At a glance
QCML charges 1.53% a year. It has $136.2M in assets. Over the past year it returned −31.5% with distributions reinvested (S&P 500: +11.5%).
The short version
GraniteShares 2x Long QCOM Daily ETF (QCML) aims to deliver twice the daily percentage move of Qualcomm stock, mainly through swap agreements with banks. It is a single-stock leveraged fund that resets every day, so returns over weeks or months can drift far from twice Qualcomm's. It charges 1.53% a year. It fell 31.5% in the year to October 27, 2026, with annualized volatility of 111.3%.
Price history
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QCML -31.5% 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 | |
|---|---|---|---|---|---|---|
| QCML price data to Oct 27, 2026 | -15.8% | -31.5% | — | — | — | -18.8% |
- Over the year to Oct 27, 2026, QCML returned -31.5%.
- The deepest fall in its price history was 68.8% (May 29, 2026 to Jul 31, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -15.8% |
| 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 |
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 |
|---|
By country
By asset type
What changed recently
- Over the three months to Jun 30, 2026, investors added a net $167.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +86.98%, +79.74%, -49.46%.
How it works
QCML does not track an index. It is an actively managed ETF. Its goal is 200% of the daily percentage change in Qualcomm (NASDAQ: QCOM), 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 bank agrees to pay the fund the return on a set dollar amount of Qualcomm stock. As of June 30, 2026, the fund held two swaps: one with TD Cowen worth about 108.9% of net assets and one with Nomura Securities worth about 91.1%, for roughly 200% in total. If it cannot add more swap exposure, it may buy listed options on Qualcomm, with terms of one week to one month, or buy the shares directly.
At the end of each trading day, the fund resets its exposure back to about 200% of its net asset value. Because of this daily reset, results over any period longer than a day come from compounding each day's return. That can differ sharply from twice Qualcomm's return, and the gap usually works against holders when the stock swings up and down.
The fund expects to post 25% to 50% of its assets as collateral for its swaps. Spare cash may go into Treasuries, money market funds or short-term bond ETFs, including GraniteShares' own Short Term Box ETF (LBOX). If a bank on the other side of a swap fails to pay, the fund could lose money.
What it really costs
- QCML charges 1.53% a year.
- Of that, 1.3% 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 $156 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 |
|---|---|---|---|---|
| QCML | $156 | $487 | $842 | $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.
In a retirement portfolio
The fund resets its leverage daily on a single stock and is built for one-day results, not for holding over years.
QCML launched on February 13, 2025, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. It has not yet completed a full calendar year. In 2026 it was down 15.8% through October 27. Its deepest drop was 68.8%, from May 29, 2026 to July 31, 2026, and it had not recovered as of October 27, 2026. Anyone who had to sell shares or draw cash after a drop like that would lock in a large loss. The fund has paid no distributions, so it provides no income. It is also expensive: in the SEC's standard example, $10,000 invested would cost about $156 in the first year and $1,841 over 10 years. Past results don't predict future returns, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders who want a magnified one-day bet on Qualcomm's stock price and can watch the position every trading day.
- Investors who understand swap-based exposure and accept the risk of relying on banks such as TD Cowen and Nomura to pay.
- People holding a small, short-lived position who can live with 111.3% volatility and a 68.8% drop within about two months.
Look elsewhere if
- Retirees who need income: the fund has paid no distributions.
- Buy-and-hold investors: the daily reset means results over months can differ sharply from twice Qualcomm's return.
- Anyone seeking diversification at low cost: it tracks one semiconductor stock and charges a 1.53% expense ratio.
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 QCML a good long-term investment?
QCML is not built for long-term holding. The prospectus says it targets twice Qualcomm's return for a single day only. Because it resets its leverage every day, returns over longer periods can differ sharply from twice Qualcomm's, usually for the worse when the stock swings back and forth. The fund lost 31.5% in the year to October 27, 2026, and was down 18.8% from its February 2025 launch to that date.
Does QCML pay dividends?
No. QCML has paid no distributions since it launched on February 13, 2025. It gets most of its Qualcomm exposure through swap contracts rather than owning the shares, and it holds cash and short-term securities as collateral. Investors looking for regular income from this fund would not get it. Any return depends entirely on changes in the share price.
What is QCML's expense ratio?
QCML's expense ratio is 1.53% a year, according to its prospectus filed October 28, 2026. That includes a 1.30% management fee. In the SEC's standard example, which assumes $10,000 invested, a 5% annual return and a sale at the end of each period, total costs would be about $156 after one year, $487 after three years, $842 after five years and $1,841 after ten years.
What's the difference between QCML and buying Qualcomm stock?
Buying Qualcomm stock gives you plain one-for-one exposure to the company. QCML aims for twice Qualcomm's daily move, mostly through swaps with banks, and it resets that exposure every day. That magnifies both gains and losses, and over weeks or months the fund's return can drift far from twice the stock's return. QCML also charges 1.53% a year, carries counterparty risk and has paid no distributions.
How risky is QCML?
QCML is very risky. Its volatility, a measure of how much its price swings, was 111.3% over the year to October 27, 2026, and its one-year beta was 4.21, meaning it swung far more than the broad market. Between May 29 and July 31, 2026, it fell 68.8% and had not recovered by October 27, 2026. Its exposure is a single semiconductor stock, magnified by leverage.