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RVNL

GradeDNASDAQ

GraniteShares 2x Long RIVN Daily ETF

Leveraged · Single-Stock Leveraged · GraniteShares · Inception 2025-04-21

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.

$21.30−0.44 (−2.03%)

As of Sep 23, 2026, 2:08 PM EDT

History starts Apr 22, 2025.
Intraday session: down, 38 prints from 21.74 to 21.30. Range 20.89 to 21.73. Use the arrow keys to read each point.$20.80$21.6010 AM12 PM2 PM4 PM
Expense ratio
7.90%
Fund size
$11M
1Y return
−46.4%
Yield · Last 12 months
—
Holdings
2
Volume · 30D
0.1M sh
NAV per share
$22.42
52W range
low $19.25high $75.17

The ETF.net RVNL Grade

D

34/ 100

Rank 244 of 380 in Single-Stock Long Leveraged⁠

Confidence High

Six-pillar profile for RVNL. Scores out of 100: Cost 0, Risk 55, Mission 94, Tradability 71, Holdings not scored, Durability 66. Strongest: Mission (94). Weakest: Cost (0). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 34 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 0
    Category rank379/380 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 94
    Category rank54/147 · top 37%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 55
    Category rank108/285 · top 38%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 71
    Category rank81/380 · top 21%

  • 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.
    BScore 66
    Category rank91/380 · top 24%

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

Our read on RVNL

ETF.net Research

DOne ticker that aims for two times Rivian's daily move, no margin account or options chain needed. It has hewed closely to that daily mandate since its 2025 launch, and it charges one of the steepest fees in the 2x single-stock crowd.

Stated mandate

The Fund seeks daily investment results, before fees and expenses, equal to two times the daily percentage change of Rivian Automotive Inc. It is not designed to deliver twice the cumulative return over periods longer than one day.

Why people hold it

  1. 01Packages 2x daily exposure to a single EV maker into an ordinary ETF trade: no margin account, no options, no borrow to arrange.graniteshares.com
  2. 02Does the job it advertises: day to day, the fund has tracked its stated two-times target on Rivian closely.
  3. 03Leverage is reset daily inside the fund, so the position is rebuilt each session and there is no margin call to answer.

Worth knowing

  1. 01The 7.90% expense ratio is many multiples of what a typical 2x single-stock ETF charges, and it bites every day you hold.
  2. 02Daily reset means path matters. The fund is not designed to deliver twice Rivian's return over any period longer than one day, and choppy stretches erode compounded results.graniteshares.com
  3. 03One stock, levered twice: no diversification, and the fund is young (launched 2025) with a small asset base relative to its peer group.

RVNL Holdings

As of Sep 21, 2026, 4:08 AM
Asset class
Other
Holdings
2
Top-10 weight
100%
Largest holding
RIVN SWAP66.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—RIVN SWAP66.67%1,407,241$22M1
002—US Dollars33.33%10,835,239$11M85

Showing 1–2 of 2 holdings

RVNL Performance

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

RVNL$5,356
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. RVNL $5,356. SPY $11,723. Use the arrow keys to read each point.$3,949$10,988$18,027Sep 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 RVNL. Periods over one year show the average yearly return.
PeriodRVNL
Year to date−61.5%
1 month−22.3%
3 months−15.1%
1 year−46.4%
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 RVNL
YearReturn barRVNL
2026 YTD−61.5%
2025+117.8%

History from Apr 22, 2025

RVNL in the news

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

RVNL Dividends

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

No distributions in the last 12 months.

RVNL 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.
75.5%
Annualised · 16 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.
−0.06
vs 3-month T-bills · 16 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.
−72.9%
17 months · trough May 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.
0.73
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.

RVNL Cost

Expense ratio7.90%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

Every other Single-Stock Long Leveraged fund charges less.

RVNL costs $790.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.