At a glance
CRWL charges 1.67% a year. It has $53.0M in assets. Over the past year it returned +149.1% with distributions reinvested.
The short version
GraniteShares 2x Long CRWD Daily ETF (CRWL) aims to deliver twice the daily percentage move of CrowdStrike Holdings (CRWD) stock, before fees. It gets that exposure mainly through swap agreements. Because the leverage resets every day, returns over weeks or months can differ sharply from twice CrowdStrike's return. It charges 1.67% a year, and it fell 65% from peak to trough between November 2025 and February 2026.
Price history
The interactive chart needs JavaScript.
CRWL +149.1% 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 | |
|---|---|---|---|---|---|---|
| CRWL price data to Oct 27, 2026 | +234.6% | +149.1% | — | — | — | +106.0% |
- Over the year to Oct 27, 2026, CRWL returned +149.1%.
- Its worst full calendar year was 2025 (+30.4%); its best was 2025 (+30.4%).
- The deepest fall in its price history was 65% (Nov 10, 2025 to Feb 24, 2026), recovered by May 20, 2026.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +234.6% |
| 2025 | +30.4% |
| 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 | 474.76% |
By country
United States 474.76%By issuer
US Treasury 474.76%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 $51.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +25.43%, +157.14%, +4.26%.
How it works
CRWL does not track an index. It is an actively managed fund built around a single company, CrowdStrike Holdings, which its prospectus calls the Underlying Stock. Its goal is to return 200% of CrowdStrike's daily percentage change, measured from one day's market close to the next. To do this, it mainly uses swaps. A swap is a contract in which a bank agrees to pay the fund the return on a set dollar amount of CrowdStrike stock. As of June 30, 2026, the fund's one swap was with Nomura Securities and equaled about 200% of net assets.
If GraniteShares can't add more swap exposure, the fund may buy deep in-the-money call options on CrowdStrike instead. It may also pair a bought call with a sold put, which together act like a forward contract. Or it may buy the stock itself. The fund expects to post 25% to 50% of its assets as collateral under its swaps. The rest of its cash goes mostly into short-term US Treasury bills, which had an average maturity of about 0.1 years as of June 30, 2026.
At each day's close, the fund resets its exposure to about 200% of net assets. Over longer periods, those daily results compound. In choppy markets, that usually leaves holders with less than twice CrowdStrike's return.
What it really costs
- CRWL charges 1.67% a year.
- Of that, 1.3% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.06% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $170 in the first year and $2,033 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CRWL | $170 | $539 | $932 | $2,033 |
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 doubles the daily moves of a single stock and resets every day, so it is built for short holding periods, not for years of buy-and-hold.
CRWL launched on November 11, 2024, so it has no record from the 2008, 2020 or 2022 market downturns. Its only full calendar year, 2025, ended up 30.4%. Even so, the fund fell 65% between November 10, 2025 and February 24, 2026, and it didn't regain that peak until May 20, 2026. Annualized volatility over one year was 110.9% as of October 27, 2026. Anyone who had to sell during a drop like that would have locked in deep losses. The fund has paid no distributions, so it provides no income. It charges 1.67% a year, which the SEC's standard example puts at about $170 in the first year on a $10,000 investment. Past results don't predict future ones, and any retirement 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 twice CrowdStrike's daily move for a day or a few days and who watch their position closely.
- Investors who understand swaps, daily leverage resets and compounding, and who accept that a single stock can swing more than 100% in a year.
- Traders who want leveraged CrowdStrike exposure without a margin account and who can accept the 1.67% annual cost on short holding periods.
Look elsewhere if
- Retirees or near-retirees who may need to sell in a bad stretch. The fund fell 65% between November 2025 and February 2026.
- Investors seeking income. CRWL has paid no distributions.
- Long-term investors who want CrowdStrike or broad technology exposure. Daily resets can wear down returns over months, and the fund holds just one stock.
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 CRWL good for retirement?
CRWL is generally a poor match for retirement portfolios. It seeks twice CrowdStrike's daily return and resets its leverage every day, so it is designed for short-term trading. It fell 65% from November 10, 2025 to February 24, 2026, and one-year volatility was 110.9% as of October 27, 2026. It pays no income and charges 1.67% a year. That combination may suit traders, but it brings large swings for anyone who may need to draw on savings.
Why doesn't CRWL return exactly 2x CrowdStrike over time?
CRWL aims for 2x CrowdStrike's return for one day only, from one close to the next. Each day it resets its exposure to about 200% of net assets, and those daily results compound. If CrowdStrike rises and falls in a choppy pattern, the fund can lose value even when the stock ends roughly flat. In a steady trend, it can beat 2x. The prospectus warns that returns over periods longer than a day are very likely to differ from 2x the stock's return.
Does CRWL pay dividends?
No. CRWL has recorded no distributions. The fund gets its CrowdStrike exposure mostly through swaps and keeps much of its cash in short-term US Treasury bills, but it has passed no income on to shareholders. Any gains come only from changes in the share price. Investors who want regular dividend or interest payments would need to look at other types of funds. Leveraged single-stock ETFs like CRWL are built for price exposure, not income.
What is CRWL's expense ratio?
CRWL's expense ratio is 1.67%, according to its prospectus filed October 28, 2026. That includes a 1.30% management fee and reflects a 0.06% fee waiver. Under the SEC's standard example, a $10,000 investment earning 5% a year would cost about $170 after one year, $539 after three years, $932 after five years and $2,033 after ten years. That's far more than a typical stock index fund costs.
CRWL vs CRWD: what's the difference?
CRWD is CrowdStrike Holdings' common stock. CRWL is a GraniteShares ETF that tries to double CrowdStrike's daily move using swaps, plus options or the stock itself when needed. Owning CRWD gives you one-for-one exposure with no fund fee and no daily reset. CRWL adds leverage, a 1.67% expense ratio, counterparty risk from its swap bank (Nomura Securities as of June 30, 2026) and compounding effects. That can make its long-run results very different from twice the stock's return.