At a glance
PYPG charges 0.77% a year. It has $22.5M in assets. Over the past year it returned −53.7% with distributions reinvested (S&P 500: +11.5%).
The short version
Leverage Shares 2X Long PYPL Daily ETF (PYPG) aims to return twice the daily percentage change in PayPal Holdings (PYPL) stock. It gets that exposure mainly through derivative contracts called swaps, and it resets its leverage every trading day. It is built for short-term traders who want magnified exposure to a single stock. Over longer periods, daily compounding can pull returns far from double PayPal's: as of October 27, 2026, the fund had lost 53.7% over one year.
Price history
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PYPG -53.7% 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 | |
|---|---|---|---|---|---|---|
| PYPG price data to Oct 27, 2026 | -30.6% | -53.7% | — | — | — | -29.4% |
- Over the year to Oct 27, 2026, PYPG returned -53.7%.
- The deepest fall in its price history was 79.5% (Jul 28, 2025 to Feb 12, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -30.6% |
| 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 (12.59% 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 $6.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -21.90%, -8.34%, +68.62%.
How it works
PYPG does not track an index. Themes Management Company, LLC manages it actively. Its goal, before fees, is 200% of PayPal Holdings' stock move for a single trading day. Its main tool is the swap, a contract in which a financial institution passes PayPal's gains or losses on an agreed dollar amount through to the fund. As of July 31, 2026, its swaps were with Marex, Clear Street and Cantor. It may also use PayPal options listed on U.S. exchanges that last one week to one month and are set up to act like owning the stock.
At each market close, the adviser resets the fund's exposure to 2×. After PayPal rises it adds exposure, and after a fall it cuts back. Over longer periods, each day's result builds on the last (compounding). That means returns can differ sharply from twice PayPal's move, usually for the worse when the stock swings up and down. If PayPal fell more than 50% in one day, investors would lose everything.
The fund expects to set aside 25% to 50% of its assets as collateral for the swaps or to pay for options. That collateral can be held in money market funds, high-quality short-term debt and U.S. government securities. Because all its market exposure comes from one company, the fund is non-diversified. It is also concentrated in financial services, the industry PayPal is assigned to.
What it really costs
- PYPG 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 |
|---|---|---|---|---|
| PYPG | $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
The fund aims for 2× PayPal's return for a single trading day only, and daily compounding can make its results over months or years differ sharply from that.
PYPG launched on April 4, 2025. It has no record in the 2008, 2020 or 2022 market declines, and as of October 27, 2026, it had no full calendar year of returns. Its short record is harsh. The fund fell 79.5% from July 28, 2025, to February 12, 2026, and had not regained that peak by October 27, 2026. From January 1 through October 27, 2026, it lost 30.6%. A retiree forced to withdraw money after a drop like that would lock in a deep loss. A one-day PayPal decline of more than 50% would wipe the fund out.
It has paid no distributions, so it provides no income. Its annual expense ratio is 0.77%, or about $79 on $10,000 in the first year under the SEC's standard example. Past results don't predict future ones, and a retirement plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking magnified one-day exposure to PayPal stock who can check the position daily and accept that longer-term results drift from 2×.
- Traders who can stomach deep losses: the fund lost 53.7% in the year to October 27, 2026, and dropped 79.5% from its July 2025 high.
- Investors who want leveraged PayPal exposure in a regular brokerage account without borrowing from their broker or trading options themselves.
Look elsewhere if
- Retirement savers planning to hold for years; the prospectus says the fund aims for 2× PayPal's move for a single day only.
- Income seekers and anyone wanting diversification: it has paid no distributions and offers exposure to just one financial services stock, PayPal.
- Investors wary of derivatives: as of July 31, 2026, exposure came from swaps with Marex, Clear Street and Cantor, which could fail to pay.
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 PYPG good for long-term investing?
It isn't designed for that. The prospectus says PYPG seeks 2× PayPal's daily move and does not aim for that result over any period longer than one trading day. Each day's gain or loss compounds on the last, so returns over months can differ sharply from twice PayPal's performance. Usually that works against the fund when the stock swings up and down. As of October 27, 2026, the fund had lost 53.7% over one year.
Does PYPG pay dividends?
No. PYPG had recorded no distributions as of October 27, 2026. Its exposure to PayPal comes mainly through swaps rather than owning shares outright, and its goal is magnified daily price movement, not income. It also holds collateral, such as money market funds and short-term government debt. Investors who need regular cash payments may find other kinds of funds a closer fit.
What's the difference between PYPG and owning PayPal stock?
PYPG aims to double PayPal's daily move, up or down, before fees, while owning the shares gives a one-for-one return. The fund charges a 0.77% annual expense ratio; holding shares directly has no such fee. PYPG resets its leverage daily, so over months its return can be far from 2× PayPal's. It also depends on the firms on the other side of its swaps paying what they owe. And a single-day PayPal drop of more than 50% would wipe the fund out.
What is PYPG's expense ratio?
PYPG's expense ratio, the annual fee taken from fund assets, is 0.77%, according to the prospectus filed February 27, 2026. That includes a 0.75% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period. On that basis, total costs would be about $79 after one year, $246 after three years, $428 after five years and $954 after ten years.
Can you lose all your money in PYPG?
Yes. The prospectus warns that investors could lose their entire investment. Because the fund aims for 2× PayPal's daily move, a drop of more than 50% in PayPal stock in a single trading day would wipe it out. Losses can also build over months. PYPG fell 79.5% from July 28, 2025, to February 12, 2026, and had not regained that high as of October 27, 2026. Its one-year volatility, a measure of how widely returns swing, was 92.2% on that date.