GraniteShares 2x Long NOW Daily ETF (NOWL) ETF Price, Holdings & News

Technical Score (1D)

BUY

News Sentiment

BULLISH

What's happening to NOWL today?

NOWL’s most recent catalyst is ServiceNow’s (NOW) Q2 earnings, which beat estimates with a 90‑cent EPS and a 24% YoY revenue jump, driven by 24.5% growth in subscription revenue that topped the high end of guidance. The company’s current remaining performance obligations climbed to $13.20 billion, underscoring strong customer commitment and a solid pipeline that should support the subscription momentum heading into the next earnings cycle. This robust performance lifts NOWL’s exposure to the cloud‑based workflow automation sector, a segment that has outpaced peers with roughly 80% faster top‑line growth and remains attractive to enterprises seeking digital transformation. Analysts note that NOW trades only a modest 3% premium on forward PEG, suggesting that the upside potential is still largely unpriced. The recent earnings beat also raises expectations for continued guidance, which could further buoy the ETF’s sector weighting over the next 1–10 trading days. However, the subscription model’s sensitivity to macro‑economic conditions—particularly interest‑rate expectations and corporate IT spending—means that any tightening in the credit market could temper growth. Additionally, regulatory scrutiny of cloud data handling could introduce headwinds for the broader automation ecosystem. Traders should watch for the next earnings release from NOW, as any shift in guidance or performance‑obligation trends will likely ripple through the ETF’s exposure to enterprise software. Monitoring upcoming macro data on corporate IT spend and any regulatory updates on cloud data privacy will also be key to assessing the ETF’s near‑term trajectory.

News Sentiment Analysis

Sentiment gathered from recent headlines

89/100

Strong NegativeNeutralStrong Positive

BULLISH

Recent News Coverage (Top ETF Holdings)

ETF: NOWL

0+ articles

Last updated: April 9, 2026

Understanding GraniteShares 2x Long NOW Daily ETF

The GraniteShares 2x Long NOW Daily ETF (NOWL) is structured to deliver two times the daily performance of a single equity security, ServiceNow Inc. This leveraged approach is achieved through financial instruments such as swaps and options, alongside direct holdings of the underlying stock, making it a highly concentrated investment. The fund's objective is explicitly tied to daily returns, meaning its performance is reset each trading session, a critical feature for understanding its behavior over longer periods.

Concentration is a defining characteristic of NOWL, as its holdings are entirely dedicated to ServiceNow Inc., representing 100% of its portfolio. This non-diversified structure means the ETF's performance will closely mirror that of ServiceNow, amplifying both potential gains and losses. Investors should recognize that this single-stock focus bypasses the risk mitigation typically offered by diversified equity funds.

NOWL is designed for short-term tactical trading rather than long-term buy-and-hold strategies due to its daily reset mechanism and leveraged nature. Its utility lies in expressing a strong conviction on the short-term directional movement of ServiceNow, potentially for active traders seeking amplified exposure. Investors must be acutely aware of the risks associated with leverage and single-stock concentration, especially the potential for amplified volatility and rapid value erosion.

Single-Stock Leverage

NOWL aims to provide 200% of the daily percentage change in ServiceNow Inc.'s stock price.

This leveraged exposure is achieved through a combination of financial derivatives and direct stock ownership.

The daily reset mechanism is crucial, as compounding effects can lead to significant divergence from 2x the long-term return of the underlying stock.

Extreme Concentration

The ETF's portfolio is 100% concentrated in ServiceNow Inc., as indicated by its top holdings.

This non-diversified structure means the fund's performance is entirely dependent on the price movements of a single company.

Such concentration amplifies both potential upside and downside risk, making it highly sensitive to ServiceNow-specific news and events.

Active Management & Derivatives

The fund employs an active management strategy to achieve its leveraged objective.

Financial instruments like swaps and options are utilized to gain the desired exposure to ServiceNow.

This reliance on derivatives and active management implies potential complexities and counterparty risks not present in passive index funds.

Short-Term Focus

NOWL's design is explicitly for short-term trading strategies, not long-term investment.

The daily reset feature means that holding the ETF for longer than a single day can lead to performance that deviates significantly from the stated 2x leverage.

This structure is best suited for traders with high conviction on immediate price direction and a tolerance for significant volatility.

Fee Structure Considerations

Specific fee data, such as the expense ratio, was not provided in the available ETF data.

Investors should conduct due diligence to understand the total cost of ownership, including management fees and any other structural costs.

Leveraged and actively managed ETFs often carry higher fees than their passive, unleveraged counterparts, which can impact net returns.

Positioning NOWL

NOWL is best utilized as a tactical tool for expressing a strong, short-term directional view on ServiceNow Inc. Sizing should reflect the amplified risk profile, acknowledging that losses can be substantial and rapid. Re-evaluation of the position is warranted if the underlying thesis for ServiceNow's short-term movement changes or if the holding period extends beyond the intended daily trading window.

