At a glance
ASMG charges 0.77% a year. It has $33.5M in assets; it paid 6.38% of its price in distributions over the past 12 months, annual. Over the past year it returned +72.1% with distributions reinvested (S&P 500: +11.5%).
The short version
Leverage Shares 2X Long ASML Daily ETF (ASMG), from Themes ETF, uses swaps and options to aim for twice (200%) the daily percentage change in ASML Holding's US-listed shares. It is a trading tool for magnifying one-day moves in a single semiconductor stock, not a long-term holding. Because the leverage resets daily, longer-term results can drift far from 2x ASML's; the fund fell 44.7% between June 30 and October 22, 2026.
Price history
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ASMG +72.1% 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 | |
|---|---|---|---|---|---|---|
| ASMG price data to Oct 27, 2026 | +75.6% | +72.1% | — | — | — | +80.7% |
- Over the year to Oct 27, 2026, ASMG returned +72.1%.
- The deepest fall in its price history was 44.7% (Jun 30, 2026 to Oct 22, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +75.6% |
| 2025 | +63.4% |
| 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 | $2.5300 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (11.69% of net assets), with its exposure coming from 3 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 $662K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +21.92%, +44.76%, -35.31%.
How it works
ASMG does not track an index. It is actively managed and aims for twice the daily percentage change, before fees and expenses, in ASML Holding's American depositary receipt (ADR), a US-traded certificate representing shares of the Netherlands-based company. Its main tools are swaps: contracts with financial firms that pay the fund ASML's gains, or collect its losses, on a set dollar amount. The July 31, 2026 holdings report, when net assets were $33.5 million, listed ASML swaps with Marex, Clear Street and Cantor.
It may also use ASML options listed on US exchanges, including customizable FLEX options, lasting one week to one month: deep in-the-money calls, which move almost in step with the stock, or a purchased call paired with a sold put, both struck at the share price (a synthetic forward). Between 25% and 50% of assets are expected to go to swap collateral or option premiums; collateral sits in money market funds and short-term, high-quality debt.
At each day's close, the adviser resets exposure, adding after ASML rises and trimming after it falls. So returns over longer periods compound daily and are very likely to differ from 2x ASML's, often for the worse in choppy markets. A one-day ASML drop of more than 50% would wipe out the fund. The fund is non-diversified.
What it really costs
- ASMG 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 |
|---|---|---|---|---|
| ASMG | $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
Its 2x exposure to one stock resets every day, and the prospectus says it does not seek its goal over any period longer than a single trading day.
ASMG launched on January 14, 2025, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. It fell 44.7% from June 30 to October 22, 2026, and had not recovered by October 27, 2026. Annualized volatility, a gauge of how widely returns swing, was 92.4% over the year to that date. Anyone needing cash during a slide like that would lock in deep losses, and daily resets can leave the fund lagging even if ASML rebounds.
It pays once a year: $2.53 per share over the 12 months to October 27, 2026, a 6.38% trailing yield, though payouts like this can vary widely. Costs run 0.77% a year, or about $954 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and any plan needs to consider the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking twice ASML's one-day price move who can monitor positions daily, since the fund's leverage resets at every market close.
- Short-term speculators with a strong view on ASML or semiconductor equipment who accept the prospectus warning that they could lose their entire investment.
- Traders wanting leveraged ASML exposure in an ordinary brokerage account without borrowing on margin or trading options themselves.
Look elsewhere if
- Retirees and long-term holders: daily resets mean multi-month returns can stray far from 2x ASML's, and fees run 0.77% a year.
- Income seekers: the 6.38% trailing yield as of October 27, 2026, came from a once-a-year payout that can swing widely.
- Anyone unable to stomach steep drops: ASMG fell 44.7% between June 30 and October 22, 2026, with 92.4% one-year volatility.
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 ASMG good for retirement?
ASMG is not designed for retirement portfolios. It aims for twice ASML's daily price change, and its prospectus says it does not seek that result over any longer period. Results have been extreme in both directions: up 63.4% from its January 14, 2025, launch through the end of 2025, then down 44.7% between June 30 and October 22, 2026. Because exposure resets daily, multi-month returns can differ sharply from 2x ASML's.
What's the difference between ASMG and owning ASML stock?
Holding ASML's US-listed shares directly gives one-for-one exposure with no fund fee and no daily reset. ASMG aims for twice ASML's daily move through swaps and options, charges 0.77% a year, and adds counterparty risk, the chance that a swap partner fails to pay. Over weeks or months, daily compounding means ASMG is very likely to differ from 2x ASML's return, and it can trail badly when ASML's price swings back and forth.
Can you lose all your money in ASMG?
Yes. The prospectus warns that holders could lose their entire investment. If ASML's US-traded shares fell more than 50% in a single trading day, the fund's 2x exposure would wipe out its value. Losses short of that can still be severe: ASMG dropped 44.7% from June 30 to October 22, 2026. The fund also relies on swap partners, such as Marex, Clear Street and Cantor in its July 31, 2026 holdings report, honoring their contracts.
Does ASMG pay dividends?
Yes, ASMG pays distributions on an annual schedule. Over the 12 months to October 27, 2026, it paid $2.53 per share, a trailing yield of 6.38%. That isn't a reliable guide to steady income. Payouts from leveraged funds like this generally reflect trading gains and interest earned on collateral, so they can swing widely from year to year. Price moves, with 92.4% one-year volatility, dwarf the payout.
What is ASMG's expense ratio?
ASMG's expense ratio, the yearly fee deducted from fund assets, is 0.77%, including a 0.75% management fee, according to its prospectus filed February 27, 2026. In the SEC's standard example, $10,000 invested with a 5% yearly return would incur about $79 in costs over one year, $428 over five years and $954 over ten. Those figures leave out the drag daily compounding can create, which may matter more. Owning ASML shares directly carries no fund fee.