At a glance
AMDG charges 0.78% a year. It has $27.1M in assets; it paid 2.75% of its price in distributions over the past 12 months, annual. Over the past year it returned +158.7% with distributions reinvested (S&P 500: +11.5%).
The short version
Leverage Shares 2X Long AMD Daily ETF (AMDG) aims to deliver twice the daily percentage change in Advanced Micro Devices (AMD) stock, mainly through swap agreements with major financial institutions. Its leverage resets daily, so over longer periods its results can differ sharply from twice AMD's return. It charges 0.78% a year and lost 63% between its January 2025 launch and April 2025, a reminder that it is built for short-term trading.
Price history
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AMDG +158.7% 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 | |
|---|---|---|---|---|---|---|
| AMDG price data to Oct 27, 2026 | +308.2% | +158.7% | — | — | — | +228.0% |
- Over the year to Oct 27, 2026, AMDG returned +158.7%.
- The deepest fall in its price history was 63% (Jan 24, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +308.2% |
| 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 |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (18.82% 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 $14.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +97.56%, +18.42%, -37.58%.
How it works
AMDG, issued by Themes ETF, follows no index. This actively managed fund targets twice the daily percentage change in Advanced Micro Devices (AMD) stock, before fees and expenses, from one market close to the next. It mainly uses swap agreements. In a swap, a financial institution trades returns with the fund. Here, that is AMD's return on a dollar amount equal to 200% of net assets. As of July 31, 2026, it held four AMD swaps with different firms, including Cantor and Marex.
The fund may also use exchange-listed AMD options lasting one week to one month. One choice is deep in-the-money calls, which track the stock closely. The other is a "synthetic forward": a purchased call and a written put, both struck near AMD's price, which together mimic owning shares. The fund expects to commit 25% to 50% of assets to swap collateral or option premiums. It keeps collateral in money market funds, high-quality short-term debt and U.S. government securities.
At each market close, the adviser resets exposure, adding after AMD rises and trimming after it falls. As a result, returns over periods longer than a day can drift far from twice AMD's return, usually for the worse when the stock swings back and forth. A one-day AMD drop of more than 50% would wipe out investors' money. Its board can change its objective without a shareholder vote.
What it really costs
- AMDG charges 0.78% 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 $80 in the first year and $966 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AMDG | $80 | $249 | $433 | $966 |
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
Its 2x exposure to a single stock resets daily, so returns over long holding periods can drift far from twice AMD's, and it fell 63% within months of launch.
AMDG offers little to a long-term portfolio beyond an amplified bet on one chipmaker. It is too new to show how it behaved in the 2008, 2020 or 2022 downturns. It fell 63% from its January 24, 2025 launch to April 8, 2025, then recovered by June 24, 2025, about 2.5 months later. Anyone forced to cash out near the low would have locked in that loss. As of October 27, 2026, it was up 308.2% year to date but down 24.5% over one month.
It pays a distribution once a year: $2.97 a share over the year to October 27, 2026, a 2.75% yield. Its expense ratio is 0.78%. In the SEC's standard example ($10,000 invested, 5% annual return), costs total about $80 after one year and $966 after 10. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want twice AMD's daily move for a single day or short stretches and who check the position every day.
- Traders with a strong short-term view on AMD and the semiconductor industry, willing to pay 0.78% a year for 2x exposure without borrowing themselves.
- Traders prepared for sharp losses: AMDG fell 63% between its January 2025 launch and April 2025 before recovering in June.
Look elsewhere if
- Retirees and long-term savers: daily resets mean returns over months can differ sharply from twice AMD's, usually for the worse in choppy markets.
- Income seekers: its 2.75% trailing yield as of October 27, 2026 came as a single annual payout, not a steady stream.
- Investors seeking diversification: it is non-diversified, tied to one stock, concentrated in semiconductors and dependent on swap partners such as Cantor and Marex.
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 AMDG a good long-term investment for retirement?
It isn't built for long holding periods. AMDG seeks twice AMD's return for one trading day only. Its prospectus warns that results over longer periods are very likely to differ from 200% of AMD's performance because daily returns compound. That gap usually hurts in choppy markets. The fund also fell 63% between its January 24, 2025 launch and April 8, 2025. A drop like that would be hard to absorb for someone drawing on savings.
What's the difference between AMDG and owning AMD stock?
The main differences are leverage and time frame. Owning AMD shares gives you the stock's full return over any holding period, with no fund fee. AMDG aims for twice AMD's daily move through swaps and options, and it charges 0.78% a year. Because it resets daily, its return over weeks or months can land far above or below double AMD's. It also adds risks that shares don't have: a swap partner could fail to pay, and a one-day AMD fall of more than 50% would mean a total loss.
Does AMDG pay dividends?
Yes, but only once a year. Over the year to October 27, 2026, AMDG paid $2.97 a share, a trailing yield of 2.75%. That figure says little about future payouts. Its one-year volatility, a measure of how widely prices swing, was 139.1%. A single annual payment from a fund that swings that much is a poor fit for anyone who needs regular cash. Its returns come mainly from price moves, not income.
Can you lose all your money in AMDG?
Yes. AMDG's prospectus says that if AMD moves more than 50% against the fund in a single trading day, investors would lose all of their money. Short of that, each day's AMD decline is roughly doubled, and losses compound from one day to the next. The fund fell 63% from its January 24, 2025 launch to April 8, 2025. That shows how quickly leveraged losses can build even without a total wipeout.
What is AMDG's expense ratio?
AMDG's expense ratio, the yearly fee taken from fund assets, is 0.78%. That includes a 0.75% management fee, according to its prospectus filed February 27, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and cashing out at the end of each period. On that basis, costs total about $80 after one year, $249 after three, $433 after five and $966 after 10. The fund is small, with about $27.1 million in net assets as of July 31, 2026.