What this ETF is trying to do

The Leverage Shares 2X Long CMG Daily ETF (ticker: CMGG) is an exchange-traded fund. Based on its name, it is designed to track the daily performance of CMG at twice the rate.

What the numbers show

As of August 7, 2026, the current price of one share is $14.31.

When looking at how this ETF has performed this year (Year-to-Date), there is a big difference between two types of returns:

• Price Return: The YTD price return is -28.79%. This means the actual share price has gone down significantly.

• Total Return: The YTD total return is 42.09%.

It is very important to understand that these are different. The price return only measures how much the share price moved. The total return includes both the share price movement and any cash distributions paid out to investors. In this case, even though the share price fell, the total return was positive because of the distributions.

Income and distribution explanation

This ETF has a very high distribution yield of approximately 99.55%. This number describes the cash distributions relative to the ETF's price. However, a very high yield can be misleading. It does not mean an investor earned that same percentage as their total return.

The data shows that distributions for this ETF are "irregular" or "less frequent." In the last 12 months, there was only one payout, which was $14.24.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the assets held by the fund). While a falling market price is a "share-price decline," it does not always mean the NAV has declined. However, if an ETF's share price drops significantly while it pays out large amounts of cash, it can impact the total value of your investment.

Pros

• The YTD total return is positive at 42.09%, which includes distributions.

Cons

• There has been a significant share-price decline of -28.79% this year.

• Distributions are infrequent, with only one payout recorded in the last 12 months.

• The high distribution yield may not reflect the actual total return an investor experiences.

Beginner takeaway

When looking at ETFs, do not look at the distribution yield alone. A high yield might look attractive, but if the share price is falling quickly, it can hurt your overall investment. Many income investors prefer ETFs where the share price stays steady or goes up slightly, rather than funds that experience large price drops. Always check both the price return and the total return to see the full picture.

Top Holdings

As of September 21, 2026, the top holdings include:

• FIRST AMERICAN TREASURY OBLIGS X (FXFXX): 10.94%

*Note: Holdings can change over time.*