Go to the list of all blogs
Jimmy Landsman's Avatar
published in Blogs
Aug 07, 2026
GraniteShares 2x Long NOW Daily ETF (NOWL) Climbs +13% as ServiceNow (NOW) Rebounds Strongly

GraniteShares 2x Long NOW Daily ETF (NOWL) Climbs +13% as ServiceNow (NOW) Rebounds Strongly

Key Takeaways

  • NOWL climbed approximately 13% over the past 30 days, reflecting amplified bullish momentum in underlying holding NOW (ServiceNow, Inc.).
  • ServiceNow's second-quarter 2026 earnings beat consensus estimates across revenue and earnings per share (EPS), with AI annual contract value (ACV) surpassing $1 billion for the first time.
  • The ETF's 2x daily leveraged structure magnified the recovery as ServiceNow rebounded from a prolonged selloff driven by enterprise software sector concerns and AI disruption fears.
  • Over the past quarter, NOWL gained roughly 42%, reflecting both the underlying stock's recovery and the mechanical effect of daily leveraged compounding during a trending period.
  • Key risks remain tied to gross margin compression, competitive pressures from Microsoft and Salesforce, and the inherent volatility decay associated with daily-reset leveraged products.

GraniteShares 2x Long NOW Daily ETF (NOWL) Overview and Portfolio Exposure

The GraniteShares 2x Long NOW Daily ETF (NOWL) is an actively managed leveraged fund that seeks to deliver 200% of the daily percentage return of ServiceNow, Inc. common stock. Launched on July 15, 2025, the fund is sponsored by GraniteShares Advisors LLC and carries a net expense ratio of 1.50%. With approximately $285 million in assets under management (AUM — the total market value of assets the fund oversees), NOWL is a concentrated, non-diversified product designed for short-term tactical traders rather than buy-and-hold investors.

NOWL achieves its investment objective primarily through swap agreements and options on ServiceNow shares, supplemented by direct stock purchases. The portfolio typically holds a single equity position alongside derivative instruments, resulting in virtually 100% exposure to the information technology sector and the systems software industry. Because the fund resets its leverage daily, its performance over periods longer than one trading session can diverge meaningfully from two times the cumulative return of ServiceNow stock due to compounding effects and volatility drag. I checked similar leveraged products using Tickeron’s AI Screener to compare exposure profiles.

GraniteShares 2x Long NOW Daily ETF (NOWL) Price Performance: Last 30 Days vs. Quarter

Over the 30-day period ending in early August 2026, NOWL advanced approximately 13%, moving from around $5.12 to roughly $5.80. The move was not linear — the ETF traded as low as $3.66 during the period before staging a sharp recovery. The underlying NOW stock posted a roughly 11% gain over the same horizon, with the ETF's 2x leverage capturing the directional move while being buffeted by daily price swings.

Zooming out to a quarterly view, NOWL gained roughly 42%, rising from approximately $4.08 in early May 2026 to its current level near $5.80. This powerful recovery followed a historically deep drawdown — the ETF had been trading above $24 at its 52-week high in mid-2025 before the enterprise software sector endured a prolonged repricing. The quarterly rebound reflects a combination of ServiceNow's improving fundamentals, easing macro pressures, and the ETF's leveraged structure amplifying a directional uptrend.

What Drove NOWL Price in the Last 30 Days

The most significant catalyst during the past 30 days was ServiceNow's second-quarter 2026 earnings report on July 22. The company delivered revenue of $3.99 billion, up 24% year-over-year and above the $3.93 billion consensus estimate. Adjusted EPS of $0.90 beat the $0.86 forecast. Subscription revenue, the core growth engine, rose 24.5% to $3.88 billion, while current remaining performance obligations (cRPO — contracted revenue expected to be recognized within 12 months) grew 21% to $13.2 billion.

Investors reacted most strongly to the AI monetization milestone: ServiceNow AI ACV crossed $1 billion for the first time, and the number of customers deploying agentic AI in production increased ninefold over nine months. The company also raised its full-year 2026 subscription revenue guidance to a range of $15.76 billion to $15.78 billion. Separately, the announcement of approximately 1,000 job cuts — roughly 3% of the global workforce — was interpreted positively by markets as a margin discipline signal rather than a sign of distress.

