# RVNL (GraniteShares 2x Long RIVN Daily ETF)

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

Three months to Sep 11, 2026: RVNL returned −22.6% where its own daily promise gave −19.9%, 2.7 points short.

## Key facts

- RVNL, what RIVN did: −4.4%, as of Sep 11, 2026.
- RVNL, what +2 times a day gives: −19.9%, as of Sep 11, 2026.
- RVNL, what the fund returned: −22.6%, as of Sep 11, 2026.
- RVNL, the fund itself cost: −2.7 pts, as of Sep 11, 2026.
- RVNL, net assets: $15m (source, as filed for Jun 30, 2026).
- RVNL, expense ratio: 1.15% (485BPOS XBRL, Oct 24, 2025).

## RVNL over each window to Sep 11, 2026

| Window | Fund | RIVN | +2x the move | Difference | RIVN moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −1.8% | +0.6% | +1.3% | −3.1 pts | 44% |
| 3 months | −22.6% | −4.4% | −8.7% | −13.9 pts | 69% |
| 6 months | −13.7% | +7.9% | +15.7% | −29.5 pts | 64% |
| 1 year | −28.9% | +14.8% | +29.5% | −58.4 pts | 71% |
| Since launch | −5.3% | +41.1% | +82.2% | −87.5 pts | 64% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of RIVN, reset daily | ETFIQ |
| Multiple a holder actually got over the window | RIVN moved −4.4% over this window, too little to read a multiple from | ETFIQ |
| Underlying | RIVN | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $15m | source, as filed for Jun 30, 2026 |
| Expense ratio | 1.15% | 485BPOS XBRL, Oct 24, 2025 |
| Launched | Apr 22, 2025 | ETFIQ |
| Underlying volatility over the window | 69% annualized | ETFIQ |

## Questions

### Did RVNL return +2 times RIVN?

Over the window to Sep 11, 2026, RIVN moved −4.4% and RVNL returned −22.6%. 2 times that move is −8.7%, so the fund came out 13.9 points short of it.

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

Because it resets daily. RVNL 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 RIVN ETF tracked its stated multiple most closely?

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

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