At a glance
PTIR charges 1.58% a year. It has $296.8M in assets; it paid 6.68% of its price in distributions over the past 12 months, annual. Over the past year it returned −28.3% with distributions reinvested.
The short version
GraniteShares 2x Long PLTR Daily ETF (PTIR) aims to deliver twice the daily percentage move of Palantir Technologies (PLTR) stock. It gets most of that exposure through swap agreements with banks and brokers, and it resets its leverage every day. Because it is a leveraged fund built on a single stock, losses grow as fast as gains: it fell about 79% from November 3, 2025, to June 25, 2026. Its 1.58% expense ratio is also high.
Price history
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PTIR -28.3% 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 | |
|---|---|---|---|---|---|---|
| PTIR price data to Oct 27, 2026 | -13.2% | -28.3% | — | — | — | +250.2% |
- Over the year to Oct 27, 2026, PTIR returned -28.3%.
- Its worst full calendar year was 2025 (+222.1%); its best was 2025 (+222.1%).
- The deepest fall in its price history was 79.4% (Nov 3, 2025 to Jun 25, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -13.2% |
| 2025 | +222.1% |
| 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 | $1.5500 |
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 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 110.62% |
By country
United States 110.62%By issuer
US Treasury 110.62%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 $64.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -12.40%, +22.59%, -46.59%.
How it works
PTIR is actively managed and follows one stock, not an index. Its goal is 200% of Palantir's daily percentage change, measured from one day's market close to the next. It gets most of that exposure from 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 Palantir stock. As of June 30, 2026, the fund held five swaps that together equaled about 200% of net assets. The dealers were Clear Street (84%), TD Cowen (49%), BMO Capital Markets (46%), Nomura (13%) and Wells Fargo (8%). If the fund can't add more swaps, it may use options on PLTR instead, such as deep in-the-money calls or a "synthetic forward" (a purchased call paired with a written put). It may also hold the stock directly.
The fund's own cash is not invested in Palantir. On June 30, 2026, it held a US Treasury bill worth about 111% of net assets, with an average maturity of about 0.1 years. The prospectus expects 25% to 50% of assets to be posted as collateral for the swaps. If a dealer fails to pay what it owes, the fund could lose money.
At the end of each trading day, the fund resets its exposure to about 200%. Over longer periods those daily results compound. That means returns can end up far from twice Palantir's move, and usually worse when the stock swings up and down.
What it really costs
- PTIR charges 1.58% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.02% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $161 in the first year and $1,896 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PTIR | $161 | $503 | $868 | $1,896 |
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 resets 2x leverage on a single stock every day, and its prospectus states its goal in one-day terms, so results over longer holding periods can drift far from twice Palantir's return.
PTIR launched on September 3, 2024, so it has no record from the 2008, 2020 or 2022 market declines. Its short history has been extreme in both directions. It gained 222% in 2025, its only full calendar year. It then fell about 79% from November 3, 2025, to June 25, 2026, and it had not recovered as of October 27, 2026. Its one-year volatility was about 119%. Anyone forced to cash out after a drop like that would lock in most of the loss. The fund pays once a year. Its trailing 12-month yield was 6.68% as of October 27, 2026, but payouts from a fund like this can swing widely. In the SEC's standard $10,000 example, costs come to $161 over one year and $1,896 over 10. 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 about twice Palantir's one-day move and can watch the position every trading day.
- Short-term traders who accept that one stock drives every result, with one-year volatility near 119% as of October 27, 2026.
- Traders comfortable with counterparty risk across five swap dealers, including Clear Street, TD Cowen and BMO Capital Markets.
Look elsewhere if
- Retirees or near-retirees who may need to draw cash; the fund fell about 79% from November 2025 to June 2026.
- Long-term holders: because exposure resets daily, returns over months can differ widely from twice Palantir's gain or loss.
- Cost-conscious investors: the 1.58% expense ratio means about $161 in first-year costs on $10,000 in the SEC 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 PTIR a good long-term investment?
It isn't built for the long term. PTIR resets its 2x exposure to Palantir every trading day. Over weeks or months, compounding can push its returns far from twice the stock's move, usually for the worse when the price swings back and forth. Its record shows the range: a 222% gain in 2025, then a drop of about 79% from November 3, 2025, to June 25, 2026. As of October 27, 2026, its one-year return was -28.3%.
How does PTIR get 2x leverage on Palantir?
Mostly through swaps. As of June 30, 2026, PTIR held five swap agreements on Palantir stock, with Clear Street, TD Cowen, BMO Capital Markets, Nomura and Wells Fargo. Together they equaled about 200% of net assets. The fund's cash sat in a US Treasury bill. If swaps are limited, the prospectus lets the fund use options on PLTR or hold shares directly. Swaps add counterparty risk: a dealer might fail to pay what it owes.
Does PTIR pay a dividend?
Yes, but only once a year, and the amount can vary a lot. As of October 27, 2026, PTIR had paid $1.55 per share over the trailing 12 months, a yield of 6.68%. The fund's main purpose is to provide leveraged daily exposure to Palantir, not income, so past payouts say little about future ones. Investors who want steady retirement income may find that annual, uneven payouts don't fit their needs.
What's the difference between PTIR and owning PLTR stock?
Owning PLTR shares gives Palantir's return one-for-one, with no fund fee. PTIR aims for twice the stock's daily move, has a 1.58% expense ratio, and gets its exposure mainly through swaps with dealers rather than by holding shares. On a single day it aims to double the gain or loss. Over longer periods, daily compounding can leave it well above or below 2x. Its one-year beta, a measure of how much it moves with the broad market, was 4.55 as of October 27, 2026.
What is PTIR's expense ratio?
PTIR's expense ratio is 1.58% a year, according to its prospectus filed October 28, 2026. That includes a 0.99% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return, and shares redeemed at the end of each period. On that basis, costs would total about $161 after one year, $503 after three, $868 after five and $1,896 after 10. That is a high cost even for brief holding periods, and a heavy one over many years.