The 30-day window also captured the final phase of a sector-wide recovery in enterprise software. Earlier in 2026, the "SaaSpocalypse" narrative had punished software valuations as investors feared AI-native tools would erode demand for legacy SaaS (Software-as-a-Service) platforms. ServiceNow's results directly challenged that thesis, showing that AI was becoming a revenue driver rather than a competitive threat. The underlying stock's post-earnings rebound — from an intra-quarter trough below $92 toward $117 — powered NOWL's leveraged gains.

What Drove NOWL Performance Over the Last Quarter

The quarterly rally of approximately 42% reflects a broader re-rating of ServiceNow and leveraged exposure to enterprise software. After reaching deeply discounted levels in early May — when NOW traded near $89 and NOWL touched roughly $4 — sentiment began to shift as quarterly earnings across the technology sector showed resilient enterprise spending. ServiceNow's Q1 2026 results had already demonstrated 22% revenue growth, and the May financial analyst day laid out a credible path toward $30 billion in subscription revenue by 2030.

Institutional flows also played a supporting role. Data from ETF flow trackers indicated net AUM growth for NOWL over the three-month period, suggesting traders were adding leveraged long exposure as the underlying stock stabilized. The ETF's daily average volume of over 19 million shares underscored robust liquidity, enabling rapid repositioning during volatile sessions. Performance was further supported by the compounding mathematics of a 2x daily reset structure during a period when the underlying stock's daily moves skewed more positive than negative, reducing the typical headwind from volatility decay.

ServiceNow's acquisitions of Armis ($7.75 billion) and Veza also contributed to the quarterly narrative, positioning the company as a consolidator in cybersecurity and AI governance — two of the fastest-growing segments in enterprise IT. The combination of organic subscription growth above 20% and strategic M&A (mergers and acquisitions) helped rebuild investor confidence after the severe drawdown that characterized the first four months of 2026.

NOWL ETF Outlook: What Investors Should Watch Next

The forward-looking picture for NOWL is tightly linked to ServiceNow's execution and the broader enterprise software demand environment. The most immediate factor is ServiceNow's third-quarter 2026 performance, with management guiding to subscription revenue of $3.975 billion to $3.980 billion — implying roughly 20% constant-currency growth. A strengthening U.S. dollar is expected to create an estimated $35 million headwind to cRPO, and investors will monitor whether AI-driven deal acceleration offsets currency pressures and any lingering enterprise spending caution.

Gross margin trends represent a critical watchpoint. ServiceNow's non-GAAP subscription gross margin contracted 250 basis points year-over-year to 80.5% in Q2, partly reflecting increased AI-related infrastructure costs. The Armis acquisition is also expected to reduce full-year operating margin by 75 basis points and free cash flow margin by 200 basis points. Any further margin erosion could weigh on the underlying stock and, through leverage, on NOWL.

Competitive dynamics in enterprise AI remain fluid. Microsoft, Oracle, and Salesforce are investing aggressively in AI agents and workflow automation, directly challenging ServiceNow's positioning as the "AI control tower" for enterprise deployments. Meanwhile, the risk of enterprises building AI tools in-house — exemplified by several high-profile cases in 2026 — continues to hang over the SaaS industry. For NOWL holders, the key structural risk is that daily-reset leveraged ETFs are explicitly designed for holding periods of one trading session or less. Over multi-week or multi-month periods, the combination of volatility decay, expense ratio drag, and compounding path-dependency can produce returns that differ substantially from 2x the underlying stock's performance. Investors should monitor volatility levels in NOW closely, as elevated daily swings accelerate NAV (net asset value) erosion in leveraged products. From what I see, these factors warrant close attention in the months ahead.

Using Tickeron AI Tools in My Research

In my analysis of leveraged ETFs like NOWL, I often turn to Tickeron’s AI Screener to scan for technical setups, volume anomalies, and sector momentum across thousands of securities. The platform’s AI-driven filters help surface opportunities that align with specific performance criteria, allowing me to cross-check ideas more efficiently than manual review alone. This approach complements traditional fundamental work and supports more informed tactical decisions.

Disclaimer

The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.

