{
 "ticker": "FBL",
 "name": "GraniteShares 2x Long META Daily ETF",
 "issuer": "GraniteShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/fbl",
 "html": "https://etfiq.com/funds/fbl",
 "markdown": "https://etfiq.com/funds/fbl.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: FBL returned +29.1% where its own daily promise gave +32.2%, 3.1 points short.",
 "key_facts": [
  {
   "key": "what_meta_did",
   "label": "What META did",
   "value": "+18.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FBL, what META did: +18.4%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "+32.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FBL, what 2 times a day gives: +32.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+29.1%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FBL, what the fund returned: +29.1%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22123.1 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "FBL, the fund itself cost: \u22123.1 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$181m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "FBL, net assets: $181m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.09%",
   "source": "485BPOS XBRL, Oct 24, 2025",
   "as_of": "2026-09-30",
   "sentence": "FBL, expense ratio: 1.09% (485BPOS XBRL, Oct 24, 2025)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of META, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+1.58 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "META",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$181m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.09%",
   "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": "49% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+55.5%",
   "META": "+26.8%",
   "+2x the move": "+53.6%",
   "Difference": "+1.9 pts",
   "META moved about": "55%"
  },
  {
   "window": "3 months",
   "Fund": "+29.1%",
   "META": "+18.4%",
   "+2x the move": "+36.8%",
   "Difference": "\u22127.7 pts",
   "META moved about": "49%"
  },
  {
   "window": "6 months",
   "Fund": "+35.2%",
   "META": "+25.4%",
   "+2x the move": "+50.8%",
   "Difference": "\u221215.6 pts",
   "META moved about": "46%"
  },
  {
   "window": "1 year",
   "Fund": "\u221225.3%",
   "META": "\u22120.9%",
   "+2x the move": "\u22121.9%",
   "Difference": "\u221223.4 pts",
   "META moved about": "42%"
  },
  {
   "window": "3 years",
   "Fund": "+159.8%",
   "META": "+143.8%",
   "+2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "META moved about": "38%"
  },
  {
   "window": "Since launch",
   "Fund": "+811.7%",
   "META": "+509.2%",
   "+2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "META moved about": "40%"
  }
 ],
 "questions": [
  {
   "q": "Did FBL return +2 times META?",
   "a": "Over the window to Sep 30, 2026, META moved +18.4% and FBL returned +29.1%. 2 times that move is +36.8%, so the fund came out 7.7 points short of it."
  },
  {
   "q": "Why does FBL not return +2 times over a year?",
   "a": "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."
  },
  {
   "q": "Which +2x META 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)."
}