At a glance
LAYS charges 1.29% a year. It has $3.8M in assets; it paid 9.13% of its price in distributions over the past 12 months, annual. Over the past year it returned +7.8% with distributions reinvested (S&P 500: +11.5%).
The short version
STKd 100% NVDA & 100% AMD ETF (LAYS) is an actively managed fund that uses swaps and options to give each dollar invested about one dollar of exposure to NVIDIA and another to AMD. It may appeal to investors wanting a doubled bet on two AI chipmakers in one ticker. That leverage cuts both ways: the fund fell 47.2% between March 25 and April 8, 2025, and charges 1.29% a year.
Price history
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LAYS +7.8% 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 | |
|---|---|---|---|---|---|---|
| LAYS price data to Oct 27, 2026 | +40.2% | +7.8% | — | — | — | +130.8% |
- Over the year to Oct 27, 2026, LAYS returned +7.8%.
- The deepest fall in its price history was 47.2% (Mar 25, 2025 to Apr 8, 2025), recovered by May 14, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +40.2% |
| 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 |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Mar 31, 2026, the fund held 1 securities; the ten largest made up 13.39% of assets, and 22.25% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 13.39% |
By country
United States 13.39%By asset type
Bonds and notes 13.39%What changed recently
- Over the three months to Mar 31, 2026, investors withdrew a net $389K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.59%, -23.66%, -2.37%.
How it works
LAYS does not track an index. The fund is actively managed, with a goal of long-term capital appreciation, and aims for exposure equal to about 100% of net assets in NVIDIA plus about 100% in AMD. It uses swap agreements, contracts in which a financial institution agrees to pay the fund a stock's return, and listed options, such as a purchased call paired with a written put at the same strike price, which mimics owning shares. Each stock's return is reduced by the cost of financing this leverage.
The derivatives provide the exposure, and the fund holds collateral for them: Treasury securities, money market funds, short-term bond ETFs or investment-grade commercial paper. Its March 31, 2026 filing listed a Treasury bill at 13.4% of net assets, cash at 22.25%, and two swaps with Marex, on AMD (20.5%) and NVIDIA (2.6%). Those swap figures show what the contracts were worth that day, not the size of the exposure.
The 100% targets are approximate, so exposure can drift as the stocks move, and a drop in both stocks hits the fund about twice as hard as the same drop in one. Holders get no voting rights in either company, and the fund relies on the firm on the other side of each swap (the counterparty) to pay what it owes.
What it really costs
- LAYS charges 1.29% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $131 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 |
|---|---|---|---|---|
| LAYS | $131 | $409 | $— | $— |
In a retirement portfolio
Doubled exposure to just two chip stocks makes LAYS too concentrated and volatile to anchor a portfolio, though its stated goal is long-term growth rather than short-term trading.
LAYS could add amplified NVIDIA and AMD exposure, not protection. Launched March 5, 2025, it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 47.2%, from March 25 to April 8, 2025; it recovered by May 14, 2025, 1.2 months later. In the year to October 27, 2026, volatility (a measure of price swings) was 61.8% and the return was 7.8%. Withdrawing near such a low would have locked in a loss of nearly half.
Its 9.13% trailing yield (as of October 27, 2026) came from one annual payment of $5.86 per share, which may vary widely. It charges 1.29% a year ($131 and $409 over one and three years in the SEC's $10,000 example), plus swap financing costs. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a deliberately doubled bet on NVIDIA and AMD in one ticker, without borrowing on margin or trading options themselves.
- Holders of a small, high-risk slice who could sit through a 47.2% drop like the one between March 25 and April 8, 2025.
- Those betting on semiconductor and AI growth who accept a 1.29% expense ratio plus financing costs for packaged leverage.
Look elsewhere if
- Retirees seeking steady income: the 9.13% trailing yield as of October 27, 2026, came from a single annual payment of $5.86 per share.
- Anyone needing diversification: exposure is two chip stocks, and its beta, or market sensitivity, was 2.67 over the year to October 27, 2026.
- Investors wary of tiny funds: net assets were about $3.8 million as of March 31, 2026, with $389,492 of net outflows over three months.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is LAYS a leveraged ETF?
Yes. LAYS uses leverage through swaps and listed options so that each dollar invested carries about one dollar of exposure to NVIDIA and another dollar to AMD, which effectively doubles it. The returns of both are stacked, minus the cost of financing. It spreads its doubled exposure across two chipmakers, and its stated goal is long-term capital appreciation. Losses stack too: a drop in both stocks hits the fund about twice as hard as the same drop in one.
How risky is LAYS?
Very risky. LAYS fell 47.2% between March 25 and April 8, 2025, before recovering by May 14, 2025. In the year to October 27, 2026, its volatility (a measure of how widely its price swings) was 61.8%, and its beta was 2.67, meaning it moved about 2.67 times as much as the broader market. As of that date, it had returned 130.8% since launch, 7.8% over one year and 40.2% in 2026 through that date.
Does LAYS pay a dividend?
Yes, but only once a year, not monthly or quarterly. As of October 27, 2026, its trailing 12-month yield was 9.13%, based on $5.86 per share paid over that period. The fund gets its exposure through swaps and options rather than owning NVIDIA or AMD shares, and payouts from derivatives-based funds can vary widely from year to year, so that yield may not repeat.
What is the LAYS expense ratio?
LAYS charges 1.29% a year, all of it a management fee, according to its prospectus filed February 24, 2025. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $131 over one year and $409 over three. The prospectus also says each stock's return is reduced by the cost of financing, a separate drag on top of the fee. That 1.29% is well above what broad stock index funds typically charge.
What's the difference between LAYS and owning NVDA and AMD shares?
The main difference is leverage. Owning NVIDIA and AMD shares directly gives one dollar of stock exposure per dollar invested, plus voting rights and no ongoing fund fee. LAYS uses swaps and options to give about one dollar of exposure to each stock per dollar invested, doubling gains and losses. In exchange, holders pay a 1.29% expense ratio plus financing costs, have no voting rights, and rely on the firm on the other side of each swap to pay what it owes.