Why GraniteShares 2x Long NOW Daily ETF (NOWL) Is Up +19% in the Last 30 Days
Key Takeaways
- NOWL is a 2x daily leveraged single-stock ETF (exchange-traded fund) that seeks 200% of the daily return of ServiceNow, before fees and expenses; its roughly +19% move over the trailing 30 days reflects amplified exposure to a rallying underlying stock.
- Over the trailing three-month period, the fund has climbed approximately 81%, magnifying a broader recovery in ServiceNow from depressed valuation levels.
- ServiceNow's strength has been driven by accelerating subscription revenue growth, AI annual contract value (ACV) surpassing $1 billion, and a wave of analyst price-target increases.
- As a daily-reset vehicle with a 1.50% expense ratio, NOWL is designed for short-term trading rather than long-term holding because of daily compounding and volatility effects.
- The primary risk is concentration: a leveraged single-stock fund places both upside and downside in one enterprise-software name, with the next earnings report a key catalyst.
GraniteShares 2x Long NOW Daily ETF (NOWL) Overview and Portfolio Exposure
NOWL is the GraniteShares 2x Long NOW Daily ETF, an actively managed, non-diversified fund that seeks daily investment results, before fees and expenses, equal to 2 times (200%) the daily percentage change of the common stock of ServiceNow, Inc. (ticker NOW), a Santa Clara, California-based provider of cloud-based digital workflow and automation software. The fund, launched in July 2025, carries a 1.50% expense ratio and holds roughly $200 million in assets under management (AUM).
Rather than a diversified basket, NOWL is a single-stock leveraged product. It pursues its objective primarily through swap agreements, options, and direct purchases of the underlying shares, meaning its exposure is effectively 100% concentrated in the technology (systems software) sector. Because the 2x multiple resets daily, the fund's multi-day returns can diverge meaningfully from a simple doubling of ServiceNow's cumulative move, particularly during choppy markets. This structure helps explain both the magnitude of the recent rally and the fund's inherent volatility.
GraniteShares 2x Long NOW Daily ETF (NOWL) Price Performance: Last 30 Days vs. Quarter
Over the trailing 30-day period, NOWL has risen approximately 19%, moving from a level near $7.23 to roughly $8.62. The advance was amplified but not perfectly linear: the fund is designed to deliver twice the daily return of ServiceNow, so multi-week moves reflect compounding rather than a fixed 2x of the stock's cumulative gain.
The broader trend is even stronger. Over the trailing three months, NOWL has climbed roughly 81%, recovering from a level near $4.77 after having dipped to a low around $3.66 in late July. That rebound was trend-driven rather than a one-day event, though the path included several sharp intraday swings consistent with a leveraged single-stock strategy. The three-month advance substantially exceeds the roughly 25% gain in ServiceNow shares over a comparable window, illustrating how daily leverage magnifies a steady underlying uptrend.
What Drove NOWL Price in the Last 30 Days
The recent move is almost entirely a leveraged reflection of strength in ServiceNow. Over the last month, the underlying stock advanced on improving investor confidence in its AI monetization strategy and a rotation back into enterprise-software names. Multiple analysts raised price targets, with firms citing robust demand across security, IT operations management, and AI-native offerings, as well as early traction in new pricing and packaging tiers.
Fundamentals reinforced the optimism. ServiceNow reported accelerating subscription revenue growth through the first half of the year, crossed $1 billion in AI annual contract value (ACV) during the second quarter, and continued to expand multi-product adoption among large enterprise customers. Its renewal rate has remained near 98%, underscoring the platform's stickiness. For NOWL, this translated into concentrated upside because every incremental gain in ServiceNow's share price is magnified by the fund's 2x daily leverage and its single-stock focus.
What Drove NOWL Performance Over the Last Quarter
The three-month rally reflects a broader re-rating of ServiceNow after a period in which the stock traded sharply below its prior highs on concerns that agentic AI could disrupt traditional software pricing. Those fears eased as ServiceNow demonstrated that AI is expanding, rather than eroding, its revenue base. Management repositioned the company as an "AI control tower" for enterprises, introduced a consumption-based pricing model, and integrated acquisitions in cybersecurity—including Armis and Veza—to broaden its platform beyond IT service management.
The company also guided toward more than $30 billion in subscription revenue by 2030, with AI expected to account for roughly 30% of ACV over time. Institutional repositioning and a rotation toward higher-growth software names added further support. For a leveraged single-stock fund, this environment of recovering valuations and improving fundamentals produced outsized returns, while the same mechanics would amplify losses in any reversal.
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NOWL ETF Outlook: What Investors Should Watch Next
Going forward, NOWL's path will hinge almost entirely on ServiceNow, magnified by daily leverage. The next quarterly earnings report is a central catalyst, as investors assess whether subscription revenue growth can remain near 20% and whether AI-native adoption continues to offset margin pressure from higher hyperscaler computing costs. The transition toward consumption-based pricing will be scrutinized for its impact on gross margins and free cash flow.
Broader macro factors also matter. Interest-rate expectations and inflation data influence how richly high-multiple software names are valued, while enterprise technology budgets remain sensitive to economic growth. Competition from large platforms such as Microsoft, Oracle, and Salesforce in enterprise AI and workflow automation is an ongoing structural consideration. Finally, investors should understand that a daily-reset leveraged fund can experience significant value erosion during sideways or volatile markets even if the underlying stock ends a period flat, making position sizing and holding-period discipline essential considerations rather than price predictions.
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 NOWL turns negative, indicating new downward trend
NOWL saw its Momentum Indicator move below the 0 level on October 29, 2026. This is an indication that the stock could be shifting in to a new downward move. Traders may want to consider selling the stock or exploring put options. Tickeron's A.I.dvisor looked at 18 similar instances where the indicator turned negative. In 18 of the 18 cases, the stock moved further down in the following days. The odds of a decline are at 90%.
Technical Analysis (Indicators)
Bearish Trend Analysis
The Moving Average Convergence Divergence Histogram (MACD) for NOWL turned negative on October 29, 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 10 similar instances when the indicator turned negative. In 10 of the 10 cases the stock turned lower in the days that followed. This puts the odds of success at 90%.
NOWL moved below its 50-day moving average on October 29, 2026 date and that indicates a change from an upward trend to a downward trend.
The 10-day moving average for NOWL crossed bearishly below the 50-day moving average on November 03, 2026. This indicates that the trend has shifted lower and could be considered a sell signal. In 4 of 4 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are 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%.
Bullish Trend Analysis
The RSI Indicator shows that the ticker has stayed in the oversold zone for 8 days. The price of this ticker is presumed to bounce back soon, since the longer the ticker stays in the oversold zone, the more promptly an Uptrend is expected.
The Stochastic Oscillator shows that the ticker has stayed in the oversold zone for 7 days. The price of this ticker is presumed to bounce back soon, since the longer the ticker stays in the oversold zone, the more promptly an upward trend is expected.
Following a +7.71% 3-day Advance, the price is estimated to grow further. Considering data from situations where NOWL advanced for three days, in 59 of 66 cases, the price rose further within the following month. The odds of a continued upward trend are 89%.
NOWL may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The Aroon Indicator entered an Uptrend today. In 41 of 43 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%.
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