GraniteShares 2x Long RIVN Daily ETF (RVNL)

The GraniteShares 2x Long RIVN Daily ETF (RVNL) is an exchange-traded fund that seeks daily investment results equal to two times (200%) the daily percentage change in the share price of Rivian Automotive (RIVN). It is sponsored by GraniteShares.

Rivian Automotive designs and manufactures electric vehicles, including pickup trucks, SUVs and commercial delivery vans, and develops related software and charging infrastructure. The fund does not hold a simple long position alone; it obtains its leveraged exposure mainly through swap agreements and similar derivatives tied to RIVN shares, along with cash and short-term instruments held as collateral.

Because the 2x target is reset every trading day, the fund is built for short-term daily exposure. Over periods longer than one day, compounding means its performance can differ significantly from twice the return of RIVN over the same period.