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NOWL

GradeDNASDAQ Global Market

GraniteShares 2x Long NOW Daily ETF

Leveraged · Single-Stock Leveraged · GraniteShares · Inception 2025-07-15 · SEC filings

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.

$7.81+0.37 (+5.01%)

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

History starts Jul 15, 2025.
Intraday session: up, 59 prints from 7.44 to 7.81. Range 7.36 to 7.83. Use the arrow keys to read each point.$7.40$7.50$7.60$7.7010 AM12 PM2 PM4 PM
Expense ratio
1.51%
Fund size
$201M
1Y return
−68.2%
Yield · Last 12 months
—
Volume · 30D
17.5M sh
NAV per share
$7.51
52W range
low $3.49high $24.60

The ETF.net NOWL Grade

D

38/ 100

Rank 220 of 380 in Single-Stock Long Leveraged⁠

Confidence High

Six-pillar profile for NOWL. Scores out of 100: Cost 6, Risk 39, Mission 96, Tradability 89, Holdings not scored, Durability 77. Strongest: Mission (96). Weakest: Cost (6). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 38 of 100 sits in the D 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.
    FScore 6
    Category rank358/380 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 96
    Category rank43/147 · top 29%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 39
    Category rank187/285 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 89
    Category rank24/380 · top 6%

  • 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 77
    Category rank27/380 · top 7%

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

Our read on NOWL

ETF.net Research

DOne ticker that aims for twice ServiceNow's daily move, no margin account or options chain required. GraniteShares launched it in 2025, and it has stuck close to that daily target while trading briskly.

Stated mandate

The Fund seeks daily investment results, before fees and expenses, equal to twice the daily percentage change of ServiceNow, Inc.'s common stock.

Why people hold it

  1. 01Does one job clearly: seeks daily results equal to twice ServiceNow's daily percentage change, in a plain brokerage account, with no borrowing to arrange.graniteshares.com
  2. 02It hits what it aims at. Daily results have tracked the stated 2x target closely, which is the whole point of a fund like this.
  3. 03Very actively traded for a single-stock leveraged fund, so getting in and out tends to be cheap and easy rather than a hunt for a counterparty.
  4. 04Sits in the upper half of a crowded field of leveraged single-stock bull funds, one of the better-run implementations of this trade.

Worth knowing

  1. 01The 1.51% fee runs above the typical 2x single-stock fund. Leverage Shares charges 0.75% on UNHG and ASMG, Direxion 0.96% on AAPU and GGLL.
  2. 02The 2x target resets every day. Hold longer and returns compound off each close, so a choppy stretch can leave you well off double the stock's move.
  3. 03One company, doubled, with a record that only starts in 2025. Every ServiceNow headline arrives here at twice the size, in both directions.

NOWL Holdings

As of Sep 21, 2026, 4:07 AM
Asset class
Other
Holdings
—
Top-10 weight
100%
Largest holding
NOW SWAP66.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—NOW SWAP66.71%2,937,462$407M1
002—US Dollars33.29%202,989,449$203M85

Showing 1–2 of 2 holdings

NOWL Performance

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

NOWL$3,177
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. NOWL $3,177. SPY $11,723. Use the arrow keys to read each point.$715$6,647$12,580Sep 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 NOWL. Periods over one year show the average yearly return.
PeriodNOWL
Year to date−48.0%
1 month+9.3%
3 months+90.8%
1 year−68.2%
3 yearsFund is under 3 years old—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 NOWL
YearReturn barNOWL
2026 YTD−48.0%
2025−42.6%

Since listing, Jul 15, 2025

NOWL in the news

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

NOWL Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

NOWL 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.
138.3%
Annualised · 13 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.
−0.12
vs 3-month T-bills · 13 months 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.
−86.6%
14 months · trough Jun 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.
1.47
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.

NOWL Cost

Expense ratio1.51%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

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

NOWL costs $151.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.