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NOWL vs UNHG

GraniteShares 2x Long NOW Daily ETF

NOWLCNasdaq

Leverage Shares 2x Long UNH Daily ETF

UNHGANasdaq

Overlap

Expense ratio

UNHG −0.64pt a year

NOWL1.41%UNHG0.77%

Avg volume · 30D

NOWL 16.4×the volume

NOWL11.9MUNHG726K

NOWL vs UNHG Performance

Oct 31, 2025 – Oct 30, 2026

−83.2%NOWL+11.9%UNHG

Oct 31, 2025 to Oct 30, 2026. NOWL −83.2%. UNHG +11.9%. Use the arrow keys to read each point.−50%−25%25%Oct 2025Apr 2026Oct 2026
Expense ratio
NOWL 1.41%
UNHG 0.77%, better
Fund size
NOWL $119M
UNHG $63M
1Y total return
NOWL −83.2%
UNHG +11.9%, better
Holdings
NOWL 2
UNHG 5
Avg volume (30D)
NOWL 11.9M sh, better
UNHG 726K sh
NAV per share
NOWL $3.97
UNHG $20.57
52W range

ETF.net Grade

NOWL: Cost 20, Risk 39, Mission 97, Tradability 91, Holdings not scored, Durability 77. UNHG: Cost 60, Risk 83, Mission 90, Tradability 91, Holdings not scored, Durability 66.
Pillar letters and Scores for NOWL, UNHG, with each pillar’s weight
PillarNOWLUNHG
Cost30% weightF20B60Higher
Mission25% weightA97HigherA90
Risk15% weightD39A83Higher
Tradability15% weightA91A91
Holdings10% weightNot scoredNot scored
Durability5% weightA77HigherB66

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 UNHG 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 ›

UNHG ranks 2nd 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 102CMULLGraniteShares 2x Long MU Daily ETFScore 45
  5. Rank 102CNOWLGraniteShares 2x Long NOW Daily ETFScore 45
  6. Rank 109CANELDefiance Daily Target 2X Long ANET ETFScore 44

Our read on each fund

ETF.net Research

NOWLCGraniteShares 2x Long NOW Daily ETF

UNHGALeverage Shares 2x Long UNH 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.

UNHG Two times UnitedHealth's daily move, reset every night: a managed-care insurer in a category stuffed with chip and AI names. UNHG got there first, and it charges 0.77%.

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.

UNHG The fund seeks daily investment results equal to twice the daily performance of UnitedHealth Group Incorporated 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.
  • UNHG At 0.77%, the cheaper of the only two 2x UNH funds: Direxion's UNHU runs 0.97% net of a waiver through September 1, 2027. Both sit below the category's typical fee.
  • First to the 2x UNH trade, listed July 2025, months before Direxion's version arrived in March 2026. It trades actively for a single-stock leveraged fund.direxion.com
  • Exposure comes from total return swaps reset at each close, and day-to-day it has stayed close to its 2x target. One of the better-built funds in a crowded bull field.leverageshares.comsec.gov

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
  • UNHG Daily reset means multi-day results depend on the path UNH takes, not just its direction. Choppy stretches can erode value even if the stock ends where it started.leverageshares.com
  • Swap-based exposure carries counterparty risk, and everything rides on one managed-care company's news, from earnings to policy headlines.leverageshares.com
  • Listed in 2025, so there is little history to judge it across a full market cycle.

Full NOWL profile⁠

Full UNHG profile⁠

NOWL vs UNHG 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 UNHG Cost

Overpaying NOWL vs UNHG

$10,163

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

  • NOWL 1.41%

    $24,992

  • UNHG 0.77%

    $14,829

$10,000
30 years

Cost over time

  • NOWL 1.41%
  • UNHG 0.77%
  • 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 $24,992UNHG $14,829

Year by year

YearNOWLUNHGOverpaying
10$2,444$1,371$1,073
20$9,017$5,205$3,812
30$24,992$14,829$10,163

Expense ratio

  • 1.41%NOWL
  • 0.77%UNHG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

UNHG 135th cheapest of 315 funds

NOWL 257th cheapest of 315 funds

NOWL vs UNHG Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
NOWL None
UNHG No data
Last payment
NOWL No data
UNHG $1.90
Ex-dividend
NOWL No data
UNHG Dec 30, 2025
Paid on
NOWL No data
UNHG Jan 2, 2026
Frequency
NOWL No data
UNHG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

NOWLAll NOWL payments⁠

No distribution history available.

UNHGIrregular · 1 paymentAll UNHG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.90. Use the arrow keys to read each point.$0$22026YTD

NOWL vs UNHG 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 2025UNHG 98.1%since Aug 2025
Return per unit of riskSharpe ratio, 3 years
NOWL −0.52since Aug 2025UNHG 0.90since Aug 2025
Worst fallMax drawdown, 5 years
NOWL −86.6%since Jul 2025UNHG −57.1%since Jul 2025
Market sensitivityBeta, 5 years
NOWL 1.47UNHG 5.53

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.

  • UNHGAvsTSMGA

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

    Expense ratio
    0.77% · 0.76%
    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.

  • UNHGAvsOKTGA

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

    Expense ratio
    0.77% · 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.

  • UNHGAvsPANGA

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

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