# ISUL (GraniteShares 2x Long ISRG Daily ETF)

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

Three months to Sep 11, 2026: ISUL returned −25.7% where its own daily promise gave −24.3%, 1.5 points short.

## Key facts

- ISUL, what ISRG did: −10.2%, as of Sep 11, 2026.
- ISUL, what +2 times a day gives: −24.3%, as of Sep 11, 2026.
- ISUL, what the fund returned: −25.7%, as of Sep 11, 2026.
- ISUL, the fund itself cost: −1.5 pts, as of Sep 11, 2026.
- ISUL, net assets: $7m (source, as filed for Jun 30, 2026).
- ISUL, expense ratio: 1.50% (485BPOS XBRL, Aug 14, 2025).

## ISUL over each window to Sep 11, 2026

| Window | Fund | ISRG | +2x the move | Difference | ISRG moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −16.7% | −8.0% | −16.0% | −0.7 pts | 32% |
| 3 months | −25.7% | −10.2% | −20.4% | −5.3 pts | 47% |
| 6 months | −46.5% | −21.8% | −43.6% | −2.9 pts | 41% |
| Since launch | −43.7% | −16.3% | −32.6% | −11.2 pts | 38% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of ISRG, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.52 times, against +2 stated | ETFIQ |
| Underlying | ISRG | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $7m | source, as filed for Jun 30, 2026 |
| Expense ratio | 1.50% | 485BPOS XBRL, Aug 14, 2025 |
| Launched | Oct 7, 2025 | ETFIQ |
| Underlying volatility over the window | 47% annualized | ETFIQ |

## Questions

### Did ISUL return +2 times ISRG?

Over the window to Sep 11, 2026, ISRG moved −10.2% and ISUL returned −25.7%. 2 times that move is −20.4%, so the fund came out 5.3 points short of it.

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

Because it resets daily. ISUL 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.


## Cite this page

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

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