At a glance
DLLL charges 1.52% a year. It has $160.6M in assets. Over the past year it returned +440.2% with distributions reinvested.
The short version
GraniteShares 2x Long DELL Daily ETF (DLLL) aims to return twice the daily percentage move of Dell Technologies stock (NYSE: DELL), mostly through swap contracts with banks. Its 2x exposure resets every day, so over weeks or months its return can be very different from double Dell's. It charges 1.52% a year, and its price has swung hard. It gained 843% in 2026 through October 27, after falling 68% soon after its February 2025 launch.
Price history
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DLLL +440.2% 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 | |
|---|---|---|---|---|---|---|
| DLLL price data to Oct 27, 2026 | +843.3% | +440.2% | — | — | — | +266.1% |
- Over the year to Oct 27, 2026, DLLL returned +440.2%.
- The deepest fall in its price history was 68.2% (Feb 19, 2025 to Apr 4, 2025), recovered by Jul 28, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +843.3% |
| 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 2 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 344.11% |
By country
United States 344.11%By issuer
US Treasury 344.11%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 added a net $43.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +58.22%, +258.69%, -87.47%.
How it works
DLLL is an actively managed fund that tracks a single stock, Dell Technologies, rather than an index. It aims to deliver 200% of Dell's daily percentage change, measured from one day's market close to the next. At the end of each trading day it adjusts its positions so that its exposure to Dell is about 200% of its net assets. This daily reset matters most. Over longer periods, each day's return compounds on the last. In choppy markets, the result is usually worse than twice Dell's return over the same stretch.
Most of the exposure comes from swaps. A swap is a contract in which a bank agrees to pay the fund the return on a set dollar amount of Dell stock. As of June 30, 2026, two swaps gave about 200% exposure: one with TD Cowen (about 172% of net assets) and one with BofA Securities (about 28%). The fund expects to post 25% to 50% of its assets as collateral. If it can't add more swaps, it may use options on Dell or buy Dell shares directly.
The rest of the money sits in short-term investments. As of June 30, 2026, the fund reported holding only US Treasury bills, with an average maturity of about 0.1 years. That keeps its sensitivity to interest rates low. The prospectus also allows money market funds, repurchase agreements and GraniteShares' own Short Term Box ETF (LBOX).
What it really costs
- DLLL charges 1.52% a year.
- Of that, 1.3% 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 $155 in the first year and $1,841 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DLLL | $155 | $486 | $841 | $1,841 |
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
DLLL resets its 2x exposure to a single stock every day, so it is built for short-term trades, not for holding over many years.
DLLL launched in February 2025, so it has no record through the 2008, 2020 or 2022 downturns. Its own short history is a warning. It fell 68.2% from February 19 to April 4, 2025, and didn't recover until July 28, 2025, about 3.8 months later. In the year to October 27, 2026, its annualized volatility (a measure of how widely its price swings) was 143.3%. It lost 24.2% in the month to that date alone. Someone who needs cash during a slump could lock in deep losses. The fund has recorded no distributions, so it provides no income. Its 1.52% expense ratio works out to $155 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and a 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 double the one-day exposure to Dell Technologies stock and are willing to watch their position every day.
- Short-term traders who would rather hold a 2x Dell position in a regular brokerage account than borrow on margin or trade Dell options themselves.
- Experienced investors who can handle a 68.2% drop within seven weeks of launch and annualized volatility of 143.3%.
Look elsewhere if
- Retirees and long-term savers. Because exposure resets daily, returns over months can differ sharply from twice Dell's return.
- Income seekers. The fund has recorded no distributions, and its 1.52% expense ratio is high for exposure to one stock.
- Anyone uneasy about relying on one company, or on swap contracts with banks like TD Cowen and BofA Securities, which adds counterparty risk.
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 DLLL a good long-term investment?
DLLL is built for short-term trading, not long holding periods. It targets twice Dell's return for a single day and resets every day. Over longer periods, compounding can push its results far from twice Dell's return, usually lower in choppy markets. Its short history shows how big the swings are: a 68.2% drop between February and April 2025, then an 843% gain in 2026 through October 27. Holding it long term means living with those swings plus a 1.52% expense ratio.
Does DLLL pay dividends?
No. DLLL has not recorded any distributions. Its returns come entirely from changes in its share price, which is built to move about twice as much as Dell stock each day through swap contracts. The fund holds short-term US Treasury bills as collateral, but it has not passed income on to shareholders. Investors who want regular payouts would need to look beyond this fund, because it offers magnified price exposure only.
What's the difference between DLLL and owning Dell stock?
Owning Dell shares gives you one-for-one exposure to the company with no annual fund fee. DLLL aims for twice Dell's daily move and charges 1.52% a year. A bad day for Dell is roughly twice as bad for DLLL. Because the fund resets every day, its return over months can end up well above or below double Dell's. DLLL also relies on swap contracts with banks, which adds the risk that a bank fails to pay what it owes.
How much does DLLL cost to own?
DLLL's expense ratio is 1.52%, according to its prospectus filed October 28, 2026. That includes a 1.30% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return, and shares cashed out at the end of each period. On that basis, total costs would be about $155 after one year, $486 after three years, $841 after five and $1,841 after ten. That is much more than most broad index funds charge.
How risky is DLLL?
Very risky. For the year to October 27, 2026, its beta was 4.93. Beta measures how much a fund moves compared with the overall market, so DLLL moved roughly five times as much. Its annualized volatility was 143.3%. Its deepest fall was 68.2%, from February 19 to April 4, 2025. The fund is tied to one company, so bad news for Dell hits it about twice as hard on any given day. Its swaps also depend on banks honoring their contracts.