What Influences NOWL?

The GraniteShares 2x Long NOW Daily ETF (NOWL) is primarily driven by the daily price movements of its single underlying holding, ServiceNow Inc. As a 2x leveraged ETF, its performance is magnified by two times the daily percentage change of ServiceNow stock.

ServiceNow Performance

NOWL's performance is inextricably linked to ServiceNow Inc. (NOW), which constitutes 100% of its holdings. Any positive or negative price action in ServiceNow directly translates to double that percentage change in NOWL's value, before fees and expenses.

This direct correlation means that company-specific news, earnings reports, product announcements, or competitive pressures affecting ServiceNow will be the dominant factors influencing NOWL's daily returns. Investors are essentially betting on the short-term direction of ServiceNow.

Leverage and Daily Reset

The 2x leverage employed by NOWL amplifies both gains and losses. A 1% daily increase in ServiceNow's stock will result in approximately a 2% gain for NOWL, while a 1% decrease will lead to a roughly 2% loss.

Furthermore, the ETF's objective is reset daily. This means that compounding effects over longer periods can lead to performance that deviates significantly from two times the cumulative return of ServiceNow, making it unsuitable for buy-and-hold strategies.

Concentration Risk

Being non-diversified, NOWL's entire investment is concentrated in a single security, ServiceNow Inc. This lack of diversification means that any adverse event specifically impacting ServiceNow could lead to substantial losses for the fund.

The fund's structure eliminates the benefits of sector or industry diversification. All risk is tied to the fortunes of one company, making its price movements highly volatile and dependent on factors affecting that single stock.

Key insight: NOWL's trajectory is almost entirely dictated by the daily price fluctuations of ServiceNow Inc., amplified by its 2x leverage. Investors should be aware of the significant risks associated with this single-stock, leveraged structure, particularly the impact of daily resets on longer-term returns.

Key Metrics for NOWL

Risk Factors to Monitor

Frequently Asked Questions

News Sentiment Analysis

Sentiment gathered from recent headlines

89/100

Strong NegativeNeutralStrong Positive

BULLISH

Recent News Coverage (Top ETF Holdings)

ETF: NOWL

0+ articles

Last updated: April 9, 2026

Understanding GraniteShares 2x Long NOW Daily ETF

Single-Stock Leverage

NOWL aims to provide 200% of the daily percentage change in ServiceNow Inc.'s stock price.

This leveraged exposure is achieved through a combination of financial derivatives and direct stock ownership.

The daily reset mechanism is crucial, as compounding effects can lead to significant divergence from 2x the long-term return of the underlying stock.

Extreme Concentration

The ETF's portfolio is 100% concentrated in ServiceNow Inc., as indicated by its top holdings.

This non-diversified structure means the fund's performance is entirely dependent on the price movements of a single company.

Such concentration amplifies both potential upside and downside risk, making it highly sensitive to ServiceNow-specific news and events.

Active Management & Derivatives

The fund employs an active management strategy to achieve its leveraged objective.

Financial instruments like swaps and options are utilized to gain the desired exposure to ServiceNow.

This reliance on derivatives and active management implies potential complexities and counterparty risks not present in passive index funds.

Short-Term Focus

NOWL's design is explicitly for short-term trading strategies, not long-term investment.

The daily reset feature means that holding the ETF for longer than a single day can lead to performance that deviates significantly from the stated 2x leverage.

This structure is best suited for traders with high conviction on immediate price direction and a tolerance for significant volatility.

Fee Structure Considerations

Specific fee data, such as the expense ratio, was not provided in the available ETF data.

Investors should conduct due diligence to understand the total cost of ownership, including management fees and any other structural costs.

Leveraged and actively managed ETFs often carry higher fees than their passive, unleveraged counterparts, which can impact net returns.

NOWL·GraniteShares 2x Long NOW Daily ETF

What's happening to NOWL today?

News Sentiment Analysis

Recent News Coverage (Top ETF Holdings)

Discover More

Understanding GraniteShares 2x Long NOW Daily ETF

Single-Stock Leverage

Extreme Concentration

Active Management & Derivatives

Short-Term Focus

Fee Structure Considerations

Positioning NOWL

What Influences NOWL?

ServiceNow Performance

Leverage and Daily Reset

Concentration Risk

Key Metrics for NOWL

Risk Factors to Monitor

Frequently Asked Questions

News Sentiment Analysis

Recent News Coverage (Top ETF Holdings)

Discover More

Understanding GraniteShares 2x Long NOW Daily ETF

Single-Stock Leverage

Extreme Concentration

Active Management & Derivatives

Short-Term Focus

Fee Structure Considerations

Positioning NOWL

What Influences NOWL?

ServiceNow Performance

Leverage and Daily Reset

Concentration Risk

Key Metrics for NOWL

Risk Factors to Monitor

Frequently Asked Questions