At a glance
XYZG charges 0.78% a year. It has $3.0M in assets; it paid 6.79% of its price in distributions over the past 12 months, annual. Over the past year it returned −38.7% with distributions reinvested (S&P 500: +11.5%).
The short version
Leverage Shares 2X Long XYZ Daily ETF (XYZG) aims to deliver twice (200%) the daily percentage change in Block, Inc. stock (ticker XYZ), before fees, mostly through swaps, contracts that pass along a stock's gains or losses. It is built for short-term bets on Block: exposure resets daily, so longer-term results can differ sharply from twice the stock's. It charges 0.78% a year and lost 38.7% in the year to October 27, 2026.
Price history
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XYZG -38.7% 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 | |
|---|---|---|---|---|---|---|
| XYZG price data to Oct 27, 2026 | -1.1% | -38.7% | — | — | — | +12.8% |
- Over the year to Oct 27, 2026, XYZG returned -38.7%.
- The deepest fall in its price history was 69.4% (Jul 25, 2025 to Feb 12, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -1.1% |
| 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 (26.38% 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 withdrew a net $1.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +12.49%, -2.51%, +12.00%.
How it works
XYZG tracks no index. Themes Management Company, LLC manages it actively around one stock: Block, Inc., which the prospectus places in the financial services industry. Its main tool is swaps, contracts in which financial firms pass along Block's gains or losses on a dollar amount equal to twice the fund's assets. As of July 31, 2026, it held four Block swaps, with firms including Cantor, Clear Street and Marex, and 26.4% in cash.
It may also use options listed on U.S. exchanges. It can purchase deep in-the-money calls (rights to purchase Block at a price far below where it trades) or pair a call it purchases with a put it writes, both set near Block's trading price, a “synthetic forward” that mimics owning the stock. The fund expects 25% to 50% of assets to go to swap collateral or option premiums; collateral sits in money market funds, deposits or short-term, high-quality debt.
At each market close, the adviser resets exposure to twice the fund's assets, adding after Block rises and trimming after it falls. Each day's result builds on the last, so returns over weeks or months can differ sharply from twice Block's, usually for the worse in choppy markets. A one-day Block drop of more than 50% would wipe out the fund.
What it really costs
- XYZG 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 |
|---|---|---|---|---|
| XYZG | $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
It seeks twice Block's return one day at a time, resets daily, and lost 38.7% in the year to October 27, 2026.
XYZG launched April 4, 2025, so it has no record from the 2008, 2020 or 2022 downturns and no full calendar year. Its record since then is harsh: it fell 69.4% from July 25, 2025, to February 12, 2026, and had not recovered as of October 27, 2026. One-year volatility, a gauge of price swings, was 89.8%. Its beta of 3.41 means it tended to move about 3.4 times as much as the market. Someone who had to cash out shares or draw income in a slide like that would lock in deep losses.
It pays once a year. The $0.99 a share paid over the 12 months to October 27, 2026, equaled a 6.79% yield, but payouts like this can vary widely. It costs 0.78% a year. Past results don't predict future ones, and any retirement plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a short-term bet on Block, Inc. at twice its daily move and can check positions every trading day.
- People seeking 2× daily Block exposure in an ordinary brokerage account, without borrowing on margin or trading options themselves, at a 0.78% expense ratio.
- Those who accept 89.8% volatility (one year to October 27, 2026) and the risk that a 50%-plus one-day Block drop erases everything.
Look elsewhere if
- Retirees and long-term holders: it fell 69.4% from July 2025 to February 2026 and had not recovered as of October 27, 2026.
- Income seekers: it pays once a year, and its 6.79% 12-month yield came with a 38.7% one-year loss as of October 27, 2026.
- Investors wanting diversification: all its exposure is to one financial services stock, and net assets were only about $3.0 million as of July 31, 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
What does XYZG track?
XYZG tracks Block, Inc. stock (ticker XYZ). It aims for twice (200%) the stock's daily percentage change, before fees and expenses. It does not follow an index. Themes Management Company, LLC manages it actively, mainly through swaps, contracts with financial firms that pass along Block's gains or losses. It may also use options. As of July 31, 2026, it held four Block swaps, with 26.4% of assets in cash. Exposure resets at every market close, so the 2× target covers one day only.
Is XYZG a good long-term investment?
XYZG is not built for long-term holding. Its prospectus says it seeks 2× Block's daily return for one trading day only. Because exposure resets daily, each day's gain or loss builds on the last. Over months, results can differ sharply from twice Block's. In the year to October 27, 2026, the fund lost 38.7%. Its 69.4% drop from July 2025 to February 2026 had not been recovered by then. A one-day Block fall of more than 50% would wipe out investors entirely.
What is XYZG's expense ratio?
XYZG's expense ratio is 0.78% a year, which includes a 0.75% management fee, according to its prospectus filed February 27, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and all shares cashed in at the end of each period. On that basis, total costs would be about $80 after one year, $249 after three years, $433 after five and $966 after ten.
Does XYZG pay dividends?
Yes, once a year, but it is not a steady income fund. XYZG paid $0.99 a share over the 12 months to October 27, 2026. That was a 6.79% yield, meaning the payout divided by the share price. Payouts from a leveraged fund like this can vary widely from year to year or stop altogether. Over the same 12 months the fund lost 38.7%, so the payout came alongside a steep fall in value.
What's the difference between XYZG and Block stock?
Owning Block shares gives direct exposure with no leverage and no fund fee. XYZG aims for twice Block's daily move and charges 0.78% annually. Leverage works both ways, so a bad day for Block is roughly twice as bad for XYZG. Because of the daily reset, XYZG's longer-term return can differ sharply from twice Block's, usually for the worse in choppy markets. XYZG also relies on the firms on the other side of its swaps to honor their contracts. As of July 31, 2026, those included Cantor, Clear Street and Marex.