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FBL

GradeBNASDAQ Global Market

GraniteShares 2x Long META Daily ETF

Leveraged · Single-Stock Leveraged · GraniteShares · Inception 2022-12-13

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$34.23+1.15 (+3.48%)

As of Sep 23, 2026, 2:20 PM EDT

History starts Dec 13, 2022.
Intraday session: up, 59 prints from 33.08 to 34.23. Range 33.52 to 35.09. Use the arrow keys to read each point.$33.50$34.00$34.50$35.0010 AM12 PM2 PM4 PM
Expense ratio
1.09%
Fund size
$219M
1Y return
−28.6%
Yield · Last 12 months
2.04%
Holdings
2
Volume · 30D
1.3M sh
NAV per share
$33.54
52W range
low $17.43high $47.93

The ETF.net FBL Grade

B

58/ 100

Rank 48 of 380 in Single-Stock Long Leveraged⁠

Confidence High

Six-pillar profile for FBL. Scores out of 100: Cost 41, Risk 47, Mission 96, Tradability 95, Holdings not scored, Durability 83. Strongest: Mission (96). Weakest: Cost (41). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 58 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 41
    Category rank224/380 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 96
    Category rank33/147 · top 22%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 47
    Category rank152/285 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 95
    Category rank5/380 · top 1%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 83
    Category rank12/380 · top 3%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on FBL

ETF.net Research

BTwo US ETFs offer 2x daily Meta exposure, and FBL has been doing it since 2022. One stock, one lever, reset every day: it aims for twice Meta's daily move before fees, and nothing else.

Stated mandate

The Fund seeks daily investment results equal to twice the daily percentage change of Meta Platforms Inc. before fees and expenses.

Why people hold it

  1. 01Does exactly the job on the label: twice Meta's daily percentage change, before fees. It has held that target tightly, one of the stronger implementations in its peer group.graniteshares.com
  2. 02Only two US ETFs offer 2x daily Meta exposure. FBL is one of them, and it has been trading since December 2022, through several Meta earnings cycles.
  3. 03Actively traded, and one of the easier funds in this corner of the market to get in and out of when Meta is the story of the day.

Worth knowing

  1. 01Fees run 1.09% a year, above the typical leveraged single-stock fund and above METU, the other 2x Meta ETF, at 1.02%.
  2. 02The 2x target resets daily. Hold longer and returns compound; a choppy stretch can leave you well away from twice Meta's move over that period.graniteshares.com
  3. 03One company, doubled. Meta headline risk is the entire portfolio, amplified, with no diversification to cushion it.

FBL Holdings

As of Sep 21, 2026, 4:06 AM
Asset class
Other
Holdings
2
Top-10 weight
100%
Largest holding
META SWAP66.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—META SWAP66.67%582,497$397M1
002—US Dollars33.33%198,663,175$199M85

Showing 1–2 of 2 holdings

FBL Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

FBL$7,138
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. FBL $7,138. SPY $11,723. Use the arrow keys to read each point.$3,361$7,872$12,384Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for FBL. Periods over one year show the average yearly return.
PeriodFBL
Year to date+1.8%
1 month+74.7%
3 months+57.0%
1 year−28.6%
3 years+39.3%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FBL
YearReturn barFBL
2026 YTD+1.8%
2025+0.5%
2024+112.7%
2023+340.5%
2022−1.1%

Since listing, Dec 13, 2022

FBL in the news

ETF.net Research hasn’t filed on FBL yet — coverage lands here as it’s written.

FBL Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
2.04%Last 12 months
Payout per share
$0.67Last 12 months
Last payment
$0.67 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution history

2023–2026

One bar per payment. 2 payments from 2023 to 2026 YTD. Dec 27, 2023 $8.00; Dec 29, 2025 $0.67. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Dec 29, 2025Dec 31, 2025$0.67
Dec 27, 2023Dec 29, 2023$8.00

FBL Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
63.9%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.50
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−63.2%
45 months · trough Jul 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
2.78
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FBL Cost

Expense ratio1.09%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

219 of the 329 Single-Stock Long Leveraged funds charge less.

FBL costs $109.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.