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NOWL vs OKTG

GraniteShares 2x Long NOW Daily ETF

NOWLCNasdaq

Leverage Shares 2x Long OKTA Daily ETF

OKTGANasdaq

Overlap

Expense ratio

OKTG −0.66pt a year

NOWL1.41%OKTG0.75%

Avg volume · 30D

NOWL 310.1×the volume

NOWL11.9MOKTG38.5K

NOWL vs OKTG Performance

Dec 31, 2025 – Oct 30, 2026

−74.7%NOWL+247.6%OKTG

Dec 31, 2025 to Oct 30, 2026. NOWL −74.7%. OKTG +247.6%. Use the arrow keys to read each point.0%100%200%300%Dec 2025Jun 2026Oct 2026
Expense ratio
NOWL 1.41%
OKTG 0.75%, better
Fund size
NOWL $119M
OKTG $8M
1Y total return
NOWL −83.2%
OKTG No data
Holdings
NOWL 2
OKTG 5
Avg volume (30D)
NOWL 11.9M sh, better
OKTG 38.5K sh
NAV per share
NOWL $3.97
OKTG $53.95
52W range

ETF.net Grade

NOWL: Cost 20, Risk 39, Mission 97, Tradability 91, Holdings not scored, Durability 77. OKTG: Cost 70, Risk 76, Mission 94, Tradability 73, Holdings not scored, Durability 51.
Pillar letters and Scores for NOWL, OKTG, with each pillar’s weight
PillarNOWLOKTG
Cost30% weightF20A70Higher
Mission25% weightA97HigherA94
Risk15% weightD39A76Higher
Tradability15% weightA91HigherA73
Holdings10% weightNot scoredNot scored
Durability5% weightA77HigherC51

Rank among Single-Stock Long Leveraged funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. NOWL and OKTG are both graded against the same 315 Single-Stock Long Leveraged funds, so their Grades compare head to head.

Single-Stock Long Leveraged⁠

Category · 315 funds
See all 315 ›

OKTG ranks 3rd and NOWL 102nd of 315 funds in the Single-Stock Long Leveraged Category.

  1. Rank 1ATSMGLeverage Shares 2x Long TSM Daily ETFScore 73
  2. Rank 2AUNHGLeverage Shares 2x Long UNH Daily ETFScore 72
  3. Rank 3AOKTGLeverage Shares 2x Long OKTA Daily ETFScore 70
  4. Rank 3APANGLeverage Shares 2x Long PANW Daily ETFScore 70
  5. Rank 102CMULLGraniteShares 2x Long MU Daily ETFScore 45
  6. Rank 102CNOWLGraniteShares 2x Long NOW Daily ETFScore 45
  7. Rank 109CANELDefiance Daily Target 2X Long ANET ETFScore 44

Our read on each fund

ETF.net Research

NOWLCGraniteShares 2x Long NOW Daily ETF

OKTGALeverage Shares 2x Long OKTA Daily ETF

In short

NOWL A pure trading instrument: NOWL aims to deliver twice ServiceNow's daily move via total-return swaps, reset at every close. Heavily traded for a single-stock leverage fund, and it tracks that daily target closely.

OKTG A 2x daily amplifier on Okta, the identity-security stock, in an ETF wrapper. Leverage Shares prices it at 0.75%, under the typical leveraged single-stock fund, in a corner of the market built mostly around mega-caps.

Stated mandate

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

OKTG The fund seeks daily leveraged investment results equal to 200% of the daily performance of the publicly traded common stock identified as OKTA, before fees and expenses.

Why people hold it

  • NOWL Day by day it has stayed close to its stated goal of twice ServiceNow's daily percentage change, with little slippage.graniteshares.com
  • Very actively traded for a single-name leverage fund, which usually means tighter spreads and easier entries and exits over short holding periods.
  • Gets its 200% exposure through total-return swaps on NOW backed by Treasury bills and cash, so there is no margin account or options chain to manage.graniteshares.comsec.gov
  • Sits in the upper half of a crowded field of leveraged single-stock funds on how well it does the job it advertises.
  • OKTG Costs 0.75% a year, below the roughly 1.01% median for leveraged single-stock funds, and matches the fee on Leverage Shares' other 2x products like UNHG and ASMG.
  • Mechanically simple: it aims for 200% of Okta's daily move before fees and expenses, no margin account, options chain or share borrow involved.leverageshares.com
  • Unusual target. Most 2x single-stock ETFs point at mega-caps such as AAPU and GGLL; this one puts the same machinery on a cybersecurity name.

Worth knowing

  • NOWL Costs 1.50% net (1.51% gross), net of a waiver through December 31, 2026, and sits above the category median; Leverage Shares peers OKTG (0.75%) and TSMG (0.76%) charge less.
  • The 2x applies to one trading day. Hold longer and daily compounding can pull results away from twice NOW's move over the period, especially in choppy markets.graniteshares.com
  • One stock, doubled: earnings gaps land twice as hard, and the fund's own filings describe it as built for investors who monitor positions frequently.sec.gov
  • OKTG The leverage resets every day. Hold past that and returns compound, so a choppy stretch can leave you far from 2x Okta's move over the period.
  • One company, doubled. An earnings gap or a breach headline at Okta hits the fund at twice the size, with no other holdings to soften it.
  • Launched in November 2025 and still small and thinly traded, so spreads can run wider than on the long-established mega-cap leveraged funds.

Full NOWL profile⁠

Full OKTG profile⁠

NOWL vs OKTG Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

NOWL vs OKTG Cost

Overpaying NOWL vs OKTG

$10,510

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • NOWL 1.41%

    $24,992

  • OKTG 0.75%

    $14,482

$10,000
30 years

Cost over time

  • NOWL 1.41%
  • OKTG 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530NOWL $24,992OKTG $14,482

Year by year

YearNOWLOKTGOverpaying
10$2,444$1,336$1,108
20$9,017$5,078$3,939
30$24,992$14,482$10,510

Expense ratio

  • 1.41%NOWL
  • 0.75%OKTG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

OKTG 87th cheapest of 315 funds

NOWL 257th cheapest of 315 funds

NOWL vs OKTG Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
NOWL None
OKTG None

Distribution history

NOWLAll NOWL payments⁠

No distribution history available.

OKTGAll OKTG payments⁠

No distribution history available.

NOWL vs OKTG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
NOWL 135.7%since Aug 2025OKTG No data
Return per unit of riskSharpe ratio, 3 years
NOWL −0.52since Aug 2025OKTG No data
Worst fallMax drawdown, 5 years
NOWL −86.6%since Jul 2025OKTG No data
Market sensitivityBeta, 5 years
NOWL 1.47OKTG 2.39

Popular comparisons

  • NOWLCvsTSMGA

    GraniteShares 2x Long NOW Daily ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
    1.41% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • OKTGAvsTSMGA

    Leverage Shares 2x Long OKTA Daily ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
    0.75% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • NOWLCvsUNHGA

    GraniteShares 2x Long NOW Daily ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    1.41% · 0.77%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • OKTGAvsUNHGA

    Leverage Shares 2x Long OKTA Daily ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    0.75% · 0.77%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • NOWLCvsPANGA

    GraniteShares 2x Long NOW Daily ETF · Leverage Shares 2x Long PANW Daily ETF

    Expense ratio
    1.41% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • OKTGAvsPANGA

    Leverage Shares 2x Long OKTA Daily ETF · Leverage Shares 2x Long PANW Daily ETF

    Expense ratio
    0.75% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.