At a glance
AMDS charges 1.39% a year. It has $39.3M in assets. Over the past year it returned −92.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned −76.6% a year.
The short version
GraniteShares 1x Short AMD Daily ETF (AMDS) uses swaps and options to bet against Advanced Micro Devices (AMD) stock, one trading day at a time. The name says "1x", but its prospectus filed October 28, 2026 targets -2 times AMD's daily move. It resets its exposure every day and charges 1.39% a year. It lost 92.7% over the year to October 27, 2026.
Price history
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AMDS -92.7% 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 | |
|---|---|---|---|---|---|---|
| AMDS price data to Oct 27, 2026 | -92.7% | -92.7% | -76.6% | — | — | -74.0% |
- Over the year to Oct 27, 2026, AMDS returned -92.7%.
- Its worst full calendar year was 2025 (-73.4%); its best was 2024 (+3.4%).
- The deepest fall in its price history was 98.8% (Jun 20, 2025 to Jul 31, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2025 | -73.4% |
| 2024 | +3.4% |
| 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
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1115.9735 |
What's inside
As of Jun 30, 2026, the fund held 2 securities; the ten largest made up 43.05% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 32.99% | |
| Treasury Bill Bonds and notes | 10.05% |
By country
United States 43.05%By issuer
US Treasury 43.05%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $16.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.84%, +3.65%, -2.67%.
How it works
AMDS is actively managed. It aims to deliver -200% of AMD's daily percentage change, before fees. A day runs from one trading day's close to the next day's close. The fund does not own AMD shares or short them directly. It mainly uses swap agreements, which are contracts with major financial institutions to exchange the return on a set dollar amount of AMD stock. If it cannot add more swap exposure, it may use exchange-listed options on AMD instead. Those include deep in-the-money puts, which gain when the stock falls. They also include a "synthetic forward", which pairs a purchased put with a sold call. These options run from 1 week to 1 month.
At each day's close, the fund resets its exposure to about -200% of its net asset value. Because of this daily reset, returns over longer periods compound. They can differ sharply from -2 times AMD's return over the same stretch, especially when the stock swings back and forth.
Cash goes into short-term holdings such as Treasury bills and money market funds. The fund expects to post 25% to 50% of its assets as collateral for its swaps. As of June 30, 2026, two Treasury bills made up about 33% and 10% of net assets. Swaps also carry counterparty risk: the bank on the other side might fail to pay.
What it really costs
- AMDS charges 1.39% a year.
- Of that, 1.3% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $145 in the first year and $— over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AMDS | $145 | $474 | $— | $— |
In a retirement portfolio
AMDS is a daily-reset, -2x inverse bet on a single stock, and holding it longer has led to near-total losses.
AMDS launched on August 21, 2023, so it has no record from the 2008, 2020 or 2022 downturns. Its own history is harsh. It lost 73.4% in 2025, its worst calendar year. Its deepest drop was 98.8%, from June 20, 2025 to July 31, 2026, and it had not recovered as of October 27, 2026. Someone who needed cash during that stretch would have been selling shares for a small fraction of their earlier value. The fund paid no distributions in the year to October 27, 2026, so it offers no income. Under the SEC's standard example, a $10,000 investment would cost about $145 in fees over one year and $474 over three. Past results don't predict future returns, and a plan should look at the whole portfolio rather than any one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a one-day, -2x bet against AMD stock and can watch the position every trading day.
- Experienced investors hedging an AMD stake for days, who understand swaps, daily resets and the risk that a counterparty fails to pay.
- Traders comfortable with 225.6% one-year volatility and a 1.39% expense ratio on a position held briefly.
Look elsewhere if
- Long-term and retirement investors: AMDS lost 92.7% over the year to October 27, 2026, and 99% over three years.
- Income seekers: the fund paid no distributions in the year to October 27, 2026.
- Anyone seeking diversification: all of its market exposure is tied to one semiconductor stock, AMD, through derivatives.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is AMDS 1x or 2x short AMD?
Its prospectus says 2x. The fund is named GraniteShares 1x Short AMD Daily ETF. But its prospectus filed October 28, 2026 sets the objective at -2 times (-200%) AMD's daily percentage change, before fees and expenses. Its one-year beta of -2.81, as of October 27, 2026, also fits a leveraged inverse fund. Investors comparing it with other short AMD products may want to check the latest prospectus rather than relying on the name.
Is AMDS good for long-term investors?
Its record suggests it is not built for long holding periods. As of October 27, 2026, AMDS had lost 92.7% over one year and 99% over three years cumulatively. Its deepest drop was 98.8%, from June 20, 2025 to July 31, 2026, with no recovery since. The prospectus says it targets results for a single day only. Over longer periods, compounding makes its returns very likely to differ from the stock's.
Can AMDS lose money even if AMD stock goes down?
Yes. AMDS resets its exposure to about -200% of its assets every day. Over several days, the gains and losses compound, so the result can stray far from -2 times AMD's move over the same period. If AMD swings up and down sharply, the fund can lose value even when the stock ends lower. Fees of 1.39% a year and the costs of swaps and options also reduce returns.
Does AMDS pay dividends?
No. AMDS paid no distributions in the year to October 27, 2026, and its trailing yield was 0%. The fund holds Treasury bills and similar short-term assets as collateral, but its returns come mainly from swaps and options tied to AMD stock. It may suit traders betting on short-term price moves. It offers nothing to investors who want regular income.
What is the expense ratio of AMDS?
The expense ratio is 1.39% a year, according to the prospectus filed October 28, 2026. That includes a 1.30% management fee. Under the SEC's standard example, which assumes $10,000 invested, a 5% annual return and shares cashed out at the end of each period, fees would total about $145 after one year and $474 after three. That is far more than a typical broad index fund costs. Net assets were about $39.3 million as of June 30, 2026.