# UBRL (GraniteShares 2x Long UBER Daily ETF)

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

Three months to Sep 11, 2026: UBRL returned +2.0% where its own daily promise gave +3.8%, 1.7 points short.

## Key facts

- UBRL, what UBER did: +4.1%, as of Sep 11, 2026.
- UBRL, what +2 times a day gives: +3.8%, as of Sep 11, 2026.
- UBRL, what the fund returned: +2.0%, as of Sep 11, 2026.
- UBRL, the fund itself cost: −1.7 pts, as of Sep 11, 2026.
- UBRL, net assets: $21m (source, as filed for Jun 30, 2026).
- UBRL, expense ratio: 1.15% (485BPOS XBRL, Oct 24, 2025).

## UBRL over each window to Sep 11, 2026

| Window | Fund | UBER | +2x the move | Difference | UBER moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −10.9% | −4.9% | −9.8% | −1.1 pts | 32% |
| 3 months | +2.0% | +4.1% | +8.2% | −6.2 pts | 42% |
| 6 months | −14.6% | −2.3% | −4.5% | −10.0 pts | 39% |
| 1 year | −53.1% | −24.3% | −48.6% | −4.5 pts | 36% |
| Since launch | −37.1% | +0.1% | +0.3% | −37.4 pts | 38% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of UBER, reset daily | ETFIQ |
| Multiple a holder actually got over the window | UBER moved +4.1% over this window, too little to read a multiple from | ETFIQ |
| Underlying | UBER | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $21m | source, as filed for Jun 30, 2026 |
| Expense ratio | 1.15% | 485BPOS XBRL, Oct 24, 2025 |
| Launched | Sep 4, 2024 | ETFIQ |
| Underlying volatility over the window | 42% annualized | ETFIQ |

## Questions

### Did UBRL return +2 times UBER?

Over the window to Sep 11, 2026, UBER moved +4.1% and UBRL returned +2.0%. 2 times that move is +8.2%, so the fund came out 6.2 points short of it.

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

Because it resets daily. UBRL 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, UBRL, data as of Sep 11, 2026. https://etfiq.com/funds/UBRL
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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