At a glance
INTW charges 1.55% a year. It has $808.9M in assets. Over the past year it returned +177.8% with distributions reinvested.
The short version
GraniteShares 2x Long INTC Daily ETF (INTW) aims to deliver twice the daily percentage move of Intel stock, mostly through swap contracts. Because that 2x target resets every day, returns over weeks or months can end up far from twice Intel's return. It charges 1.55% a year and fell 70.7% from June 22 to October 22, 2026. It is built for short-term traders, not long-term savers.
Price history
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INTW +177.8% 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 | |
|---|---|---|---|---|---|---|
| INTW price data to Oct 27, 2026 | +240.6% | +177.8% | — | — | — | +161.4% |
- Over the year to Oct 27, 2026, INTW returned +177.8%.
- The deepest fall in its price history was 70.7% (Jun 22, 2026 to Oct 22, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +240.6% |
| 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 3 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 219.49% |
By country
United States 219.49%By issuer
US Treasury 219.49%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 $104.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +319.28%, +37.60%, -82.99%.
How it works
The fund is actively managed, but its goal is mechanical. Each trading day, from one market close to the next, it seeks 2 times (200%) the percentage change in Intel Corp. common stock (NASDAQ: INTC), before fees and expenses. It does not track an index or hold a basket of companies. Instead, it mainly uses swaps. A swap is a contract in which a bank or broker agrees to pay the fund the return on a set dollar amount of Intel stock. If the fund can't add more swap exposure, it can use options on Intel or purchase the shares directly.
As of June 30, 2026, its swaps were with TD Cowen (about 84% of net assets), Cantor Fitzgerald (about 59%) and Wells Fargo Securities (about 57%), for a total of roughly 200%. The rest of its money was in a US Treasury bill. The fund expects to post 25% to 50% of its assets as collateral for the swaps. If one of these firms fails to pay, the fund could lose money.
At each day's close, the fund resets its exposure to about 200% of its assets. Because of this reset, returns compound day by day. In a choppy market, Intel can end a period flat while the fund ends it with a loss.
What it really costs
- INTW charges 1.55% a year.
- Of that, 1.3% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.01% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $158 in the first year and $1,853 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| INTW | $158 | $492 | $849 | $1,853 |
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 Intel's daily move, resets every day, and lost 70.7% in four months, so it is a poor fit for money meant to last for decades.
INTW launched on February 13, 2025, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its short history still tells a lot. Its deepest drop was 70.7%, from June 22 to October 22, 2026, and it had not recovered as of October 27, 2026. It gained 177.8% over the year to that date. But its one-year volatility, a measure of how widely returns swing, was 152.6%, and it fell 44.4% in a single month. A retiree who had to draw cash during a slump like that would lock in deep losses. The fund has recorded no distributions, so it provides no income, and its 1.55% expense ratio is high. 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 twice Intel's one-day move and can watch and adjust their positions every day.
- Traders who understand swaps and accept the risk that firms like TD Cowen, Cantor Fitzgerald or Wells Fargo Securities fail to pay.
- Short-term traders who can handle swings like the 44.4% one-month drop through October 27, 2026.
Look elsewhere if
- Retirees and long-term savers: the daily reset means returns over months can differ sharply from twice Intel's performance.
- Anyone who needs income: the fund has recorded no distributions, so its returns come only from price changes.
- Investors who want diversification: everything rides on one semiconductor stock, and the fund charges 1.55% a year.
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 INTW a good long-term investment for retirement?
It isn't designed to be one. INTW seeks twice Intel's daily move and resets every day, so over months its return can end up far from 2x Intel's. It lost 70.7% from June 22 to October 22, 2026, and had not recovered as of October 27, 2026. It pays no income. It also has no record through earlier market crashes, because it launched on February 13, 2025.
How does INTW's 2x daily leverage work?
Each trading day, INTW aims to return 200% of Intel's percentage change, before fees, mainly through swaps with banks and brokers. If Intel rises in a day, the fund aims to rise about twice as much. If Intel falls, the fund aims to fall about twice as much. It then resets for the next day. Because gains and losses compound daily, holding it longer can give results very different from twice Intel's return, especially in choppy markets.
Does INTW pay dividends?
No. The fund has recorded no distributions, so its returns come only from changes in its share price. Its cash was held in a US Treasury bill, and the fund posts part of its assets as collateral for its swaps. No interest from that holding has been paid out to shareholders. Investors looking for regular income may want to compare dividend-focused funds.
What's the difference between INTW and owning Intel stock?
INTW aims for twice Intel's daily move, while owning Intel shares gives a one-for-one stake. That makes INTW much more volatile: its one-year volatility was 152.6% as of October 27, 2026. Holding the stock directly has no expense ratio, while INTW charges 1.55% a year. INTW also adds swap counterparty risk and daily-reset compounding, which can make its long-run returns very different from double Intel's.
What is INTW's expense ratio?
INTW's expense ratio is 1.55% a year, according to its prospectus filed October 28, 2026. That includes a 1.30% management fee. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs would total about $158 after one year, $492 after three years, $849 after five and $1,853 after ten. That is far more than a typical index fund charges, although leveraged funds often cost more to run.