{
 "ticker": "NOWL",
 "name": "GraniteShares 2x Long NOW Daily ETF",
 "issuer": "GraniteShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/nowl",
 "html": "https://etfiq.com/funds/nowl",
 "markdown": "https://etfiq.com/funds/nowl.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: NOWL returned +42.9% where its own daily promise gave +48.7%, 5.8 points short.",
 "key_facts": [
  {
   "key": "what_now_did",
   "label": "What NOW did",
   "value": "+26.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "NOWL, what NOW did: +26.7%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "+48.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "NOWL, what 2 times a day gives: +48.7%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+42.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "NOWL, what the fund returned: +42.9%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22125.8 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "NOWL, the fund itself cost: \u22125.8 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$194m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "NOWL, net assets: $194m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.50%",
   "source": "485BPOS XBRL, Oct 24, 2025",
   "as_of": "2026-09-30",
   "sentence": "NOWL, expense ratio: 1.50% (485BPOS XBRL, Oct 24, 2025)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of NOW, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+1.61 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "NOW",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$194m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.50%",
   "source": "485BPOS XBRL, Oct 24, 2025"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jul 15, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "56% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221220.8%",
   "NOW": "\u22129.4%",
   "+2x the move": "\u221218.9%",
   "Difference": "\u22121.9 pts",
   "NOW moved about": "50%"
  },
  {
   "window": "3 months",
   "Fund": "+42.9%",
   "NOW": "+26.7%",
   "+2x the move": "+53.3%",
   "Difference": "\u221210.4 pts",
   "NOW moved about": "56%"
  },
  {
   "window": "6 months",
   "Fund": "+19.7%",
   "NOW": "+28.8%",
   "+2x the move": "+57.6%",
   "Difference": "\u221237.9 pts",
   "NOW moved about": "69%"
  },
  {
   "window": "1 year",
   "Fund": "\u221268.0%",
   "NOW": "\u221227.2%",
   "+2x the move": "\u221254.4%",
   "Difference": "\u221213.6 pts",
   "NOW moved about": "57%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221271.7%",
   "NOW": "\u221230.0%",
   "+2x the move": "\u221260.0%",
   "Difference": "\u221211.7 pts",
   "NOW moved about": "54%"
  }
 ],
 "questions": [
  {
   "q": "Did NOWL return +2 times NOW?",
   "a": "Over the window to Sep 30, 2026, NOW moved +26.7% and NOWL returned +42.9%. 2 times that move is +53.3%, so the fund came out 10.4 points short of it."
  },
  {
   "q": "Why does NOWL not return +2 times over a year?",
   "a": "Because it resets daily. NOWL 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 NOW ETF tracked its stated multiple most closely?",
   "a": "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 figure itself."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}