage change in Adobe's stock, before fees. It gets that exposure mainly through swaps and options, not by owning a basket of companies. Its exposure resets every trading day, so over longer periods its results can drift far from twice Adobe's return. It charges 0.77% a year, pays no distributions and lost 64.8% in the year to October 27, 2026.
Price history
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ADBG -64.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ADBG price data to Oct 27, 2026 | -61.8% | -64.8% | — | — | — | -56.5% |
- Over the year to Oct 27, 2026, ADBG returned -64.8%.
- The deepest fall in its price history was 84.1% (May 19, 2025 to Jun 25, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -61.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (5.42% of net assets), with its exposure coming from 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $5.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.35%, -39.72%, +43.49%.
How it works
ADBG is actively managed and does not track an index. It invests at least 80% of its net assets in Adobe stock and in contracts that, taken together, give 200% daily exposure to Adobe's share price. The main tool is a swap agreement. This is a contract in which a bank or broker pays the fund the return on a set dollar amount of Adobe stock. As of July 31, 2026, the fund held Adobe swaps with four firms: Cantor, CS, NBCB and Marex. It may also buy call options on Adobe, or buy a call and sell a put at the same time to copy owning the stock. These options last from one week to one month and trade on U.S. exchanges.
At each market close, the adviser, Themes Management Company, resets the fund's exposure. After Adobe rises, it adds exposure. After Adobe falls, it cuts exposure. Because of this daily reset, returns over periods longer than a day compound and often fall short of 2× Adobe's move, especially when the price swings up and down. If Adobe fell more than 50% in a single day, investors would lose all their money.
The fund expects to put 25% to 50% of its assets toward swap collateral or option premiums. It holds the rest in money market funds, bank deposits or short-term, high-quality debt. It is non-diversified and concentrated in the software and services industry. It also depends on its swap partners paying what they owe.
What it really costs
- ADBG charges 0.77% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $79 in the first year and $954 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ADBG | $79 | $246 | $428 | $954 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
ADBG resets its 2× Adobe exposure every day and is built for single-day bets, not for holding over years.
ADBG launched on March 21, 2025, so it has no record from the 2008, 2020 or 2022 downturns. Its losses since launch have been severe. From a peak on May 19, 2025, it fell 84.1% to a low on June 25, 2026, and it had not recovered as of October 27, 2026. As of that date, it was down 61.8% for 2026 so far and 64.8% over one year. Its volatility was 82%, a measure of how widely its price swings in a year. Anyone forced to sell during a stretch like that would lock in heavy losses. Because the fund resets daily, it can also lag Adobe's own recovery. It pays no income. It costs 0.77% a year, or $79 on $10,000 in the first year in the SEC's standard example. Past results don't predict future returns. A plan is best judged across the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a magnified one-day position on Adobe stock and can watch it every trading day.
- Short-term traders who want 2× Adobe exposure without a margin account and accept a 0.77% annual expense ratio.
- Experienced traders who accept that a one-day Adobe drop of more than 50% would wipe out their whole investment.
Look elsewhere if
- Buy-and-hold investors: the daily reset hurts multi-day results, and ADBG fell 64.8% in the year to October 27, 2026.
- Anyone seeking income: no distributions have been recorded for this fund.
- Investors who want diversification: ADBG is tied to one software stock and fell 84.1% from its May 2025 peak.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is ADBG a good long-term investment?
ADBG is not built for the long term. Its prospectus says it does not try to hit its 2× target over any period longer than one trading day. Because the exposure resets daily, compounding can push multi-day results far from twice Adobe's return. As of October 27, 2026, the fund was down 64.8% over one year and 56.5% since its March 2025 launch. Its deepest drop was 84.1%.
Does ADBG pay dividends?
No. ADBG has no recorded distributions, so it offers no income stream. Any gain or loss comes from changes in the share price. Investors who need regular cash from their holdings would have to sell shares to raise it. With a fund this volatile, that could mean selling after a large drop. The fund's price swung with annualized volatility of 82% in the year to October 27, 2026.
What is ADBG's expense ratio?
ADBG's expense ratio is 0.77% a year, according to its prospectus filed February 27, 2026, and 0.75% of that is the management fee. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $79 after one year, $246 after three years, $428 after five years and $954 after ten years. These figures assume the shares are sold at the end of each period.
What's the difference between ADBG and buying Adobe stock?
Buying Adobe shares gives you ownership and 1× the stock's moves, with no fund fee. ADBG aims for 2× Adobe's daily move, mainly through swaps with financial firms. As of July 31, 2026, those firms were Cantor, CS, NBCB and Marex. The fund charges 0.77% a year. It resets daily, so over weeks or months its return can differ sharply from twice Adobe's. It also carries the risk that a swap partner fails to pay.
Can you lose all your money in ADBG?
Yes. The prospectus warns that you could lose all of your money in the fund. If Adobe stock fell more than 50% in a single trading day, the 2× daily exposure would wipe out the fund's value. Even without one crash day, losses can pile up quickly. ADBG fell 84.1% from its May 19, 2025 peak to its June 25, 2026 low, and it had not recovered as of October 27, 2026.