# ISUL (GraniteShares 2x Long ISRG Daily ETF)

GraniteShares · Leveraged ETFs · data as of Oct 2, 2026

Three months to Oct 2, 2026: ISUL returned −22.0% where its own daily promise gave −20.4%, 1.7 points short.

## Key facts

- ISUL, what ISRG did: −8.0%, as of Oct 2, 2026.
- ISUL, what 2 times a day gives: −20.4%, as of Oct 2, 2026.
- ISUL, what the fund returned: −22.0%, as of Oct 2, 2026.
- ISUL, the fund itself cost: −1.7 pts, as of Oct 2, 2026.
- ISUL, net assets: $10m (issuer page, as of Oct 1, 2026).
- ISUL, expense ratio: 1.50% (485BPOS XBRL, Aug 14, 2025).

## ISUL over each window to Oct 2, 2026

| Window | Fund | ISRG | +2x the move | Difference | ISRG moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +9.5% | +5.4% | +10.8% | −1.3 pts | 28% |
| 3 months | −22.0% | −8.0% | −16.0% | −6.0 pts | 46% |
| 6 months | −34.4% | −13.3% | −26.6% | −7.8 pts | 41% |
| Since launch | −37.1% | −11.1% | −22.2% | −14.8 pts | 37% |

## 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 | +2.75 times, against +2 stated | ETFIQ |
| Underlying | ISRG | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $10m | issuer page, as of Oct 1, 2026 |
| Expense ratio | 1.50% | 485BPOS XBRL, Aug 14, 2025 |
| Launched | Oct 7, 2025 | ETFIQ |
| Underlying volatility over the window | 46% annualized | ETFIQ |

## Questions

### Did ISUL return +2 times ISRG?

Over the window to Oct 2, 2026, ISRG moved −8.0% and ISUL returned −22.0%. 2 times that move is −16.0%, so the fund came out 6.0 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 Oct 2, 2026. https://etfiq.com/funds/isul
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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