# PDDL (GraniteShares 2x Long PDD Daily ETF)

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

Three months to Sep 30, 2026: PDDL returned −17.0% where its own daily promise gave −12.4%, 4.6 points short.

## Key facts

- PDDL, what PDD did: −5.5%, as of Sep 30, 2026.
- PDDL, what 2 times a day gives: −12.4%, as of Sep 30, 2026.
- PDDL, what the fund returned: −17.0%, as of Sep 30, 2026.
- PDDL, the fund itself cost: −4.6 pts, as of Sep 30, 2026.
- PDDL, net assets: $6m (issuer page, as of Sep 30, 2026).
- PDDL, expense ratio: 1.50% (485BPOS XBRL, Oct 24, 2025).

## PDDL over each window to Sep 30, 2026

| Window | Fund | PDD | +2x the move | Difference | PDD moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −16.0% | −7.2% | −14.4% | −1.6 pts | 20% |
| 3 months | −17.0% | −5.5% | −11.1% | −5.9 pts | 27% |
| 6 months | −50.3% | −23.4% | −46.8% | −3.4 pts | 36% |
| 1 year | −73.2% | −41.0% | −82.1% | +8.8 pts | 33% |
| Since launch | −59.1% | −25.8% | −51.6% | −7.5 pts | 33% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of PDD, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +3.06 times, against +2 stated | ETFIQ |
| Underlying | PDD | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $6m | 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 | 27% annualized | ETFIQ |

## Questions

### Did PDDL return +2 times PDD?

Over the window to Sep 30, 2026, PDD moved −5.5% and PDDL returned −17.0%. 2 times that move is −11.1%, so the fund came out 5.9 points short of it.

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

Because it resets daily. PDDL 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 PDD 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, PDDL, data as of Sep 30, 2026. https://etfiq.com/funds/pddl
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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