GraniteShares 2x Long NOW Daily ETF (NOWL) ETF

Technical Score (1D)

BEARISH

News Sentiment

BULLISH

What's happening to NOWL today?

NOWL (GraniteShares 2x Long NOW Daily ETF) is a fund giving 2x daily leveraged exposure to ServiceNow Inc (NOW). On Oct 13, ServiceNow entered preliminary talks with AI startup Decagon, a company valued at $4.5 billion earlier in the year, as reported by Business Insider. The discussion came amid a broader tech sector downturn, with the State Street Technology Select Sector SPDR ETF falling 0.2% and the semiconductor index sliding 0.8%. ServiceNow’s shares dipped 0.4% following the announcement, reflecting a modest market reaction to the partnership news. The move signals a strategic push into AI, but the lack of a definitive deal or financial commitment suggests limited immediate impact on the company’s valuation.

News Sentiment Analysis

Sentiment gathered from recent headlines

56/100

Strong NegativeNeutralStrong Positive

MODERATELY 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.

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.

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.

Key Metrics for NOWL

Risk Factors to Monitor

Frequently Asked Questions

News Sentiment Analysis

Sentiment gathered from recent headlines

56/100

Strong NegativeNeutralStrong Positive

MODERATELY 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.

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

Positioning NOWL

What Influences NOWL?

ServiceNow Performance

Leverage and Daily Reset

Concentration Risk

Key insight: NOWL's trajectory is almost entirely dictated by the daily price fluctuations of ServiceNow Inc., amplified by its 2x leverage.

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