# RVNL (GraniteShares 2x Long RIVN Daily ETF)

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

Three months to Sep 30, 2026: RVNL returned −35.2% where its own daily promise gave −32.8%, 2.4 points short.

## Key facts

- RVNL, what RIVN did: −13.0%, as of Sep 30, 2026.
- RVNL, what 2 times a day gives: −32.8%, as of Sep 30, 2026.
- RVNL, what the fund returned: −35.2%, as of Sep 30, 2026.
- RVNL, the fund itself cost: −2.4 pts, as of Sep 30, 2026.
- RVNL, net assets: $11m (issuer page, as of Sep 30, 2026).
- RVNL, expense ratio: 1.15% (485BPOS XBRL, Oct 24, 2025).

## RVNL over each window to Sep 30, 2026

| Window | Fund | RIVN | +2x the move | Difference | RIVN moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −15.0% | −7.0% | −13.9% | −1.1 pts | 30% |
| 3 months | −35.2% | −13.0% | −26.1% | −9.1 pts | 64% |
| 6 months | −24.9% | 0.0% | 0.0% | −24.9 pts | 62% |
| 1 year | −43.7% | +1.8% | +3.5% | −47.2 pts | 70% |
| Since launch | −18.6% | +31.5% | +63.0% | −81.6 pts | 64% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of RIVN, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.7 times, against +2 stated | ETFIQ |
| Underlying | RIVN | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $11m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.15% | 485BPOS XBRL, Oct 24, 2025 |
| Launched | Apr 22, 2025 | ETFIQ |
| Underlying volatility over the window | 64% annualized | ETFIQ |

## Questions

### Did RVNL return +2 times RIVN?

Over the window to Sep 30, 2026, RIVN moved −13.0% and RVNL returned −35.2%. 2 times that move is −26.1%, so the fund came out 9.1 points short of it.

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

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

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