  Alpha$^2$ Canum Venaticorum (AM CVn) is a strongly magnetic star with
peculiar chemical signatures and periodic variability that have been long
attributed to the diffusion of magnetic elements through the photosphere,
leading to chemical spots across the stellar surface. However, recent studies
of other magnetic hot stars are consistent with magnetospheric clouds above the
surface. Here we take a renewed approach to modeling AM CVn with a simplified
dynamical magnetosphere (DM) and a tilted, offset magnetic dipole to reproduce
its Transiting Exoplanet Survey Satellite (TESS) variability. Our dipole model
also reproduces well the magnetic surface map of AM CVn from Silvester,
Kochukhov, & Wade (2014). Its ultraviolet variability, from IUE archival
spectra, is also consistent with traditional reddening models. We further
discuss the implications of a magnetosphere on other observable quantities from
the system to conclude that it is unlikely to be present in AM CVn.
