At a glance
FBL charges 1.05% a year. It has $197.6M in assets; it paid 2.94% of its price in distributions over the past 12 months, annual. Over the past year it returned −48.2% with distributions reinvested (S&P 500: +11.5%); over three years it returned +24.1% a year.
The short version
GraniteShares 2x Long META Daily ETF (FBL) aims to deliver twice the daily percentage move of Meta Platforms Class A stock, mainly through swaps. It is a leveraged single-stock fund that resets its exposure every day, so results over weeks or years can stray far from twice Meta's return. It costs 1.05% a year. It gained 340.8% in 2023 but lost 48.2% over the year to October 27, 2026.
Price history
The interactive chart needs JavaScript.
FBL -48.2% 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 | |
|---|---|---|---|---|---|---|
| FBL price data to Oct 27, 2026 | -29.9% | -48.2% | +24.1% | — | — | +62.3% |
- Over the year to Oct 27, 2026, FBL returned -48.2%.
- Its worst full calendar year was 2025 (+0.5%); its best was 2023 (+340.8%).
- The deepest fall in its price history was 63.2% (Feb 14, 2025 to Jul 30, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -29.9% |
| 2025 | +0.5% |
| 2024 | +112.7% |
| 2023 | +340.8% |
| 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 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.6700 | -91.6% |
| 2023 | $8.0040 |
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 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 10.12% |
By country
United States 10.12%By asset type
Bonds and notes 10.12%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $29.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.49%, +5.58%, -22.49%.
How it works
FBL does not track an index. It is an actively managed fund with one goal: to return 200% of the daily percentage change in Meta Platforms Class A shares (NASDAQ: META), measured from one day's market close to the next. It gets most of that exposure through swaps. A swap is a contract in which a financial firm agrees to pay the fund Meta's return on a set dollar amount. As of June 30, 2026, the fund had four Meta swaps: Clear Street (69.5% of net assets), Morgan Stanley (50.9%), Goldman Sachs (41.0%) and TD Cowen (39.0%). Together they came to about 200%. The fund expects to post 25% to 50% of its assets as collateral.
If the fund can't add more swap exposure, it may use exchange-listed options on Meta instead, or hold Meta shares directly. The options can be deep in-the-money calls, or a "synthetic forward": a call purchased and a put written at the same price. These options last one week to one month. Cash goes into Treasury bills, money market funds and short-term bond ETFs, including GraniteShares' own LBOX. A Treasury bill made up 10.1% of the fund on June 30, 2026.
At the end of each trading day, the fund resets its exposure to about 200% of its assets. Over longer stretches, each day's return compounds on the last. In choppy markets this usually leaves the fund behind twice Meta's return, even when Meta's price ends roughly where it began.
What it really costs
- FBL charges 1.05% 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 $107 in the first year and $1,313 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FBL | $107 | $340 | $592 | $1,313 |
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.
In a retirement portfolio
FBL resets its 2× exposure to a single stock every day, and its issuer frames it as a one-day instrument, not a long-term holding.
FBL launched on December 13, 2022, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its own short history shows the risk anyway. It fell 63.2% between February 14, 2025, and July 30, 2026, and had not recovered as of October 27, 2026. Its weakest full calendar year, 2025, ended with a 0.5% gain, but that hides huge swings: one-year volatility was 86.8%. A retiree who had to cash out during that drop would have locked in deep losses. The trailing yield was 2.94% as of October 27, 2026, paid once a year. Costs run 1.05% a year: $107 in the first year and $1,313 over 10 years in the SEC's $10,000 example. Past results don't predict future ones, and any plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a magnified, short-term bet on Meta Platforms' daily price moves and can watch the position every day.
- Traders who understand daily-reset compounding and can accept drops like the 63.2% fall between February 2025 and July 2026.
- Traders who are comfortable relying on swaps with Clear Street, Morgan Stanley, Goldman Sachs and TD Cowen, and paying 1.05% a year.
Look elsewhere if
- Retirement savers who want to buy and hold: because of the daily reset, long-term results can differ sharply from twice Meta's return.
- Income seekers: the 2.94% trailing yield arrives in a single annual payment, and the fund is not built to produce steady income.
- Anyone who wants diversification: all exposure is to one company, with one-year volatility of 86.8% and a beta of 3.12.
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 FBL a good long-term investment?
FBL isn't designed for long-term holding. Its prospectus says it seeks twice Meta's return for a single day, and compounding makes longer-term results drift from that. Its record swings widely: up 340.8% in 2023, up 112.72% in 2024, up 0.52% in 2025, and down 29.9% in 2026 through October 27. Its deepest drop was 63.2%, from February 14, 2025, to July 30, 2026, and it had not recovered as of October 27, 2026.
Does FBL pay a dividend?
Yes, but only once a year. FBL paid $0.67 per share over the 12 months to October 27, 2026, a trailing yield of 2.94%. The fund gets its exposure mostly through swaps rather than by holding Meta shares, so its payouts don't simply pass through Meta's dividend, and the amount can vary from year to year. The fund is built for daily leveraged exposure, not for income.
What's the difference between FBL and owning META stock?
Owning Meta shares gives you the stock's actual return with no fund fee. FBL aims for twice Meta's daily move, mostly through swaps with financial firms, and resets that exposure every day. It charges 1.05% a year. Its one-year beta was 3.12 as of October 27, 2026. Beta measures how much a fund tends to move compared with the overall market. FBL also carries counterparty risk, which a direct shareholder doesn't face.
How much does FBL cost?
FBL's expense ratio is 1.05% a year, according to its prospectus filed October 28, 2026. That includes a 0.99% management fee. In the SEC's standard example ($10,000 invested, a 5% yearly return, shares cashed out at the end of each period), total costs would be about $107 after one year, $340 after three years, $592 after five years and $1,313 after ten years.
What does FBL actually hold?
Mostly swap contracts on Meta, plus cash-like holdings used as collateral. As of June 30, 2026, it had four Meta swaps: Clear Street (69.5% of net assets), Morgan Stanley (50.9%), Goldman Sachs (41.0%) and TD Cowen (39.0%), for about 200% exposure in total. A US Treasury bill made up 10.1% of the fund. Net assets were about $197.6 million on that date.