- ISIN
- US38747R8438
- Issuer
- GraniteShares
- Inception Date
- Dec 12, 2022
- Region
- North America (U.S.)
- Category
- Leveraged Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Assets Under Management
- $205M
Share Price Chart
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Performance
FBL Performance Chart
GraniteShares 2x Long META Daily ETF (FBL) is down 35.2% since the beginning of the year. FBL is currently trading at $21 per share.
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Returns By Period
GraniteShares 2x Long META Daily ETF (FBL) has returned -35.19% so far this year and -45.27% over the past 12 months.
GraniteShares 2x Long META Daily ETF
- 1D
- -4.79%
- 1M
- -16.55%
- YTD
- -35.19%
- 6M
- -35.68%
- 1Y
- -45.27%
- 3Y*
- 20.87%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
FBL Monthly Returns History
Based on dividend-adjusted daily data since Dec 13, 2022, FBL's average daily return is +0.30%, while the average monthly return is +5.91%. At this rate, an investment would double in approximately 1.0 years.
Historically, 60% of months were positive and 40% were negative. The best month was Feb 2024 with a return of +51.0%, while the worst month was Mar 2025 at -27.1%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 4 months.
On a daily basis, FBL closed higher 53% of trading days. The best single day was Feb 2, 2024 with a return of +40.7%, while the worst single day was Oct 30, 2025 at -23.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 15.01% | -19.12% | -24.07% | 11.50% | 5.59% | -22.05% | -35.19% | ||||||
| 2025 | 36.17% | -7.01% | -27.11% | -14.24% | 36.70% | 28.08% | 7.61% | -9.87% | -2.03% | -24.41% | -1.67% | 2.68% | 0.50% |
| 2024 | 15.38% | 50.95% | -2.76% | -24.16% | 16.16% | 15.29% | -13.75% | 18.85% | 19.48% | -3.15% | 1.55% | 2.67% | 112.72% |
| 2023 | 36.59% | 24.61% | 31.90% | 19.21% | 15.62% | 10.42% | 16.09% | -11.42% | 1.12% | -0.43% | 12.05% | 11.41% | 341.59% |
| 2022 | -1.38% | -1.38% |
Benchmark Metrics
GraniteShares 2x Long META Daily ETF has an annualized alpha of 23.94%, beta of 2.87, and R2 of 0.36 versus S&P 500 Index. Calculated based on daily prices since December 13, 2022.
- This ETF captured 550.95% of S&P 500 Index gains and 255.59% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- R2 of 0.36 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 23.94%
- Beta
- 2.87
- R²
- 0.36
- Upside Capture
- 550.95%
- Downside Capture
- 255.59%
Expense Ratio
FBL has a high expense ratio of 1.15%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
FBL ranks 3 for risk / return — in the bottom 3% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for GraniteShares 2x Long META Daily ETF (FBL) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FBL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.66 | ||
| Sortino ratioReturn per unit of downside risk | -3.42 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.37 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 2.78 | -3.53 |
| Martin ratioReturn relative to average drawdown | -1.30 | 12.44 | -13.74 |
Dividends
Dividend History
GraniteShares 2x Long META Daily ETF provided a 3.20% dividend yield over the last twelve months, with an annual payout of $0.67 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $0.67 | $0.67 | $0.00 | $8.00 |
Dividend yield | 3.20% | 2.07% | 0.00% | 51.58% |
Monthly Dividends
The table displays the monthly dividend distributions for GraniteShares 2x Long META Daily ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.67 | $0.67 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2023 | $8.00 | $8.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the GraniteShares 2x Long META Daily ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the GraniteShares 2x Long META Daily ETF was 61.15%, occurring on Mar 27, 2026. The portfolio has not yet recovered.
The current GraniteShares 2x Long META Daily ETF drawdown is 58.00%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -61.15%Mar 2026 | 1y 1mo | — | 1y 4moFeb 2025 - now |
2024 bear market2024 | -35.25%Apr 2024 | 22d | 4mo 22d | 5mo 14dApr 2024 - Sep 2024 |
2023 correction2023 | -19.35%Aug 2023 | 18d | 2mo 28d | 3mo 16dJul 2023 - Nov 2023 |
2023 correction2023 | -17.08%Feb 2023 | 19d | 15d | 1mo 4dFeb 2023 - Mar 2023 |
2024 correction2024 | -14.92%Nov 2024 | 1mo 9d | 18d | 1mo 27dOct 2024 - Dec 2024 |
Drawdown Indicators
| FBL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.15% | -56.78% | -4.37% |
Max Drawdown (1Y)Largest decline over 1 year | -61.03% | -9.10% | -51.93% |
Max Drawdown (3Y)Largest decline over 3 years | -61.15% | -18.90% | -42.25% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -58.00% | -1.80% | -56.20% |
Average DrawdownAverage peak-to-trough decline | -16.92% | -10.71% | -6.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.85% | 2.03% | +32.82% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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