At a glance
RDTL charges 1.95% a year. It has $56.8M in assets. Over the past year it returned −80.7% with distributions reinvested.
The short version
GraniteShares 2x Long RDDT Daily ETF (RDTL) aims to deliver twice the daily percentage change of Reddit Inc. (RDDT) stock, before fees and expenses. It gets that exposure mainly through swap agreements. Its exposure resets every day, so results over weeks or months can differ sharply from 2 times Reddit's return. It charges 1.95% a year. It lost 80.7% over the year to October 27, 2026, and is built for short-term traders, not long-term savers.
Price history
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RDTL -80.7% 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 | |
|---|---|---|---|---|---|---|
| RDTL price data to Oct 27, 2026 | -80.5% | -80.7% | — | — | — | -45.1% |
- Over the year to Oct 27, 2026, RDTL returned -80.7%.
- The deepest fall in its price history was 88.2% (Sep 18, 2025 to Oct 27, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -80.5% |
| 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 1 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 186.96% |
By country
United States 186.96%By issuer
US Treasury 186.96%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 withdrew a net $19.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +14.56%, +35.34%, -8.52%.
How it works
RDTL does not track an index. It is an actively managed fund run by GraniteShares that targets exposure to one stock: Reddit Inc. (NYSE: RDDT). At the end of each trading day, the fund adjusts its positions so its exposure equals roughly 200% of its net asset value. The 2x goal covers a single day only, from one market close to the next.
Most of that exposure comes from swaps. A swap is a contract in which a large financial institution agrees to pay the fund Reddit's return on a set dollar amount. As of June 30, 2026, the fund's only swap was with Marex, sized at about 200% of net assets. The fund expects to post 25% to 50% of its assets as collateral. If it can't add swap exposure, it may use options on Reddit that expire in one week to one month, or own the shares directly.
The rest of the money sits in cash-like holdings. As of June 30, 2026, those were US Treasury bills with an average maturity of about 0.1 years, which keeps interest-rate risk small. Because exposure resets daily, gains and losses compound. In choppy markets, a 2x fund can lose money even if Reddit ends the period flat.
What it really costs
- RDTL charges 1.95% a year.
- Of that, 1.3% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.04% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $198 in the first year and $2,310 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RDTL | $198 | $620 | $1,068 | $2,310 |
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 exposure to a single stock every day, and its prospectus says returns over periods longer than a day are very likely to differ from 2 times the stock's.
RDTL launched in March 2025, so it has no record from the 2008, 2020 or 2022 downturns. Its own short record is severe. It fell 88.2% from a peak on September 18, 2025, through October 27, 2026, and had not recovered by then. It was down 80.54% for 2026 year to date through that date, and its one-year volatility was 145.3%. Its one-year beta of 3.92 means it tended to move almost four times as much as the broader market. Anyone who had to raise cash during a slide like that would lock in deep losses. The fund has made no distributions, so it provides no income. Under the SEC's standard example, its 1.95% expense ratio works out to about $198 on $10,000 in the first year. Past results don't predict future returns, 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 twice the one-day move in Reddit stock and are willing to check their positions every day.
- Traders who accept swap counterparty risk; as of June 30, 2026, all exposure ran through a single swap with Marex.
- Short-term speculators who can absorb a near-total loss and are willing to pay a 1.95% expense ratio for leverage.
Look elsewhere if
- Retirees and long-term savers: RDTL fell 88.2% from its September 2025 peak through October 27, 2026, and had not recovered.
- Investors who need income: the fund has made no distributions, and any gains show up only in the share price.
- Anyone seeking diversification: the fund is tied to one social media stock, Reddit, at twice its daily move.
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 RDTL a good long-term investment?
RDTL is built for one-day results, not long holding periods. Its exposure resets daily, and compounding can push longer-term returns far from 2 times Reddit's move, usually for the worse in choppy markets. As of October 27, 2026, the fund had lost 80.7% over one year and 88.2% from its September 18, 2025 peak. GraniteShares' prospectus warns that returns over periods longer than a day are very likely to differ from the stock's.
Does RDTL pay a dividend?
No. RDTL has made no distributions. It gets Reddit's return mainly through swaps, and it keeps its cash in short-term US Treasury bills that support those contracts. Any gain shows up only in the share price. That makes the fund a poor match for anyone counting on regular payouts. Income-focused funds work very differently from a daily leveraged single-stock fund like this one.
What is RDTL's expense ratio?
RDTL's expense ratio is 1.95% a year, including a 1.30% management fee, according to the prospectus filed October 28, 2026. In the SEC's standard example, $10,000 invested with a 5% annual return would pay about $198 in costs over one year, $620 over three years, $1,068 over five and $2,310 over ten. That is far more than a typical stock index fund charges, partly because running leverage through swaps costs more.
What's the difference between RDTL and owning Reddit stock?
Owning RDDT shares gives you Reddit's return one-for-one with no fund fee. RDTL aims for twice Reddit's daily move, reset every day, before its 1.95% expense ratio. That doubles daily gains and losses. Over longer stretches, compounding can make RDTL's result very different from double Reddit's. RDTL also adds swap and counterparty risk. As of June 30, 2026, all of its exposure came through a single swap with Marex.
Can RDTL lose all its value?
Yes, in an extreme case. RDTL holds about 2 times exposure to Reddit, so a severe enough one-day crash in Reddit stock could wipe out most or all of the fund's value. Smaller losses also add up through compounding. The fund fell 88.2% from its September 18, 2025 peak to October 27, 2026. The prospectus lists leverage, compounding, counterparty and single-stock risk among its principal risks.