So if I buy this on a dip for AMD, and AMD goes up 10% what will happen to this fund?

If AMD's stock price increases by 10%, the GraniteShares 2x Long AMD Daily ETF (AMDL) could potentially benefit significantly due to its leveraged structure. Here's what might happen:

1. Leveraged Returns: With a leverage of 2, if AMD's stock price rises by 10%, the AMDL ETF could increase by 2 times that amount. This means the ETF might gain 20% on the day, assuming no leverage decay or additional fees.
2. ETF Price Movement: The price of the AMDL ETF would likely move in tandem with the AMD stock price, amplifying the gains. If AMD goes up 10%, the ETF could go up by approximately 20%.
3. Investor Returns: Investors in the AMDL ETF who bought on a dip could see substantial returns if the leverage works in their favor. However, it's important to consider that leverage also means the opposite – losses will be magnified if AMD's stock price declines.

It's important to note that while leverage can enhance returns, it also increases risk. The 10% increase in AMD's stock price is a hypothetical example, and actual stock price movements can be more or less than expected. Additionally, investors should be aware of the ETF's expense ratio, trading costs, and any other fees that could reduce the overall returns.