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NOWL vs TSMG

GraniteShares 2x Long NOW Daily ETF

NOWLCNasdaq

Leverage Shares 2x Long TSM Daily ETF

TSMGANasdaq

Overlap

Expense ratio

TSMG −0.65pt a year

NOWL1.41%TSMG0.76%

Avg volume · 30D

NOWL 172.9×the volume

NOWL11.9MTSMG69K

NOWL vs TSMG Performance

Oct 31, 2025 – Oct 30, 2026

−83.2%NOWL+40.8%TSMG

Oct 31, 2025 to Oct 30, 2026. NOWL −83.2%. TSMG +40.8%. Use the arrow keys to read each point.−50%0%100%Oct 2025Apr 2026Oct 2026
Expense ratio
NOWL 1.41%
TSMG 0.76%, better
Fund size
NOWL $119M
TSMG $28M
1Y total return
NOWL −83.2%
TSMG +40.8%, better
Holdings
NOWL 2
TSMG 5
Avg volume (30D)
NOWL 11.9M sh, better
TSMG 69K sh
NAV per share
NOWL $3.97
TSMG $33.77
52W range

ETF.net Grade

NOWL: Cost 20, Risk 39, Mission 97, Tradability 91, Holdings not scored, Durability 77. TSMG: Cost 70, Risk 84, Mission 79, Tradability 74, Holdings not scored, Durability 67.
Pillar letters and Scores for NOWL, TSMG, with each pillar’s weight
PillarNOWLTSMG
Cost30% weightF20A70Higher
Mission25% weightA97HigherA79
Risk15% weightD39A84Higher
Tradability15% weightA91HigherA74
Holdings10% weightNot scoredNot scored
Durability5% weightA77HigherB67

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 TSMG 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 ›

TSMG ranks 1st 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 102CMULLGraniteShares 2x Long MU Daily ETFScore 45
  4. Rank 102CNOWLGraniteShares 2x Long NOW Daily ETFScore 45
  5. Rank 109CANELDefiance Daily Target 2X Long ANET ETFScore 44

Our read on each fund

ETF.net Research

NOWLCGraniteShares 2x Long NOW Daily ETF

TSMGALeverage Shares 2x Long TSM 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.

TSMG Two times TSM, one day at a time. TSMG aims for 200% of Taiwan Semiconductor's daily move, no margin account required, at 0.75% a year, below what most leveraged single-stock funds charge.

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.

TSMG The fund seeks daily investment results equal to 200% of the daily performance of Taiwan Semiconductor Manufacturing Company Ltd stock, 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.
  • TSMG Charges 0.75% a year, undercutting the 0.96% on Direxion's 2x single-stock funds such as AAPU and GGLL.leverageshares.com
  • The milder gear on the leveraged shelf: it targets double TSM's daily move, not triple.leverageshares.com
  • Leverage arrives inside a regular 1940 Act ETF. No margin agreement, no lender, and your exposure is capped at what you put in.leverageshares.com
  • Hits its stated daily target tightly, and rates among the stronger builds in a crowded field of 2x and 3x single-stock funds.

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
  • TSMG The leverage resets every day. Hold longer and compounding takes over, so multi-day results can drift well away from twice TSM's move, especially in choppy markets.leverageshares.com
  • One stock, one industry. Everything rides on Taiwan Semiconductor, doubled, so company-specific news lands twice as hard.
  • Young and small: launched in January 2025, and it sits among the smaller, less heavily traded names on the leveraged shelf, which can widen spreads.

Full NOWL profile⁠

Full TSMG profile⁠

NOWL vs TSMG 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 TSMG Cost

Overpaying NOWL vs TSMG

$10,336

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

  • NOWL 1.41%

    $24,992

  • TSMG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • NOWL 1.41%
  • TSMG 0.76%
  • 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 $24,992TSMG $14,656

Year by year

YearNOWLTSMGOverpaying
10$2,444$1,353$1,091
20$9,017$5,142$3,875
30$24,992$14,656$10,336

Expense ratio

  • 1.41%NOWL
  • 0.76%TSMG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

TSMG 131st cheapest of 315 funds

NOWL 257th cheapest of 315 funds

NOWL vs TSMG Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
NOWL None
TSMG No data
Last payment
NOWL No data
TSMG $2.73
Ex-dividend
NOWL No data
TSMG Dec 30, 2025
Paid on
NOWL No data
TSMG Jan 2, 2026
Frequency
NOWL No data
TSMG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

NOWLAll NOWL payments⁠

No distribution history available.

TSMGIrregular · 1 paymentAll TSMG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $2.73. Use the arrow keys to read each point.$0$2.502026YTD

NOWL vs TSMG 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 2025TSMG 77.9%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
NOWL −0.52since Aug 2025TSMG 0.97since Feb 2025
Worst fallMax drawdown, 5 years
NOWL −86.6%since Jul 2025TSMG −63.7%since Jan 2025
Market sensitivityBeta, 5 years
NOWL 1.47TSMG 3.81

Popular comparisons

  • 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.

  • TSMGAvsUNHGA

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

    Expense ratio
    0.76% · 0.77%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • NOWLCvsOKTGA

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

    Expense ratio
    1.41% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TSMGAvsOKTGA

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

    Expense ratio
    0.76% · 0.75%
    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.

  • TSMGAvsPANGA

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

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