At a glance
VRTL charges 2.28% a year, above the 0.14% average of the 7 funds most like it (the most expensive of 8). It has $88.0M in assets, the 8th largest of that group. Over the past year it returned −35.6% with distributions reinvested, the weakest of those 8 funds.
The short version
GraniteShares 2x Long VRT Daily ETF (VRTL) aims to deliver twice the daily percentage change of one stock, Vertiv Holdings Co. (NYSE: VRT), before fees, mainly through swap agreements. Its leverage resets every day, so returns over weeks or months can differ sharply from double Vertiv's return. It is also costly and extremely volatile: the expense ratio is 2.28%, and its price swung with 135.1% one-year volatility as of October 27, 2026.
Price history
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VRTL -35.6% 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 | |
|---|---|---|---|---|---|---|
| VRTL price data to Oct 27, 2026 | -0.2% | -35.6% | — | — | — | +58.5% |
- Over the year to Oct 27, 2026, VRTL returned -35.6%, 8th of 8 among similar funds.
- The deepest fall in its price history was 80.2% (May 14, 2026 to Oct 23, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.2% |
| 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, the fund held 1 securities; the ten largest made up 268.39% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 268.39% |
By country
United States 268.39%By issuer
US Treasury 268.39%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 $40.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +65.39%, -11.35%, -64.98%.
How it works
VRTL does not track an index. It is an actively managed ETF that tries to hold exposure equal to about 200% of its net asset value at the close of each trading day. Its main tool is a swap: a contract in which a bank or broker agrees to pay the fund the return on a set dollar amount of Vertiv stock. As of June 30, 2026, the fund's holdings report showed one swap with Marex worth about 200% of net assets. The rest of the portfolio sat in short-term US Treasury bills, with an average maturity of about 0.1 years. The fund expects to post 25% to 50% of its assets as collateral for its swaps.
If the fund can't add swap exposure, it may use exchange-listed options on Vertiv, including customizable FLEX options cleared by the Options Clearing Corporation. One approach is purchasing deep in-the-money calls. The other is a "synthetic forward," which pairs a purchased at-the-money call with a written at-the-money put. These options run from one week to one month. Cash may also go into money market funds or the GraniteShares Short Term Box ETF (LBOX).
Because exposure resets daily, gains and losses compound from day to day. When Vertiv swings up and down, the fund can lose ground even if the stock ends roughly flat. Losses are magnified, and the fund relies on its counterparties honoring their contracts.
What it really costs
- VRTL charges 2.28% a year, versus an average of 0.14% for the similar funds below (8th of 8, cheapest first).
- 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 $231 in the first year and $2,649 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| VRTL | $231 | $720 | $1,236 | $2,649 |
Structure and tax notes
- 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 the one-day move of a single stock and resets daily, so its results over longer holding periods are very likely to differ from that target.
VRTL launched on March 25, 2025, so there is no record of how it held up in the 2008, 2020 or 2022 downturns. It also hasn't completed a full calendar year. What history it has is harsh. From May 14 to October 23, 2026, the fund fell 80.2%, and it had not recovered as of October 27, 2026. Over the year to that date it lost 35.6%. Anyone who had to cash out shares during a drop like that would lock in deep losses. The fund has recorded no distributions, so it offers no income. Costs are steep. Under the SEC's standard example, a $10,000 investment would cost $231 in the first year and $2,649 over 10 years. Past results don't predict future ones, 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 magnified one-day exposure to Vertiv Holdings and can check positions every trading day.
- Experienced investors who understand swaps, counterparty risk and how daily leverage resets change returns over longer periods.
- Short-term traders willing to pay a 2.28% expense ratio to get leverage without borrowing on margin.
Look elsewhere if
- Retirees or savers who want income, since the fund has recorded no distributions.
- Investors who couldn't sit through a drop like the 80.2% fall between May 14 and October 23, 2026.
- Anyone who wants diversification. The fund is tied to a single industrial company, Vertiv, not a broad market index.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| VRTL this fund | 0.1 yrs | 2.28% | $88.0M | -35.6% | — |
| VGLT Vanguard Long-Term Treasury ETF | 21.7 yrs | 0.03% | $15.13B | -4.4% | +4.2% |
| SCHQ Schwab Long-Term U.S. Treasury ETF | 21.8 yrs | 0.03% | $759.0M | -5.8% | +4.0% |
| SPTL SPDR Portfolio Long Term Treasury ETF | 21.8 yrs | 0.03% | $10.47B | -6.0% | +3.9% |
| EDV Vanguard Extended Duration Treasury ETF | 24.4 yrs | 0.05% | $4.13B | -11.8% | +2.0% |
| BLV Vanguard Long-Term Bond ETF | 22.1 yrs | 0.03% | $8.66B | -5.6% | +5.4% |
| LGOV First Trust Long Duration Opportunities ETF | 20.4 yrs | 0.66% | $619.4M | -4.0% | +5.5% |
| TLT iShares 20+ Year Treasury Bond ETF | 26 yrs | 0.15% | $47.05B | -5.3% | +2.1% |
Questions investors ask
Is VRTL good for retirement?
It's built for short-term trading, not retirement savings. VRTL targets twice Vertiv Holdings' daily move, and its prospectus warns that returns over longer periods are very likely to differ from that. As of October 27, 2026, it was down 35.6% over one year. It had also fallen 80.2% from its May 14, 2026 peak and had not recovered. It pays no distributions and has a 2.28% expense ratio.
Does VRTL pay dividends?
No. The fund has recorded no distributions, so any return comes from changes in its share price. It holds short-term US Treasury bills, mainly as collateral for its swap agreements. Its exposure to Vertiv comes from swaps, not from owning the shares directly. People who want regular cash payouts from their investments won't get them here.
What's the difference between VRTL and just owning Vertiv stock?
Owning VRT shares gives you Vertiv's actual return, with no fund fees and no daily reset. VRTL aims for twice Vertiv's move on each single day, measured from one close to the next. Over longer stretches, compounding can make its result far better or far worse than double the stock's return, especially when the stock swings sharply. VRTL also charges 2.28% a year and depends on swap counterparties such as Marex.
Why does VRTL hold Treasury bills if it's a stock fund?
The Treasury bills back the fund's swap agreements, which provide its Vertiv exposure. As of June 30, 2026, the holdings report showed short-term Treasury bills with an average maturity of about 0.1 years, plus a swap with Marex worth about 200% of net assets. Some screens therefore group VRTL with Treasury funds such as TLT. Those funds follow a completely different strategy and are not alternatives.
What is VRTL's expense ratio?
VRTL's expense ratio is 2.28%, according to the prospectus filed October 28, 2026. That includes a 1.30% management fee and reflects a 0.04% fee waiver. Under the SEC's standard example, $10,000 earning 5% a year would cost $231 in fees after one year, $720 after three years, $1,236 after five years and $2,649 after 10 years. Net assets were about $88.0 million as of June 30, 2026.