At a glance
ARMG charges 0.78% a year. It has $53.2M in assets; it paid 2.28% of its price in distributions over the past 12 months, annual. Over the past year it returned −23.1% with distributions reinvested (S&P 500: +11.5%).
The short version
Leverage Shares 2X Long ARM Daily ETF (ARMG) aims to deliver twice the daily percentage move of Arm Holdings plc stock. It does this mainly through swaps and options rather than by owning a basket of stocks. Its exposure resets every trading day, so returns over longer periods can differ sharply from twice Arm's return. It costs 0.78% a year and lost 61.79% in 2025, its first partial year after launch.
Price history
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ARMG -23.1% 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 | |
|---|---|---|---|---|---|---|
| ARMG price data to Oct 27, 2026 | +115.1% | -23.1% | — | — | — | -10.4% |
- Over the year to Oct 27, 2026, ARMG returned -23.1%.
- The deepest fall in its price history was 83% (Jun 18, 2026 to Oct 23, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +115.1% |
| 2025 | -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 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.2800 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (13.31% 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 added a net $9.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +152.54%, -10.98%, -58.05%.
How it works
ARMG is actively managed and tracks no index. It puts at least 80% of its net assets into Arm Holdings stock and into derivatives that together give 200% of Arm's daily price change. A derivative is a contract whose value comes from another asset. The main tool is the swap: a major financial institution agrees to pay the fund the return on a set dollar amount of Arm stock. As of July 31, 2026, the fund held four Arm swaps and 13.31% in cash. It can also buy deep in-the-money call options, or buy a call and sell a put at the same strike (a "synthetic forward"). These contracts last one week to one month and trade on U.S. exchanges, with settlement guaranteed by the Options Clearing Corporation.
At each day's close, the adviser rebalances. Exposure goes up after Arm rises and down after it falls. Because of this daily reset, returns compound in ways that can drift far from 2× Arm's return over weeks or months, and they usually come out worse when prices swing back and forth. The fund expects to hold 25% to 50% of its assets in money market funds, Treasury bills and similar instruments, as collateral or to pay option premiums. If Arm drops more than 50% in a single day, holders would lose all their money. The fund is non-diversified and concentrated in semiconductors.
What it really costs
- ARMG 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 |
|---|---|---|---|---|
| ARMG | $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
It doubles the daily moves of one volatile chip stock and resets every day, which the fund itself says makes it unsuitable for buy-and-hold investing.
ARMG launched on January 14, 2025, so it has no record from the 2008, 2020 or 2022 downturns. Its own short history shows the risk. It lost 61.79% in 2025, a partial first year. It then gained 115.1% in 2026 through October 27, yet it fell 83% between June 18 and October 23, 2026, and had not recovered by October 27. Annualized volatility was 158% over the year to October 27, 2026. Anyone who had to sell during a slump like that would lock in deep losses. The trailing yield was 2.28% as of October 27, 2026, paid annually, which is too small and irregular to count as income. Costs are 0.78% a year, or $80 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and any 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 Arm Holdings' daily move for a day or a few days and who watch their positions closely.
- Experienced investors who understand daily-reset compounding and accept that one 50% drop in Arm in a single day would wipe out the fund.
- Traders who want leveraged Arm exposure without a margin account and accept the 0.78% annual expense ratio and the swap counterparty risk.
Look elsewhere if
- Retirees or savers who need steady value: the fund fell 83% between June 18 and October 23, 2026.
- Long-term holders of Arm, since daily compounding means multi-month returns can differ sharply from twice Arm's performance.
- Income seekers: the 2.28% trailing yield, paid annually, comes with 158% volatility and is not a dependable payout.
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 ARMG good for long-term investing?
No. The fund was built for single-day results, and it says it does not seek its 2× goal over any period longer than one trading day. Its exposure resets daily, so over weeks or months compounding can push returns far from twice Arm's return, usually lower in choppy markets. It fell 83% between June 18 and October 23, 2026, and had not recovered by October 27, 2026.
How does ARMG get 2x leverage on ARM stock?
It mainly uses swaps. In a swap, a financial institution pays the fund the return on a set dollar amount of Arm stock, equal to 200% of the fund's net assets. As of July 31, 2026, it held four Arm swaps and 13.31% in cash. It can also use exchange-listed call and put options lasting one week to one month. It rebalances every day at the market close.
What is the ARMG expense ratio?
ARMG's expense ratio is 0.78% a year, according to its prospectus filed February 27, 2026. Of that, 0.75% is the management fee. Under the SEC's standard example, which assumes $10,000 invested and a 5% annual return, costs would come to about $80 after one year, $249 after three, $433 after five and $966 after ten. Trading costs inside the swaps and options are not part of these figures.
Can you lose all your money in ARMG?
Yes. The prospectus says that if Arm Holdings stock moves more than 50% against the fund in one trading day, investors would lose all their money. Even without a move that size, losses can pile up quickly. The fund lost 61.79% in 2025, its first partial year, and fell 83% from its June 18, 2026 peak to its October 23, 2026 low.
Does ARMG pay dividends?
Yes, but only in small amounts. ARMG paid $0.28 per share over the 12 months to October 27, 2026, a trailing yield of 2.28%, and it pays annually. The payout likely reflects income on the fund's cash collateral and option and swap gains, not Arm dividends passed through. With volatility of 158% over the same period, price swings far outweigh the income.