Why GraniteShares 2x Long NOW Daily ETF (NOWL) Is Up +34% in the Last 30 Days
Key Takeaways
- NOWL is a single-stock, 2x daily leveraged exchange-traded fund (ETF) that seeks 200% of the daily return of ServiceNow (NOW) common stock.
- Over the last 30 days, NOWL has advanced roughly 34%, amplifying a sharp rebound in ServiceNow shares.
- The move reflects improving enterprise-software sentiment, accelerating AI monetization, and a rotation away from AI-infrastructure names.
- ServiceNow's second-quarter results beat estimates, and its AI annual contract value (ACV) surpassed $1 billion, reinforcing the recovery.
- Because NOWL resets its leverage daily, multi-day returns can diverge materially from two times the underlying stock's cumulative move.
GraniteShares 2x Long NOW Daily ETF (NOWL) Overview and Portfolio Exposure
GraniteShares 2x Long NOW Daily ETF seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change of the common stock of ServiceNow, a cloud-based enterprise software and workflow-automation company. The fund is actively managed and non-diversified, obtaining its exposure primarily through swaps and options on the underlying stock rather than holding a broad basket of securities.
Effectively, NOWL functions as a single-stock vehicle: its sector allocation is concentrated in technology, and its returns track ServiceNow rather than a diversified index. The fund carries a net expense ratio of 1.50% and launched in July 2025, with assets under management (AUM) in the low hundreds of millions of dollars. This concentrated, leveraged structure means ServiceNow's day-to-day price action, rather than broad sector or index moves, is the dominant driver of NOWL's performance.
NOWL Price Performance: Last 30 Days vs. Quarter
Over the last 30 days, NOWL climbed roughly 34%, from about $5.78 to about $7.76 per share. The advance was not a straight line: the fund rallied into late August, pulled back in early September, and then regained momentum as ServiceNow received a series of analyst price-target increases.
On a trailing-quarter basis, the move is even more pronounced, with NOWL up on the order of 66% from a depressed mid-June base. That quarterly gain, however, reflects a rebound. ServiceNow shares sold off sharply through the first half of 2026 on concerns that agentic AI could disrupt traditional software-as-a-service (SaaS) pricing, and NOWL's leveraged structure compounded that drawdown. The subsequent recovery has been trend-driven and volatile rather than gradual.
What Drove NOWL Price in the Last 30 Days
The single most important driver was the underlying stock. ServiceNow reported second-quarter 2026 results that beat estimates, posting roughly $3.99 billion in revenue, up about 24% year over year, with earnings per share above consensus. Critically, management said ServiceNow's AI products surpassed $1 billion in annual contract value, with agentic AI deployments expanding rapidly across the platform.
Sentiment also shifted. Fears that AI agents would cannibalize seat-based software spending, sometimes labeled the "SaaS-pocalypse," eased, and investors rotated out of semiconductor and AI-infrastructure names into software. Upbeat results from enterprise-software peers such as Salesforce reinforced the group's momentum, and multiple firms raised ServiceNow price targets, lifting the stock and, in turn, the leveraged ETF.
What Drove NOWL Performance Over the Last Quarter
The quarter's story is one of recovery. After a first-half 2026 drawdown driven by AI-disruption fears and a valuation reset, ServiceNow rebuilt momentum on durable fundamentals: 24% revenue growth, a 98% renewal rate, roughly 21% growth in current remaining performance obligations (RPO), and accelerating AI adoption across a diversified workflow, security, and customer-relationship portfolio. ServiceNow's cybersecurity acquisitions also broadened its platform narrative. That fundamental recovery, combined with a sector-wide re-rating of enterprise AI names, underpinned NOWL's three-month rebound.
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NOWL ETF Outlook: What Investors Should Watch Next
The principal factor to monitor is ServiceNow's operating momentum. Its next quarterly report is expected in late October, and investors will focus on whether AI ACV growth continues, whether current RPO growth holds near 20%, and whether the moderation guided for the following quarter proves to be timing rather than a trend. Valuation also remains in focus: ServiceNow trades at an elevated earnings multiple, leaving limited room for guidance disappointment.
Beyond company-specific factors, the macroeconomic environment matters. Interest-rate expectations directly influence the valuation of high-multiple growth software, while competitive pressure from Microsoft, Salesforce, and Oracle in AI agents and workflow automation remains a structural consideration. For NOWL specifically, the mechanics of daily-reset leverage add a distinct layer of risk: volatility decay can cause long-horizon returns to diverge from two times the underlying stock, making this a vehicle better suited to short-term trading horizons than long-term buy-and-hold positioning.
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NOWL's RSI Indicator recovers from 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%.
Technical Analysis (Indicators)
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on September 28, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on NOWL as a result. In 15 of 15 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 8 of the 8 cases the stock turned lower in the days that followed. This puts the odds of success at 90%.
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%.
NOWL moved above its 50-day moving average on September 30, 2026 date and that indicates a change from a downward trend to an upward trend.
Following a +12.20% 3-day Advance, the price is estimated to grow further. Considering data from situations where NOWL advanced for three days, in 57 of 64 cases, the price rose further within the following month. The odds of a continued upward trend are 89%.
The Aroon Indicator entered an Uptrend today. In 28 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 90%.