# NOWL (GraniteShares 2x Long NOW Daily ETF)

GraniteShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: NOWL returned +42.9% where its own daily promise gave +48.7%, 5.8 points short.

## Key facts

- NOWL, what NOW did: +26.7%, as of Sep 30, 2026.
- NOWL, what 2 times a day gives: +48.7%, as of Sep 30, 2026.
- NOWL, what the fund returned: +42.9%, as of Sep 30, 2026.
- NOWL, the fund itself cost: −5.8 pts, as of Sep 30, 2026.
- NOWL, net assets: $194m (issuer page, as of Sep 30, 2026).
- NOWL, expense ratio: 1.50% (485BPOS XBRL, Oct 24, 2025).

## NOWL over each window to Sep 30, 2026

| Window | Fund | NOW | +2x the move | Difference | NOW moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −20.8% | −9.4% | −18.9% | −1.9 pts | 50% |
| 3 months | +42.9% | +26.7% | +53.3% | −10.4 pts | 56% |
| 6 months | +19.7% | +28.8% | +57.6% | −37.9 pts | 69% |
| 1 year | −68.0% | −27.2% | −54.4% | −13.6 pts | 57% |
| Since launch | −71.7% | −30.0% | −60.0% | −11.7 pts | 54% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of NOW, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.61 times, against +2 stated | ETFIQ |
| Underlying | NOW | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $194m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.50% | 485BPOS XBRL, Oct 24, 2025 |
| Launched | Jul 15, 2025 | ETFIQ |
| Underlying volatility over the window | 56% annualized | ETFIQ |

## Questions

### Did NOWL return +2 times NOW?

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.

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

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.

### Which +2x NOW ETF tracked its stated multiple most closely?

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.


## Cite this page

ETFIQ, NOWL, data as of Sep 30, 2026. https://etfiq.com/funds/nowl
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/nowl  ·  JSON: https://etfiq.com/funds/nowl.json