GraniteShares 2x Long NOW Daily ETF (NOWL)

The GraniteShares 2x Long NOW Daily ETF (NOWL) is a single-stock leveraged ETF from GraniteShares. It seeks daily investment results, before fees and expenses, of 200% (two times) the daily percentage change in the share price of ServiceNow, Inc.

ServiceNow, based in Santa Clara, California, provides a cloud platform that automates IT service management, operations, customer service, HR and other enterprise workflows. The fund generally obtains its leveraged exposure through swap agreements with financial institutions and may also hold shares of the stock directly, keeping the balance of its assets in cash and short-term instruments.

Because the leverage resets every trading day, the fund targets daily returns only. Over periods longer than one day its performance can differ significantly from twice the return of the underlying stock, especially when the stock is volatile.