At a glance
CRMG charges 0.78% a year. It has $51.5M in assets. Over the past year it returned −36.0% with distributions reinvested (S&P 500: +11.5%).
The short version
Leverage Shares 2X Long CRM Daily ETF (CRMG) aims to deliver twice the daily percentage move of Salesforce, Inc. (CRM) stock, before fees. It gets that exposure mainly through swaps and options. It is a single-stock leveraged fund that resets every day, so results over weeks or months can differ sharply from 2× Salesforce. It charges 0.78% a year and fell 79.8% from its May 2025 peak to its June 2026 low.
Price history
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CRMG -36.0% 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 | |
|---|---|---|---|---|---|---|
| CRMG price data to Oct 27, 2026 | -38.2% | -36.0% | — | — | — | -24.8% |
- Over the year to Oct 27, 2026, CRMG returned -36.0%.
- The deepest fall in its price history was 79.8% (May 16, 2025 to Jun 22, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -38.2% |
| 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 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (5.08% 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 $16.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +13.97%, -34.79%, +33.43%.
How it works
CRMG does not track an index. Themes Management Company, LLC manages it actively, and its goal is 200% of Salesforce's daily return. The fund holds few shares of the stock. Instead, it mainly uses swaps: contracts in which a bank or broker pays the fund twice Salesforce's daily return on a set dollar amount. As of July 31, 2026, its swap counterparties were Cantor, Marex, Clear Street and NBCB. The fund may also purchase deep in-the-money call options. Or it may pair a purchased call with a written put, a setup known as a "synthetic forward" that tracks the stock's price. It uses exchange-listed standard and FLEX options lasting one week to one month.
At each market close, the adviser resets the fund's exposure. After an up day it adds exposure, and after a down day it trims it. Because of this daily reset, returns compound day by day. Over longer periods they can land far from 2× Salesforce, and they usually come out worse in choppy markets. If Salesforce fell more than 50% in a single day, the fund would lose all its value.
Between 25% and 50% of assets serve as collateral or option premiums. That collateral sits in money market funds, Treasuries and other short-term, high-quality debt. The fund is non-diversified and concentrated in the software and services industry. It had about $51.5 million in net assets as of July 31, 2026.
What it really costs
- CRMG 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 |
|---|---|---|---|---|
| CRMG | $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
CRMG resets its 2× Salesforce exposure every day, and the prospectus says it does not aim for that result over any period longer than one trading day.
CRMG launched on April 4, 2025, so it has no record from the 2008, 2020 or 2022 downturns. Its own history is severe. From May 16, 2025 to June 22, 2026 it fell 79.8%, and it had not recovered as of October 27, 2026. Its one-year volatility was 87.7%. Over the year to October 27, 2026 it lost 36%, even after a 73.6% gain in the last three months of that period. Anyone forced to cash out near a low would have locked in deep losses. The fund has paid no distributions, so it provides no income. It costs 0.78% a year. In the SEC's standard example, that comes to $80 in the first year and $966 over 10 years on $10,000. 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 Salesforce's daily move for a day or a few days and check their positions closely.
- Experienced investors who understand swaps, options and daily compounding, and who accept that one bad day could erase most of their stake.
- Short-term traders with a strong view on Salesforce who accept a 0.78% expense ratio and no income.
Look elsewhere if
- Retirees and long-term savers seeking steady growth. The fund fell 79.8% from May 2025 to June 2026 and had not recovered by October 2026.
- Income seekers, since the fund had recorded no distributions as of October 27, 2026.
- Investors who want diversification. The fund is tied to one stock in the software and services industry and depends on swap counterparties.
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 CRMG a good long-term investment?
CRMG is not designed to be held long term. The prospectus says it seeks 2× Salesforce's daily return and does not aim for that result over any period longer than one trading day. Because its exposure resets each day, returns compound, and over weeks or months they can differ sharply from 2× Salesforce. They are usually worse in choppy markets. As of October 27, 2026, the fund was down 36% over one year and 38.2% year to date.
Does CRMG pay dividends?
No. CRMG had recorded no distributions as of October 27, 2026. Its returns come only from changes in its share price, which aims to move twice as much as Salesforce stock each day. The fund holds mostly swaps, options and short-term collateral rather than a portfolio of stocks, so it is not built to produce income. Investors seeking regular payouts would need to look at other types of funds.
What's the difference between CRMG and owning Salesforce stock?
Owning Salesforce (CRM) shares gives an investor the company's return one for one, with no fund fee and no daily reset. CRMG aims for twice Salesforce's daily move, costs 0.78% a year and resets every day. Over longer periods it can end up well above or well below 2× the stock's return. CRMG also carries swap counterparty risk, and it could lose everything if Salesforce fell more than 50% in one day.
Can you lose all your money in CRMG?
Yes. The prospectus warns that investors could lose all the money they put in. If Salesforce stock fell more than 50% in a single trading day, the fund's 2× exposure would wipe out its value. Even without such a day, losses can pile up. CRMG fell 79.8% from its May 16, 2025 peak to its June 22, 2026 low, and it had not recovered as of October 27, 2026.
What is CRMG's expense ratio?
CRMG's expense ratio is 0.78% a year, including a 0.75% management fee, according to its prospectus filed February 27, 2026. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares sold at the end of each period. On that basis, costs would total about $80 after one year, $249 after three years, $433 after five and $966 after 10. Bid-ask spreads when trading shares add to the total cost.