At a glance
AMZZ charges 1.15% a year. It has $45.2M in assets. Over the past year it returned +3.2% with distributions reinvested.
The short version
GraniteShares 2x Long AMZN Daily ETF (AMZZ) aims to deliver twice the daily percentage move of Amazon.com stock, mainly through an equity swap backed by Treasury bills. Because its exposure resets every day, results over weeks or months can drift far from 2 times Amazon's return. It charges 1.15% a year and fell 55.3% between February and April 2025, so it may suit short-term traders more than long-term holders.
Price history
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AMZZ +3.2% 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 | |
|---|---|---|---|---|---|---|
| AMZZ price data to Oct 27, 2026 | +3.2% | +3.2% | — | — | — | +10.6% |
- Over the year to Oct 27, 2026, AMZZ returned +3.2%.
- Its worst full calendar year was 2025 (-8.9%); its best was 2025 (-8.9%).
- The deepest fall in its price history was 55.3% (Feb 4, 2025 to Apr 21, 2025), recovered by May 5, 2026.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.2% |
| 2025 | -8.9% |
| 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 1 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 102.68% |
By country
United States 102.68%By issuer
US Treasury 102.68%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 $6.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +59.60%, +3.32%, -24.00%.
How it works
AMZZ is actively managed and tracks no index. Its goal is 200% of the daily percentage change in Amazon.com, Inc. (NASDAQ: AMZN) stock, measured from one trading day's close to the next. At the end of each trading day, the fund adjusts its positions so its exposure to Amazon equals about 200% of its net asset value.
It gets that exposure mainly through swaps. A swap is a contract in which a financial institution agrees to pay the fund Amazon's return on a set dollar amount. As of June 30, 2026, its one swap, with TD Cowen, covered about 200% of net assets. The fund expects to post 25% to 50% of its assets as collateral. If it can't expand its swaps, it may use exchange-listed Amazon options instead. These are either deep in-the-money calls or a paired call purchase and put sale known as a synthetic forward. It may also own the shares directly.
Money not tied up in collateral goes into short-term holdings such as Treasury bills, money market funds or the issuer's own GraniteShares Short Term Box ETF (LBOX). On June 30, 2026, Treasury bills made up about 102.7% of net assets, with an average maturity of about 0.1 years. The daily reset matters most. In choppy markets, compounding can leave holders well short of twice Amazon's return over longer periods.
What it really costs
- AMZZ charges 1.15% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.03% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $117 in the first year and $1,428 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AMZZ | $117 | $372 | $646 | $1,428 |
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
It targets twice Amazon's daily move and resets every day, so returns over longer periods can stray far from 2 times the stock's return.
AMZZ launched on March 4, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its own short history has been rough. From February 4 to April 21, 2025, it fell 55.3%, and it didn't regain that peak until May 5, 2026, about 12.5 months later. Its only full calendar year, 2025, ended with a loss of 8.9%. Its one-year volatility was 68.3% as of October 27, 2026. Anyone who had to draw on savings during a slump like that could lock in steep losses. The fund has no recorded distributions, so it adds no income. Costs are high: 1.15% a year, or about $117 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and any plan should look at the whole portfolio rather than one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a one-day, roughly 2x position on Amazon.com stock and are able to check it every day.
- Traders who can stomach swings like its 68.3% one-year volatility as of October 27, 2026, and a 55.3% drop in early 2025.
- Investors who understand swap risk, since as of June 30, 2026, its Amazon exposure ran through a single swap with TD Cowen.
Look elsewhere if
- Savers and retirees who want a long-term Amazon holding, since the daily reset can push multi-month returns far from twice the stock's.
- Income seekers, because the fund has no recorded distributions and its return comes only from changes in its share price.
- Cost-conscious investors: the 1.15% expense ratio adds up to about $1,428 over 10 years on $10,000 in the SEC's standard example.
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 AMZZ a good long-term investment?
AMZZ is built for short-term trading, not long-term holding. Its prospectus targets 2 times Amazon's move for a single day only, and its exposure resets every day. Over longer stretches, compounding can push results far from double Amazon's return, especially when the stock swings back and forth. Its only full calendar year, 2025, ended with a loss of 8.94%, and its one-year return was 3.2% as of October 27, 2026. Its 1.15% yearly cost also drags on returns.
Does AMZZ pay dividends?
No. The fund has no recorded distributions. Most of its assets sit in Treasury bills that back its positions, and its Amazon exposure comes through a swap rather than owning the shares outright. Any return comes only from changes in AMZZ's share price. Investors who want regular income from their holdings would need to look at other kinds of funds.
What's the difference between AMZZ and owning Amazon stock?
Owning Amazon shares gives you the stock's actual return, up or down, with no fund fee. AMZZ aims for 2 times Amazon's daily move, mostly through a swap, and charges 1.15% a year. That leverage cuts both ways. AMZZ fell 55.3% between February 4 and April 21, 2025. Its one-year beta, a measure of how sharply it moves compared with the overall market, was 2.91 as of October 27, 2026. Because of the daily reset, AMZZ's long-run return can differ sharply from twice Amazon's.
How much does AMZZ cost?
AMZZ's expense ratio is 1.15% a year, according to the prospectus filed October 28, 2026. The management fee alone is 0.99%. In the SEC's standard example, you invest $10,000, earn 5% a year and cash out at the end of each period. Costs come to about $117 after one year, $372 after three, $646 after five and $1,428 after ten. The fund takes these costs out of its assets, so you never get a separate bill.
How risky is AMZZ?
AMZZ is very risky. It targets twice Amazon's daily move, so a sharp one-day drop in the stock is roughly doubled for the fund. From February 4 to April 21, 2025, AMZZ fell 55.3%, and it took about 12.5 months to recover. Its strongest quarter gained 23.92%, while its weakest, which ended March 31, 2025, lost about 27.7%. It also depends on swap counterparties honoring their contracts, and it focuses on a single stock.