At a glance
UBRL charges 1.18% a year. It has $21.0M in assets; it paid 18.96% of its price in distributions over the past 12 months, annual. Over the past year it returned −61.8% with distributions reinvested (S&P 500: +11.5%).
The short version
GraniteShares 2x Long UBER Daily ETF (UBRL) aims to deliver twice the daily percentage move of Uber Technologies stock, mainly through swaps (contracts with a financial firm that pass along the stock's gains and losses). Its leverage resets every day, so over longer periods its results can stray far from twice Uber's. Built for short-term trading, it charges 1.18% a year and fell 64.8% from its October 2025 peak through October 27, 2026.
Price history
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UBRL -61.8% 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 | |
|---|---|---|---|---|---|---|
| UBRL price data to Oct 27, 2026 | -44.8% | -61.8% | — | — | — | -26.1% |
- Over the year to Oct 27, 2026, UBRL returned -61.8%.
- Its worst full calendar year was 2025 (+45.9%); its best was 2025 (+45.9%).
- The deepest fall in its price history was 64.8% (Oct 6, 2025 to Oct 27, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -44.8% |
| 2025 | +45.9% |
| 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 | $2.2200 |
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 | 2.86% |
By country
United States 2.86%By asset type
Bonds and notes 2.86%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $5.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.24%, -12.46%, +2.46%.
How it works
UBRL does not follow an index. Its target is one stock, Uber Technologies (NYSE: UBER). The prospectus calls the fund actively managed, but its goal is mechanical: to return 200% of Uber's percentage change over a single day, measured from one market close to the next, before fees. At the end of each trading day, the fund adjusts its exposure to about twice its net assets.
Most of that exposure comes from swaps. A swap is a contract with a financial firm that passes Uber's gains or losses on a set dollar amount, called the notional amount, through to the fund. As of June 30, 2026, a single swap with TD Cowen provided exposure equal to about 199% of the fund's $21.0 million in net assets, and a US Treasury bill made up about 2.9%. The fund expects to pledge 25% to 50% of its assets as collateral for its swaps. If it cannot add more swap exposure, it may use exchange-listed options on Uber or purchase the stock directly. Cash can sit in Treasuries, money market funds or GraniteShares' Short Term Box ETF (LBOX).
Because exposure resets daily, returns over longer periods compound and can differ sharply from twice Uber's. They usually come out worse when the stock swings up and down. Holders also depend on swap partners paying what they owe.
What it really costs
- UBRL charges 1.18% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.06% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $120 in the first year and $1,493 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UBRL | $120 | $387 | $675 | $1,493 |
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
It doubles a single stock's daily move and resets every day, so results over months can drift far from twice Uber's return, and it fell 64.8% from its October 2025 peak through October 27, 2026.
UBRL started trading in September 2024, so it has no record through the 2008, 2020 or 2022 downturns. Even its short history swings widely. The fund gained 45.9% in 2025, its only full calendar year, but lost 33.6% in that year's final quarter. From its October 6, 2025 peak it fell 64.8% through October 27, 2026, and it had not recovered by that date. A retiree drawing cash during a stretch like that would lock in deep losses.
Its yield over the past year was 18.96% as of October 27, 2026 ($2.22 per share, paid annually). Payouts from a swap-based fund can swing widely or stop, and the high figure partly reflects the fallen share price. Its 1.18% yearly expense ratio also weighs on returns. Past results don't predict future ones, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Short-term traders seeking twice Uber's daily move over a day or a few days, who can watch the position closely.
- Traders wanting leveraged Uber exposure without borrowing on margin; as with any ETF, losses can't exceed the amount invested.
- People who can stomach extreme swings: in 2025 the fund had one quarter up 51.6% and another down 33.6%.
Look elsewhere if
- Retirement savers wanting a long-term holding: daily resets make long-run returns unpredictable, and the fund fell 64.8% from October 6, 2025 through October 27, 2026.
- Income seekers: the 18.96% yield over the year to October 27, 2026 is paid annually and may swing widely or stop.
- Anyone wanting diversification or low costs: it rests on one company and charges 1.18%, or $120 on $10,000 in year one (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 UBRL a good long-term investment?
UBRL is designed for short-term trading, not long-term holding. It resets to twice Uber's daily move every day, and its prospectus warns that results over longer periods are very likely to differ from that. As of October 27, 2026, the fund had lost 61.8% over one year and was down 64.8% from its October 6, 2025 peak. It may suit active traders more than retirement savers.
What's the difference between UBRL and owning Uber stock?
UBRL aims for twice Uber's daily return, while owning Uber shares gives one-for-one exposure with no fund fee. To reach about 200% exposure, UBRL relies on swaps. As of June 30, 2026, that was a single contract with TD Cowen, which adds counterparty risk: the chance a partner fails to pay. UBRL also charges 1.18% a year. Because it resets daily, its returns over months can be far better or far worse than double Uber's.
Does UBRL pay dividends?
Yes, UBRL makes a distribution once a year. It paid $2.22 per share over the year to October 27, 2026, a yield of 18.96%. That is not dependable income. The fund holds swaps and Treasury bills rather than a basket of dividend-paying stocks, so payouts depend largely on trading results and interest and can change sharply or stop. The high yield also partly reflects the share price's 61.8% one-year drop.
What is UBRL's expense ratio?
UBRL's expense ratio, the yearly fee taken from fund assets, is 1.18%, 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% yearly return and shares redeemed at the end of each period. On that basis, costs would total about $120 after one year, $387 after three, $675 after five and $1,493 after ten. That is far more than typical broad-market index funds charge.
Is UBRL risky?
Yes, UBRL carries very high risk. All of its exposure is tied to one company, Uber, and it doubles each day's move. Its one-year volatility, a measure of how widely returns swing, was 70.1% as of October 27, 2026. In 2025 it had a quarter up 51.59% and another down 33.62%. It also depends on swap partners such as TD Cowen honoring their contracts.