{
 "ticker": "BABX",
 "name": "GraniteShares 2x Long BABA Daily ETF",
 "issuer": "GraniteShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/babx",
 "html": "https://etfiq.com/funds/babx",
 "markdown": "https://etfiq.com/funds/babx.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: BABX returned +12.7% where its own daily promise gave +15.1%, 2.3 points short.",
 "key_facts": [
  {
   "key": "what_baba_did",
   "label": "What BABA did",
   "value": "+9.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "BABX, what BABA did: +9.8%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "+15.1%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "BABX, what 2 times a day gives: +15.1%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+12.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "BABX, what the fund returned: +12.7%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22122.3 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "BABX, the fund itself cost: \u22122.3 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$110m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "BABX, net assets: $110m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.15%",
   "source": "485BPOS XBRL, Oct 24, 2025",
   "as_of": "2026-09-30",
   "sentence": "BABX, expense ratio: 1.15% (485BPOS XBRL, Oct 24, 2025)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of BABA, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+1.31 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "BABA",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$110m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.15%",
   "source": "485BPOS XBRL, Oct 24, 2025"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Dec 13, 2022",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "43% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221212.2%",
   "BABA": "\u22125.7%",
   "+2x the move": "\u221211.4%",
   "Difference": "\u22120.8 pts",
   "BABA moved about": "28%"
  },
  {
   "window": "3 months",
   "Fund": "+12.7%",
   "BABA": "+9.8%",
   "+2x the move": "+19.5%",
   "Difference": "\u22126.8 pts",
   "BABA moved about": "43%"
  },
  {
   "window": "6 months",
   "Fund": "\u221232.1%",
   "BABA": "\u221212.3%",
   "+2x the move": "\u221224.6%",
   "Difference": "\u22127.6 pts",
   "BABA moved about": "42%"
  },
  {
   "window": "1 year",
   "Fund": "\u221271.4%",
   "BABA": "\u221239.3%",
   "+2x the move": "\u221278.5%",
   "Difference": "+7.1 pts",
   "BABA moved about": "42%"
  },
  {
   "window": "3 years",
   "Fund": "\u221217.9%",
   "BABA": "+31.9%",
   "+2x the move": "+63.7%",
   "Difference": "\u221281.6 pts",
   "BABA moved about": "42%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221237.3%",
   "BABA": "+25.1%",
   "+2x the move": "+50.2%",
   "Difference": "\u221287.5 pts",
   "BABA moved about": "43%"
  }
 ],
 "questions": [
  {
   "q": "Did BABX return +2 times BABA?",
   "a": "Over the window to Sep 30, 2026, BABA moved +9.8% and BABX returned +12.7%. 2 times that move is +19.5%, so the fund came out 6.8 points short of it."
  },
  {
   "q": "Why does BABX not return +2 times over a year?",
   "a": "Because it resets daily. BABX 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."
  },
  {
   "q": "Which +2x BABA ETF tracked its stated multiple most closely?",
   "a": "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 figure itself."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}