Key Highlights

  • Four single stock 2x funds tied to the chip Supply chain each gained between 20.15 percent and 28.83 percent in the week to September 29, 2026, led by Leverage Shares 2X Long FORM Daily ETF (CBOE:FOMG).
  • Only Leverage Shares 2X Long MXL Daily ETF (CBOE:MXLL) and the Everspin fund are above launch levels; the FormFactor and Ultra Clean funds remain 43.66 percent and 69.45 percent lower.
  • All four launched on Cboe in June or August 2026, with expense ratios from 0.45 percent at Corgi UCTT 2x Daily ETF (CBOE:UCTX) to 1.49 percent at Tradr 2X Long MRAM Daily ETF (CBOE:MRAX).
  • The split in outcomes shows how daily resets turn stock Volatility into very different long run results.

Leverage Shares 2X Long MXL Daily ETF (CBOE:MXLL): the clear leader on trend

Of the four funds, MXLL has benefited most from a persistent uptrend. At USD 23.50 on September 29 it was up 96.63 percent over a month and 51.32 percent since its August 11 debut, with a 21.38 percent gain in the latest week. The underlying company, MaxLinear (NASDAQ:MXL), sits in the connectivity layer of the chip supply chain, selling optical DSPs and related parts into AI data centers. Its second quarter sales grew 55 percent to USD 168.8 million, infrastructure Revenue rose 145 percent, and third quarter guidance of USD 210 million to USD 220 million implies further sequential growth. The Leverage Shares fund charges 0.99 percent and held roughly USD 1.0 million in net Assets in late September. The key watch point is that the stock's momentum has been steady so far; a choppier tape would test how much of the 2x gain survives. Leverage Shares 2X Long MXL Daily ETF (CBOE:MXLL) therefore illustrates the favorable side of compounding, not a permanent feature of the product. Execution on the 1.6T roadmap at MaxLinear (NASDAQ:MXL) is the next fundamental marker.

Tradr 2X Long MRAM Daily ETF (CBOE:MRAX): a niche memory play holding gains

MRAX closed at USD 30.98, up 21.18 percent since its August 11 launch and 20.15 percent over the week. It tracks Everspin Technologies (NASDAQ:MRAM), a maker of magnetoresistive memory that sits in the specialty memory corner of the supply chain, serving industrial automation, energy management, and aerospace and defense customers. Record second quarter revenue of USD 18.7 million, up 42 percent, and a USD 40 million defense contract underpin the story, with third quarter guidance of USD 19.5 million to USD 20.5 million. Tradr said MRAX was the first 2x fund on the stock. Cost is the weak spot: at 1.49 percent, Tradr 2X Long MRAM Daily ETF (CBOE:MRAX) carries the highest expense ratio in this group, and total assets were near USD 1 million. Everspin's 52 week range of USD 7.35 to USD 51.50 shows how wide the swings in the underlying can be, and wide swings are exactly what erode leveraged returns over time. Third quarter delivery against guidance at Everspin Technologies (NASDAQ:MRAM) is the next checkpoint.

Leverage Shares 2X Long FORM Daily ETF (CBOE:FOMG): test and probe leader still under water

FOMG rose 28.83 percent in the week, the biggest weekly gain of the four, and 42.88 percent over a month, yet at USD 7.73 it remains 43.66 percent below its June 23 launch. FormFactor (NASDAQ:FORM) occupies the test stage of the supply chain, supplying probe cards used to check memory and logic wafers. Revenue grew 31.9 percent in the second quarter to USD 258.2 million, with guidance of about USD 270 million for the third quarter as high bandwidth memory Demand lifts probe card sales. The disconnect lies in the path: FormFactor was down about 7.2 percent over the three months to September 23, while the fund lost 44.07 percent over roughly the same span. Leverage Shares 2X Long FORM Daily ETF (CBOE:FOMG) charges 0.75 percent. By simple arithmetic, it would need a gain of about 77.5 percent to regain its launch value, which puts the latest week in perspective. Memory spending trends remain the main swing Factor for FormFactor (NASDAQ:FORM).

Corgi UCTT 2x Daily ETF (CBOE:UCTX): cheapest fund, deepest hole

UCTX combines the lowest cost of the group, an expense ratio of 0.45 percent, with the steepest loss. At USD 7.97 it was up 20.76 percent for the week but down 69.45 percent since its June 26 debut and 76.78 percent over three months. Ultra Clean Holdings (NASDAQ:UCTT) supplies subsystems and services to wafer fab equipment makers, placing it Upstream in the tool supply chain. Revenue grew 24.3 percent in the second quarter to USD 644.9 million, with guidance of USD 700 million to USD 750 million, but the shares slid through a July selloff, an August USD 400 million at the market program and a September gap down. Corgi UCTT 2x Daily ETF (CBOE:UCTX) was described by Corgi as the first 2x fund on the stock, and assets were near USD 694,000. By simple arithmetic, a 227 percent gain would be needed to return to launch value, showing how a slide in a 2x wrapper is far harder to reverse. Equipment demand and dilution remain the twin variables for Ultra Clean Holdings (NASDAQ:UCTT).

Where Things Stand

Only half of them. Leverage Shares 2X Long MXL Daily ETF (CBOE:MXLL) and Tradr 2X Long MRAM Daily ETF (CBOE:MRAX) remain above launch levels. By contrast, Leverage Shares 2X Long FORM Daily ETF (CBOE:FOMG) and Corgi UCTT 2x Daily ETF (CBOE:UCTX) still carry heavy losses despite gains of more than 20 percent in the week. Each rests on a company reporting strong revenue growth, from optical connectivity at MaxLinear (NASDAQ:MXL) to probe cards at FormFactor (NASDAQ:FORM), fab subsystems at Ultra Clean Holdings (NASDAQ:UCTT) and specialty memory at Everspin Technologies (NASDAQ:MRAM), which shows that good fundamentals alone do not decide a leveraged fund's outcome. The common thread is the daily reset: steady trends in the underlying stock let gains stick, while sharp swings erode them. Broader chip sentiment, reflected in the iShares Semiconductor ETF (NASDAQ:SOXX) and the PHLX Semiconductor Index, moves all four. All are tiny, new and built for daily exposure.