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QCML

GradeCNASDAQ Global Select

GraniteShares 2x Long QCOM Daily ETF

Leveraged · Single-Stock Leveraged · GraniteShares · Inception 2025-02-13

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.

$21.20−0.13 (−0.61%)

As of Sep 23, 2026, 3:10 PM EDT

History starts Feb 13, 2025.
Intraday session: down, 69 prints from 21.33 to 21.20. Range 20.28 to 21.29. Use the arrow keys to read each point.$20.40$20.8010 AM12 PM2 PM4 PM
Expense ratio
7.39%
Fund size
$70M
1Y return
−3.2%
Yield · Last 12 months
—
Holdings
2
Volume · 30D
1.7M sh
NAV per share
$20.52
52W range
low $10.46high $41.90

The ETF.net QCML Grade

C

42/ 100

Rank 123 of 380 in Single-Stock Long Leveraged⁠

Confidence High

Six-pillar profile for QCML. Scores out of 100: Cost 0, Risk 63, Mission 77, Tradability 94, Holdings not scored, Durability 77. Strongest: Tradability (94). Weakest: Cost (0). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 42 of 100 sits in the C 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 0
    Category rank378/380 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 77
    Category rank132/147 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 63
    Category rank79/285 · top 28%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 94
    Category rank10/380 · top 3%

  • 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 rank29/380 · top 8%

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

Our read on QCML

ETF.net Research

CTwice Qualcomm's daily move, in a plain brokerage account. GraniteShares built QCML for traders who want geared exposure to the smartphone-chip and licensing giant one session at a time, and it charges up for the privilege.

Stated mandate

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

Why people hold it

  1. 01A clean mandate: 2x QCOM's daily percentage change, before fees, reset each session. No options chain to run, no margin account, no margin call.graniteshares.com
  2. 02Small fund, busy tape. It changes hands actively, so traders generally aren't fighting the spread to get a position on or off.
  3. 03It has hewed close to its stated 2x daily target, which is the entire job description for a geared single-stock fund.

Worth knowing

  1. 01The 7.39% expense ratio is several times what most 2x single-stock ETFs charge; cohort leaders like GGLL and AAPU sit under 1%.
  2. 02Daily reset math: hold through a choppy multi-day stretch and results can drift well away from 2x QCOM's move over that stretch, either direction.
  3. 03One stock, doubled. An earnings surprise or a patent-licensing headline lands twice as hard, and with a 2025 launch the track record is short.

QCML Holdings

As of Sep 21, 2026, 4:08 AM
Asset class
Other
Holdings
2
Top-10 weight
100%
Largest holding
QCOM SWAP66.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—QCOM SWAP66.70%725,831$137M1
002—US Dollars33.30%68,368,176$68M85

Showing 1–2 of 2 holdings

QCML Performance

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

QCML$9,682
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. QCML $9,682. SPY $11,723. Use the arrow keys to read each point.$4,021$11,430$18,838Sep 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 QCML. Periods over one year show the average yearly return.
PeriodQCML
Year to date+0.2%
1 month+49.1%
3 months−27.0%
1 year−3.2%
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 QCML
YearReturn barQCML
2026 YTD+0.2%
2025−16.7%

Since listing, Feb 13, 2025

QCML in the news

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

QCML Dividends

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

No distributions in the last 12 months.

QCML 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.
122.5%
Annualised · 18 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.
0.32
vs 3-month T-bills · 18 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.
−68.8%
19 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.
6.28
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.

QCML Cost

Expense ratio7.39%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

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

QCML costs $739.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.