# FBL (GraniteShares 2x Long META Daily ETF)

GraniteShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: FBL returned +21.0% where its own daily promise gave +24.0%, 3.0 points short.

## Key facts

- FBL, what META did: +14.4%, as of Sep 11, 2026.
- FBL, what +2 times a day gives: +24.0%, as of Sep 11, 2026.
- FBL, what the fund returned: +21.0%, as of Sep 11, 2026.
- FBL, the fund itself cost: −3.0 pts, as of Sep 11, 2026.
- FBL, net assets: $198m (source, as filed for Jun 30, 2026).
- FBL, expense ratio: 1.09% (485BPOS XBRL, Oct 24, 2025).

## FBL over each window to Sep 11, 2026

| Window | Fund | META | +2x the move | Difference | META moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +22.7% | +11.9% | +23.9% | −1.2 pts | 36% |
| 3 months | +21.0% | +14.4% | +28.8% | −7.8 pts | 47% |
| 6 months | −3.5% | +5.8% | +11.5% | −15.1 pts | 44% |
| 1 year | −42.0% | −13.4% | −26.8% | −15.1 pts | 39% |
| 3 years | +108.8% | +116.7% | not meaningful over this window | not meaningful over this window | 38% |
| Since launch | +643.3% | +444.0% | not meaningful over this window | not meaningful over this window | 39% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of META, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.46 times, against +2 stated | ETFIQ |
| Underlying | META | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $198m | source, as filed for Jun 30, 2026 |
| Expense ratio | 1.09% | 485BPOS XBRL, Oct 24, 2025 |
| Launched | Dec 13, 2022 | ETFIQ |
| Underlying volatility over the window | 47% annualized | ETFIQ |

## Questions

### Did FBL return +2 times META?

Over the window to Sep 11, 2026, META moved +14.4% and FBL returned +21.0%. 2 times that move is +28.8%, so the fund came out 7.8 points short of it.

### Why does FBL not return +2 times over a year?

Because it resets daily. FBL aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which +2x META ETF tracked its stated multiple most closely?

4 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

ETFIQ, FBL, data as of Sep 11, 2026. https://etfiq.com/funds/FBL
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/FBL  ·  JSON: https://etfiq.com/funds/FBL.json