GraniteShares 2x Long NTAP Daily ETF (NTAL)

The GraniteShares 2x Long NTAP Daily ETF (NTAL) 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 NetApp, Inc.

NetApp, based in San Jose, California, provides data storage systems, data management software and cloud data services used by enterprises in on-premises and hybrid cloud environments. 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.