Why GraniteShares 2x Long DELL Daily ETF (DLLL) Is Up +59% in the Last 30 Days
Key Takeaways
- DLLL seeks two times (200%) the daily return of Dell Technologies (DELL), so its 30-day gain of roughly 59% reflects a leveraged move in a single underlying stock.
- Dell's fiscal second-quarter results, released in early September, showed record AI-server orders, a $95 billion AI backlog, and a $25 billion guidance raise — the primary catalyst for the surge.
- Dell's S&P 100 inclusion and a heavily oversubscribed bond sale added index- and credit-driven demand during the window.
- Over the trailing three months, DLLL is up roughly 58%, with the gains concentrated in September.
- As a daily-reset leveraged product, DLLL carries compounding and volatility risks and is intended for short-term trading rather than long-term holding.
GraniteShares 2x Long DELL Daily ETF (DLLL) Overview and Portfolio Exposure
The GraniteShares 2x Long DELL Daily ETF is an exchange-traded fund (ETF) that seeks daily investment results, before fees and expenses, equal to two times (200%) the daily percentage change in the common stock of Dell Technologies (DELL). Launched in February 2025, the fund is actively managed and non-diversified, meaning it does not track a broad index but instead targets a single security's price action.
Rather than holding a basket of stocks, DLLL achieves its exposure primarily through total-return swaps and options on Dell shares, with the balance held in U.S. Treasury bills and cash used as collateral. As a result, the fund has no conventional sector allocation — its performance is effectively a concentrated, amplified bet on Dell. The fund carries a net expense ratio of 1.50% and manages roughly $160 million in assets under management (AUM). Because leverage is reset daily, DLLL's returns over periods longer than one day can diverge significantly from two times Dell's cumulative return, particularly in volatile markets.
GraniteShares 2x Long DELL Daily ETF (DLLL) Price Performance: Last 30 Days vs. Quarter
Over the last 30 days, DLLL climbed roughly 59%, from about $23.54 to approximately $37.50. Over the trailing three months, the fund advanced about 58%, from near $23.74 to the same level. The similarity between the two figures reflects a concentrated move: the fund spent much of the late spring and summer range-bound between roughly $22 and $27 before a sharp, event-driven advance in early September.
The underlying stock moved in the same direction but at roughly half the magnitude. Dell shares rose about 30% over the last 30 days and about 37% over the trailing quarter — consistent with the fund's two-times daily leverage, adjusted for fees and the compounding effects of a daily reset.
What Drove DLLL Price in the Last 30 Days
The rally was anchored by Dell's fiscal 2027 second-quarter results. Dell reported record revenue of about $47 billion, up 58% year over year, and non-GAAP diluted earnings per share (EPS) of $7.04, more than double the prior-year period. The standout was AI-server demand: Dell booked a record $60.9 billion in AI-server orders during the quarter and exited with a $95 billion backlog. Management raised full-year revenue guidance by $25 billion, to about $192 billion, and lifted its AI-server revenue outlook to roughly $74 billion.
Several additional catalysts reinforced the move. Dell's scheduled addition to the S&P 100 took effect in late September, prompting anticipated buying from index-linked funds. A $5 billion investment-grade bond sale drew roughly $23 billion in orders, signaling strong institutional appetite for the company's credit. Wall Street analysts responded with higher price targets following the results. With leverage, these cumulative gains in Dell translated into an outsized move in DLLL.
What Drove DLLL Performance Over the Last Quarter
The broader three-month trend reflects sustained enthusiasm for AI infrastructure. Demand for servers running artificial-intelligence workloads has expanded beyond the largest hyperscale cloud providers into enterprise, sovereign, and "neocloud" customers, lifting names across the hardware complex, including Hewlett Packard Enterprise (HPE) and Super Micro Computer (SMCI). Dell's results also showed margin improvement — operating income in its infrastructure segment more than tripled — helping answer concerns that AI-server revenue would come with structurally lower profitability.
For DLLL specifically, the quarter's gain is best understood as the compounded effect of Dell's advance rather than a steady climb. The fund's daily-reset mechanics mean choppy weeks in July and August partially muted returns, while the sharp, sustained rally in September dominated the final result.
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DLLL ETF Outlook: What Investors Should Watch Next
Going forward, DLLL's path will be dictated almost entirely by Dell's share price and the pace of the AI-infrastructure cycle. Key factors to monitor include hyperscaler capital-expenditure plans, the rate at which Dell converts its backlog into recognized revenue, and memory pricing — Dell has cited DRAM and NAND supply constraints as a key input cost. Enterprise adoption of AI infrastructure, storage attach rates, and the durability of margin expansion will also matter.
Broader macro conditions remain relevant: interest-rate expectations, inflation, and enterprise IT budgets influence the multiple investors are willing to pay for hardware names. Finally, the fund's structure itself is a risk consideration. Because DLLL resets its two-times exposure daily, its performance can deviate meaningfully from Dell's return over multi-day or multi-week holding periods, and periods of elevated volatility tend to erode value through compounding. Investors should treat the fund as a short-term, high-risk tactical instrument rather than a long-term core holding.
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.
Momentum Indicator for DLLL turns positive, indicating new upward trend
DLLL saw its Momentum Indicator move above the 0 level on September 02, 2026. This is an indication that the stock could be shifting in to a new upward move. Traders may want to consider buying the stock or buying call options. Tickeron's A.I.dvisor looked at 22 similar instances where the indicator turned positive. In 21 of the 22 cases, the stock moved higher in the following days. The odds of a move higher are at 90%.
Technical Analysis (Indicators)
Bullish Trend Analysis
The Moving Average Convergence Divergence (MACD) for DLLL just turned positive on September 02, 2026. Looking at past instances where DLLL's MACD turned positive, the stock continued to rise in 14 of 15 cases over the following month. The odds of a continued upward trend are 90%.
DLLL moved above its 50-day moving average on September 03, 2026 date and that indicates a change from a downward trend to an upward trend.
The 10-day moving average for DLLL crossed bullishly above the 50-day moving average on September 04, 2026. This indicates that the trend has shifted higher and could be considered a buy signal. In 3 of 3 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are 90%.
Following a +16.72% 3-day Advance, the price is estimated to grow further. Considering data from situations where DLLL advanced for three days, in 98 of 103 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 128 of 133 cases where DLLL Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 90%.
Bearish Trend Analysis
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 10 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
DLLL broke above its upper Bollinger Band on September 03, 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.
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