{
 "ticker": "UBRL",
 "name": "GraniteShares 2x Long UBER Daily ETF",
 "issuer": "GraniteShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/ubrl",
 "html": "https://etfiq.com/funds/ubrl",
 "markdown": "https://etfiq.com/funds/ubrl.md",
 "as_of": "2026-10-02",
 "verdict": "Three months to Oct 2, 2026: UBRL returned \u221220.4% where its own daily promise gave \u221218.8%, 1.6 points short.",
 "key_facts": [
  {
   "key": "what_uber_did",
   "label": "What UBER did",
   "value": "\u22128.5%",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "UBRL, what UBER did: \u22128.5%, as of Oct 2, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "\u221218.8%",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "UBRL, what 2 times a day gives: \u221218.8%, as of Oct 2, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221220.4%",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "UBRL, what the fund returned: \u221220.4%, as of Oct 2, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22121.6 pts",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "UBRL, the fund itself cost: \u22121.6 pts, as of Oct 2, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$28m",
   "source": "issuer page, as of Oct 1, 2026",
   "as_of": "2026-10-02",
   "sentence": "UBRL, net assets: $28m (issuer page, as of Oct 1, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.15%",
   "source": "485BPOS XBRL, Oct 24, 2025",
   "as_of": "2026-10-02",
   "sentence": "UBRL, expense ratio: 1.15% (485BPOS XBRL, Oct 24, 2025)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of UBER, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+2.4 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "UBER",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$28m",
   "source": "issuer page, as of Oct 1, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.15%",
   "source": "485BPOS XBRL, Oct 24, 2025"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Sep 4, 2024",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "35% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221221.6%",
   "UBER": "\u221210.9%",
   "+2x the move": "\u221221.8%",
   "Difference": "+0.3 pts",
   "UBER moved about": "21%"
  },
  {
   "window": "3 months",
   "Fund": "\u221220.4%",
   "UBER": "\u22128.5%",
   "+2x the move": "\u221217.0%",
   "Difference": "\u22123.4 pts",
   "UBER moved about": "35%"
  },
  {
   "window": "6 months",
   "Fund": "\u221218.8%",
   "UBER": "\u22125.2%",
   "+2x the move": "\u221210.4%",
   "Difference": "\u22128.4 pts",
   "UBER moved about": "37%"
  },
  {
   "window": "1 year",
   "Fund": "\u221259.3%",
   "UBER": "\u221229.5%",
   "+2x the move": "\u221259.0%",
   "Difference": "\u22120.3 pts",
   "UBER moved about": "35%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221243.5%",
   "UBER": "\u22124.8%",
   "+2x the move": "\u22129.6%",
   "Difference": "\u221233.9 pts",
   "UBER moved about": "38%"
  }
 ],
 "questions": [
  {
   "q": "Did UBRL return +2 times UBER?",
   "a": "Over the window to Oct 2, 2026, UBER moved \u22128.5% and UBRL returned \u221220.4%. 2 times that move is \u221217.0%, so the fund came out 3.4 points short of it."
  },
  {
   "q": "Why does UBRL not return +2 times over a year?",
   "a": "Because it resets daily. UBRL 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."
  }
 ],
 "generated": "2026-10-03",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}