At a glance
HOOG charges 0.85% a year. It has $50.4M in assets; it paid 30.44% of its price in distributions over the past 12 months, annual. Over the past year it returned −78.7% with distributions reinvested (S&P 500: +11.5%).
The short version
Leverage Shares 2X Long HOOD Daily ETF (HOOG) aims to deliver twice the daily percentage change in Robinhood Markets, Inc. stock, before fees and expenses. It gets that exposure mainly through swap agreements. It resets its leverage every trading day, so returns over weeks or months can differ sharply from twice Robinhood's move. It charges 0.85% a year and is built for short-term traders, not long-term holders.
Price history
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HOOG -78.7% 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 | |
|---|---|---|---|---|---|---|
| HOOG price data to Oct 27, 2026 | -59.6% | -78.7% | — | — | — | +33.6% |
- Over the year to Oct 27, 2026, HOOG returned -78.7%.
- The deepest fall in its price history was 86.9% (Oct 9, 2025 to Mar 30, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -59.5% |
| 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 (1.44% of net assets), with its exposure coming from 5 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 $44.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +59.12%, +7.06%, -29.44%.
How it works
HOOG is an actively managed ETF advised by Themes Management Company, LLC. It does not track an index. It aims for 200% of Robinhood's daily stock return, before fees and expenses. It puts at least 80% of net assets into Robinhood stock and instruments that together provide that 2× exposure. In practice this is mostly swap agreements, which are contracts with financial institutions that pay the fund the stock's return on a set dollar amount. As of July 31, 2026, the fund held six positions: mainly Robinhood swaps with several counterparties, including Marex, plus 1.44% in cash.
The fund may also use options on Robinhood that last one week to one month. These are either deep in-the-money calls or a "synthetic forward," which pairs a purchased call with a written put at the same strike. Between 25% and 50% of assets serve as collateral or option premiums. That money is held in money market funds, U.S. government securities and other high-quality short-term debt.
At each market close, the adviser rebalances. It adds exposure after up days and cuts it after down days. Because of this daily reset, returns over longer periods compound away from 2×, and usually come out worse in choppy markets. The fund is non-diversified and concentrated in financial services. The prospectus warns that a one-day drop of more than 50% in Robinhood would wipe out investors.
What it really costs
- HOOG charges 0.85% 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 $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| HOOG | $87 | $271 | $471 | $1,049 |
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 resets 2× leverage on a single stock every day and lost 78.7% over the year through Oct 27, 2026, which makes it a trading instrument rather than a long-term holding.
HOOG launched on March 21, 2025, so it has no record through the 2008, 2020 or 2022 downturns. Its own history is severe. From Oct 9, 2025 to March 30, 2026 it fell 86.9%, and it had not recovered as of Oct 27, 2026. Its one-year volatility was 140.4%, and it was down 59.6% for 2026 through Oct 27. Anyone forced to cash out during a slump like that would lock in deep losses. Its trailing 12-month yield of 30.44% came from annual distributions totaling $6.69 per share. A payout like that from a leveraged fund is not dependable income. It costs 0.85% a year, or $87 on $10,000 in the first year under the SEC's standard example. Past results don't predict future ones, 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 Robinhood's daily move for a day or a few days and are able to monitor positions closely.
- Traders who accept swap and options risks, including counterparty failure, and one-year volatility of 140.4% as of Oct 27, 2026.
- Traders with a strong short-term view on Robinhood Markets who accept the fund could lose everything if the stock falls more than 50% in one day.
Look elsewhere if
- Retirement savers seeking a long-term holding: the daily reset makes returns drift from 2× Robinhood's over months, usually for the worse.
- Anyone needing dependable income: the 30.44% trailing yield came from annual distributions and doesn't signal steady cash flow.
- Investors wanting diversification: HOOG is non-diversified, tied to one financial services stock, and fell 86.9% from October 2025 to March 2026.
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 HOOG good for long-term investing?
Not by design. HOOG seeks twice Robinhood's return for a single trading day only. Because it resets daily, its returns over longer periods compound away from 2× Robinhood's move, usually for the worse in choppy markets. As of Oct 27, 2026, the fund had lost 78.7% over one year. It was also still below its Oct 9, 2025 peak after an 86.9% drop. The prospectus warns that investors could lose all of their money.
What is the expense ratio of HOOG?
HOOG's expense ratio is 0.85% a year, which includes a 0.75% management fee, according to its prospectus filed Feb 27, 2026. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs would total about $87 after one year, $271 after three years, $471 after five and $1,049 after ten. Fund net assets were about $50.4 million as of July 31, 2026.
How is HOOG different from owning Robinhood (HOOD) stock?
Owning HOOD gives you Robinhood's return directly, with no fund fee and no daily reset. HOOG aims for twice HOOD's daily move using swaps and options, and it rebalances every day. Over one day the result should be close to 2×. Over weeks, compounding can make results very different. A one-day HOOD drop of more than 50% would hurt a direct holding badly but, per the prospectus, would wipe out HOOG investors. HOOG also charges 0.85% a year.
Does HOOG pay dividends?
Yes, but not in a way to plan around. HOOG pays distributions annually. Over the 12 months through Oct 27, 2026, it paid $6.69 per share, a trailing yield of 30.44%. The fund holds mostly Robinhood swaps and options, not a portfolio of dividend-paying stocks. Its payouts shouldn't be treated as a predictable income stream. It is a leveraged trading fund, not an income fund.
Can you lose all your money in HOOG?
Yes. The prospectus states plainly that investors could lose all of their money. If Robinhood stock fell more than 50% in a single trading day, the fund's 2× exposure would wipe out its value. Losses can also build up over time. HOOG fell 86.9% between Oct 9, 2025 and March 30, 2026, and had not recovered by Oct 27, 2026. A swap counterparty failing to pay is another risk.