Disclaimers and Limitations

Related Ticker: NOWL

Contributor

My name is Jimmy, and I’m a financial analyst focused on identifying compelling opportunities across the ETF market. Each day, I analyze hundreds of ETFs to uncover potential trading and investment opportunities using a broad range of market factors. For short-term trading, I rely heavily on technical analysis, including price channels, momentum indicators, support and resistance levels, trend patterns, and other market signals. At the same time, I dedicate significant attention to evaluating ETFs from a long-term investment perspective. My objective is to build a well-balanced ETF portfolio that combines core investment holdings with more tactical and speculative positions. The goal is to create a portfolio that can participate effectively in market rallies while also remaining resilient during periods of volatility and market corrections.


NOWL's RSI Oscillator leaves overbought zone

The 10-day RSI Indicator for NOWL moved out of overbought territory on September 01, 2026. This could be a sign that the stock is shifting from an upward trend to a downward trend. Traders may want to look at selling the stock or buying put options. Tickeron's A.I.dvisor looked at 2 instances where the indicator moved out of the overbought zone. In 2 of the 2 cases the stock moved lower in the days that followed. This puts the odds of a move down at 90%.

Price Prediction Chart

Technical Analysis (Indicators)

Bearish Trend Analysis

The Momentum Indicator moved below the 0 level on September 11, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on NOWL as a result. In 13 of 14 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are 90%.

The Moving Average Convergence Divergence Histogram (MACD) for NOWL turned negative on September 08, 2026. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 8 similar instances when the indicator turned negative. In 7 of the 8 cases the stock turned lower in the days that followed. This puts the odds of success at 88%.

Following a 3-day decline, the stock is projected to fall further. Considering past instances where NOWL declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 90%.

NOWL broke above its upper Bollinger Band on August 27, 2026. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.

Bullish Trend Analysis

The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. 13 of 14 cases where NOWL's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are 90%.

Following a +16.84% 3-day Advance, the price is estimated to grow further. Considering data from situations where NOWL advanced for three days, in 54 of 60 cases, the price rose further within the following month. The odds of a continued upward trend are 90%.

The Aroon Indicator entered an Uptrend today. In 23 of 28 cases where NOWL Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 82%.

Industry description

The investment seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of ServiceNow, Inc. The fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the underlying stock by entering into financial instruments such as swaps and options on the underlying stock as well as directly purchasing the underlying stock. The fund is non-diversified.
View a ticker or compare two or three
NOWL
Daily Signal:
Gain/Loss:
Interact to see
Advertisement
A.I.Advisor
published price charts
A.I. Advisor
published General Information

