Leverage Shares 2X Long CRM Daily ETFCRMG

The Leverage Shares 2X Long CRM Daily ETF (CRMG) is a daily-reset concentrated product that aims to deliver twice the daily percentage change of Salesforce Inc. (CRM), resetting each trading day to maintain the 2X exposure. The fund’s mandate is explicit: daily 2X exposure to CRM’s price return, not an annualised return or a compounded return. The wrapper is an ETF, but its behaviour is that of a daily concentrated bet, not a buy-and-hold index tracker.

CRMG is listed and quoted on Nasdaq, where its price and volume data are published in real time. The fund’s existence and structure are documented in SEC filings under the ticker CRMG, confirming its status as an exchange-traded product designed to track a concentrated daily index of CRM’s share price. The issuer’s marketing leans on the theme of amplified returns, but the fund’s mechanics are governed by daily rebalancing and a fee that accrues every day the position is held.

The expense ratio for CRMG is 0.95% per annum, a cost that applies regardless of the direction or magnitude of CRM’s daily move. This fee is disclosed in the fund’s regulatory filings and is consistent with the issuer’s stated charges for daily concentrated ETFs. The fund’s liquidity and trading activity are visible on Nasdaq’s market pages, but the daily reset means that the fund’s exposure is recalculated each day, not compounded over time.

The fund’s tracking method is a daily reset to 2X CRM’s daily return, implemented via swaps or derivatives referenced to a CRM daily return index. This method ensures the fund delivers the stated daily multiple but introduces path dependency: compounding over multiple days can deviate materially from a simple 2X of the CRM return over the same period. The issuer’s marketing does not highlight this path dependency, which is a core feature of daily-reset concentrated ETFs.

CRMG’s holdings are not CRM shares but synthetic exposures created through swap agreements or index-linked notes. The fund’s top holdings, if any, are not CRM but the counterparties or instruments used to gain the daily 2X exposure. The issuer does not disclose the specific counterparties or instruments in the public filings reviewed, and the fund’s basket composition is not itemised in the evidence supplied. The fund’s AUM and liquidity are visible on Nasdaq and FINRA’s fund analyser, but the underlying swap or derivative positions are not disclosed in the public sources cited.