NOWL ETF: What Is It? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The GraniteShares 2x Long NOW Daily ETF (NOWL) is a single-stock leveraged product that seeks to deliver twice the daily percentage move of ServiceNow shares. Key points to check are single-stock concentration, the effects of daily resets and compounding, and high volatility.
SubscribeWhat Is the GraniteShares 2x Long NOW Daily ETF?
This is a single-stock leveraged ETF that seeks to deliver twice the daily percentage price change of ServiceNow (NOW) common stock. It replicates its daily target exposure using derivatives such as swaps and options, along with the underlying shares.
It suits active short-term traders with strong conviction about ServiceNow's near-term direction, and it is not a product for long-term holding.
It is an actively managed ETF run by GraniteShares.
How Does the GraniteShares 2x Long NOW Daily ETF Invest?
| Item | Details |
|---|---|
| Tracking target | Twice the daily move of ServiceNow (NOW) |
| Management style | Active (daily replication using derivatives) |
| Rebalancing frequency | Daily reset |
| Dividend frequency | No regular dividends |
| Issuer | GraniteShares |
| Total expense ratio | 1.50% |
To deliver twice the daily percentage move of the single stock ServiceNow, the fund combines derivatives such as swaps and options with direct purchases of the underlying shares. Exposure is reset at the close of each trading day, and when the holding period exceeds one day, the compounding of daily returns can cause cumulative performance to differ significantly from twice the move in the underlying stock.
- A daily 2x leveraged structure concentrated in a single stock
- Active replication that combines derivatives with direct purchases
GraniteShares 2x Long NOW Daily ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $122.6M, and the total expense ratio (Expense Ratio) is 1.50% per year.
Unlike leveraged ETFs that track broad indexes, exposure is concentrated in a single stock, so volatility and tracking deviation can be larger.
GraniteShares 2x Long NOW Daily ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeBecause the fund amplifies the price movements of the underlying stock, ServiceNow, by a factor of two, short-term swings tend to be very large. When the direction is favorable, gains are magnified, but when it is unfavorable, losses grow just as steeply.
Given the nature of single-stock leveraged products, fund flows respond sensitively to the underlying stock's short-term momentum and volatility regime. Trading tends to become more active during periods of rising market volatility.
GraniteShares 2x Long NOW Daily ETF Pros and Cons
Its strength is that it offers amplified exposure to short-term ServiceNow strength, but single-stock concentration and compounding losses are the key risks.
💪 Key Strengths
⚠️ Points to Watch
GraniteShares 2x Long NOW Daily ETF Alternative ETFs and Related Products
TQQQ, SOXL, and QLD shown in the table are broad leveraged ETFs that track indexes, and their risk profile differs from that of NOWL, which is concentrated in a single stock. Among single-stock leveraged products from the same issuer, NVDL tracks NVIDIA, and other big tech single-stock 2x products include TSLL for Tesla, METU for Meta, and MSFU for Microsoft, so investors can choose based on the exposure they want.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 TQQQ | ProShares UltraPro QQQ 3x Shares | $60.55 | +1.8% | $31.8B | 0.78% | 0.8% | +2.4% |
 SOXL | Direxion Daily Semiconductor Bull 3X ETF | $73.12 | +7.3% | $17.6B | 0.75% | 0.13% | +50.5% |
 QLD | ProShares Ultra QQQ 2x Shares | $81.28 | +1.2% | $13.0B | 0.89% | 0.15% | +7.8% |
 SSO | ProShares Ultra S&P500 2x Shares | $67.43 | +0.6% | $8.3B | 0.84% | 0.71% | +15.0% |
 SPXL | Direxion Daily S&P 500 Bull 3X ETF | $268.76 | +0.9% | $6.5B | 0.84% | 0.54% | +19.2% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 MRX | Marex Group Ltd | 1.30% | $68.38 | +5.4% | $4.9B | 12.8 | 0.92% |
GraniteShares 2x Long NOW Daily ETF Investor Checkpoints
Here are the points to review before investing in NOWL. Single-stock leveraged products carry a risk profile very different from that of ordinary ETFs, so it is important to thoroughly understand the daily reset, the effects of compounding, single-stock concentration, and the cost burden in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| ⚡ Leverage structure | Understand the daily 2x reset and compounding effects | Reset daily |
| 🎯 Single-stock exposure | Check the concentration in the single stock ServiceNow | Undiversified |
| ⏳ Holding period | Check tracking deviation over long holding periods | For short-term trading |
| 💵 Cost | Fee burden of the active, derivatives-based structure | On the high side |
The combination of 2x leverage and single-stock concentration means losses can mount very quickly. Because of daily compounding, the longer the holding period, the further performance can drift from twice the move in the underlying stock, so the fund is not suitable for long-term holding.
It is a high-risk, short-term tool for traders with strong conviction about ServiceNow's near-term direction. It is recommended to use it only for short periods, after fully understanding its structure and compounding losses.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 18, 2026.
Today's 5 AI picks, all free