General Information

Category Trading

Profile
Details
Category
Trading--Leveraged Equity
Address
GraniteShares ETF Trust30 Vesey Street, 9th FloorNew York
Phone
N/A
Web
N/A
Interact to see
Advertisement
EVCM shares are plunging approximately 23% in premarket trading on March 13, 2026, following the company's Q4 2025 earnings release after the prior session's close. The primary catalyst is a significant EPS miss — EverCommerce reported adjusted EPS of $0.03, badly missing the consensus estimate of $0.05, a 40% negative earnings surprise.
ADBE shares are down approximately 8.67% in premarket trading on March 13, 2026, erasing gains from the prior session. The primary catalyst is the surprise announcement that longtime CEO Shantanu Narayen will step down after 18 years once a successor is named.
ULTA shares are declining sharply in premarket trading on March 13, 2026, extending losses that began after the company's earnings release after the close on March 12 — with the stock down approximately 8.3% in premarket, building on a -4.28% decline during the regular session on March 12. The primary catalyst is fiscal 2026 earnings guidance that fell short of Wall Street expectations, with the company projecting diluted EPS of $28.05–$28.55 against analyst consensus of approximately $28.58.
EONR is trading approximately +10% higher in Friday's premarket session, extending a powerful multi-day rally that has seen the stock surge over 250% year-to-date. The primary catalyst is the company's newly expanded oil hedging program, locking in favorable pricing through 2027 as oil prices spike amid geopolitical tensions in the Middle East.
Shares of El Pollo Loco Holdings (LOCO) surged approximately 15% in early trading on March 13, 2026, following a strong Q4 2025 earnings report released after the close on March 12. The company posted adjusted EPS of $0.25, beating the consensus estimate of $0.21 — a 20.95% earnings surprise — and the highest quarterly beat in recent history.
Shares of Resolute Holdings Management (RHLD) are declining approximately 10% in Friday's session, extending a sharp multi-session downtrend. The primary catalyst is a disappointing full-year and Q4 2025 earnings report released on March 12, 2026, which showed a widening net loss and a Q4 per-share loss of -$0.20 — worse than expectations.
Shares of BW are tumbling approximately 19% in early Friday trading, extending steep losses from the prior session. The primary catalyst is a short-seller report from Wolfpack Research, which publicly disclosed a short position in BW and raised serious questions about the company's flagship $2.4 billion deal.
Trading SOXL (the Direxion Daily Semiconductor Bull 3X ETF), one of the most volatile instruments in U.S. markets, the robot combines 15-minute pattern recognition with Financial Learning Models (FLMs) to extract alpha precisely when human traders are most likely to panic. In today's environment — where war headlines, rate uncertainty, and sector rotation collide — an AI that thrives on volatility isn't a luxury. It's an edge.
In only 6 trading days (March 6–12, 2026), this robot closed 40 trades with a staggering 97.50% win rate, generated $3,429.47 in net profit on $1K-per-trade sizing, and achieved an annualized return of 472.69% with a Profit Factor of 167.59. That is not a typo. While human traders were frozen in fear, this AI was executing with surgical precision — finding breakout entries across four of America's most iconic consumer brands and rotating capital at machine speed.
Gold Fields Ltd (GFI), one of the world’s largest gold producers with mines in Australia, Ghana, South Africa and the Americas, saw its U.S.-listed shares drop more than 10% today. The selloff comes less than a month after the company reported record 2025 profits and unveiled an aggressive capital‑spending and shareholder‑returns plan, and just as the stock trades ex‑dividend. Together, those factors triggered profit‑taking in a name that had rallied strongly into the results and dividend announcement.
ACDC fell over 11% today following the release of Q4 and full‑year 2025 results, reversing part of a roughly 35–40% rally the stock had staged since late 2025.
IPX fell over 14% today, compounding a similar‑sized decline in the previous session; the stock is now down roughly 24% over five days and back into negative territory year‑to‑date. The latest half‑year results showed continued operating losses of around US$34 million, highlighting the capital‑intensive and pre‑profit nature of IperionX’s titanium and critical‑minerals projects.
Shares of NSA stock surged roughly 27% in premarket trading after the company agreed to be acquired by Public Storage in an all-stock transaction valued at about $10.5 billion. The deal values National Storage Affiliates at an implied price of about $41.68 per share, representing a substantial premium to its prior closing price near the low-$30s.
Shares of NBIS jumped roughly 12% in premarket trading after a sharp rally in the prior regular session. The latest leg of the price rally follows news of a multibillion‑dollar, long‑term AI infrastructure agreement with Meta Platforms that expands Nebius’s cloud capacity commitments.
Micron Technology’s common stock MU (MU) rose 5.13% in the latest completed session, closing at 426.13 dollars versus 405.35 dollars previously. The move appears driven by continued enthusiasm around Micron’s role as a key memory supplier to artificial intelligence and data center markets, supporting an earnings-driven re‑rating of the stock.
IperionX Limited (IPX) is down about 15.57% in early trading on March 16, with shares recently changing hands near 29.44 dollars versus a previous close of 34.87 dollars. The drop extends a post‑earnings selloff after the company’s March 12 results highlighted continued losses and substantial funding needs to scale its titanium operations.
Shares of CTMX surged roughly 56% in the latest session, staging a sharp intraday price rally from the prior close. The move appears driven by earnings-related positioning and growing optimism around CytomX’s PROBODY therapeutic platform and late‑stage oncology pipeline.
Hyperliquid Strategies Inc (PURR) shares jumped about 15% in the latest session, extending a multi-week price rally tied to digital-asset exposure. The move comes as traders bid up proxy plays on the Hyperliquid ecosystem and HYPE token, with renewed risk appetite in crypto-related assets.
VIA fell over 11% today, extending a slide that began last week; the stock has been under pressure since trading around the high‑teens and low‑$20s, well below its $46 IPO price.
LAES fell more than 19% today as the market digested a $125 million registered direct offering of 30.4 million new shares (or pre‑funded warrants) plus warrants for up to 60.8 million additional shares, all priced at $4.11 per unit.