At a glance
AMDL charges 1.87% a year. It has $1.66B in assets. Over the past year it returned +161.0% with distributions reinvested.
The short version
GraniteShares 2x Long AMD Daily ETF (AMDL) aims to deliver twice the daily percentage change of Advanced Micro Devices (AMD) stock, before fees. It gets that exposure mainly through swap agreements with large banks and brokers. Because it resets its leverage every day, returns over weeks or months can drift far from 2x AMD. With a 1.87% expense ratio and 139% one-year volatility as of October 27, 2026, it is built for short-term traders.
Price history
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AMDL +161.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AMDL price data to Oct 27, 2026 | +311.3% | +161.0% | — | — | — | +42.2% |
- Over the year to Oct 27, 2026, AMDL returned +161.0%.
- Its worst full calendar year was 2025 (+103.0%); its best was 2025 (+103.0%).
- The deepest fall in its price history was 88.6% (Mar 18, 2024 to Apr 8, 2025), recovered by Apr 22, 2026.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +311.3% |
| 2025 | +103.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its exposure coming from 6 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 207.21% |
By country
United States 207.21%By issuer
US Treasury 207.21%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $582.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +189.44%, +97.60%, +18.39%.
How it works
AMDL is actively managed and follows no index. It has one target: the common stock of Advanced Micro Devices. At the end of each trading day, the fund adjusts its exposure to about 200% of its net assets. It does this mainly through total return swaps. In a total return swap, the fund and a bank agree to exchange the gain or loss on a set dollar amount of AMD stock. As of June 30, 2026, the fund held swaps with Nomura, Cantor Fitzgerald, BMO Capital Markets, Wells Fargo Securities and TD Cowen. Each was worth roughly 25% to 39% of net assets, and together they came to about 200%.
If the fund can't add enough swap exposure, it may use exchange-listed options on AMD instead. These include deep in-the-money calls, or a "synthetic forward," which pairs a purchased call with a written put. The options run one week to one month. It may also hold AMD shares directly. Its cash sits in short-term Treasury bills, money market funds or short-term bond ETFs, including GraniteShares' own LBOX. It posts 25% to 50% of its assets as collateral to its swap partners. As of June 30, 2026, its Treasury bills averaged about 0.1 years to maturity.
Because of the daily reset, results over longer periods compound day by day. In choppy markets, that usually leaves holders with less than twice AMD's return. If a swap partner fails to pay, the fund can lose money too.
What it really costs
- AMDL charges 1.87% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.02% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $190 in the first year and $2,207 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AMDL | $190 | $592 | $1,019 | $2,207 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
AMDL is built for single-day results on one stock, and its daily-reset leverage has produced deep, long drawdowns that don't fit long-term plans.
AMDL launched on March 4, 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its own history is harsh. From March 18, 2024 to April 8, 2025, it fell 88.6%, and it didn't regain that peak until April 22, 2026, about 12.5 months later. Its weakest quarter lost 32.77% (first quarter of 2025). Its only full calendar year, 2025, gained 103%, and it was up 311% for 2026 through October 27. But it also dropped 24.1% in the month to that date. Someone who needs cash during a bad stretch could be forced to lock in deep losses. It has paid no distributions. In the SEC's standard example, its 1.87% expense ratio costs about $190 on $10,000 in year one and $2,207 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want about twice AMD's move for a single day and are prepared to check their position daily.
- Traders comfortable relying on swap partners such as Nomura, BMO and Wells Fargo to deliver the fund's AMD exposure.
- Short-term traders who want amplified AMD exposure without a margin account and accept a 1.87% expense ratio for it.
Look elsewhere if
- Retirees and savers seeking income: AMDL has recorded no distributions.
- Buy-and-hold investors: it fell 88.6% between March 2024 and April 2025 and took about 12.5 months to recover.
- Anyone wanting diversification: it is tied to one semiconductor company, with 139% one-year volatility as of October 27, 2026.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is AMDL a good long-term investment?
AMDL is designed for one-day results, not long-term holding. It targets twice AMD's daily move, from one market close to the next, and resets every day. Over longer periods, that compounding can pull returns far from 2x AMD, often below it in choppy markets. Its record shows the risk: it fell 88.6% from March 18, 2024 to April 8, 2025, and took about 12.5 months to recover. Its prospectus calls it a fund that seeks daily results.
Does AMDL pay dividends?
No. AMDL has recorded no distributions. The fund gets its AMD exposure mainly through swap agreements and keeps its cash in short-term Treasury bills and similar instruments. It doesn't pass AMD dividends or regular income through to shareholders. Investors who want steady cash payments would need to find them elsewhere in their portfolio. Any return from AMDL comes from changes in its share price, which can be very large in either direction.
What is AMDL's expense ratio?
AMDL's expense ratio is 1.87%, according to its prospectus filed October 28, 2026. That includes a 0.99% management fee. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $190 in the first year, $592 over three years, $1,019 over five years and $2,207 over 10 years. That is far more than a typical index fund charges, and it comes on top of trading costs such as bid-ask spreads.
What's the difference between AMDL and owning AMD stock?
Owning AMD directly gives you one-for-one exposure to the company, with no daily reset and no fund fee. AMDL aims for twice AMD's daily move, mainly through swaps with banks, and resets that leverage every day. That magnifies both gains and losses: as of October 27, 2026, AMDL's one-year beta to the market was 6.55 and its volatility 139%. AMDL also adds counterparty risk and charges a 1.87% expense ratio.
Why does AMDL hold Treasury bills instead of AMD shares?
AMDL gets most of its AMD exposure through swap contracts, not by holding the stock. Swaps let the fund earn twice AMD's daily return on a set dollar amount without paying for all those shares up front. The leftover cash goes into very short-term Treasury bills, which averaged about 0.1 years to maturity as of June 30, 2026. Part of the fund's assets, between 25% and 50%, is posted as collateral to its swap partners.