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Rating:$1B In 14 Months, Then $2B In 3 Weeks Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, March 28, 2024

$1B In 14 Months, Then $2B In 3 Weeks

Reported by Neil Anderson, Managing Editor

One of a Gotham ETF provider's leveraged single-stock funds hit two big AUM milestones in less than a month.

William "Will" Rhind
Founder, CEO
The GraniteShares 2x Long NVDA Daily ETF (NVDL on the Nasdaq) had $2.073 billion in AUM as of yesterday. The fund crossed the $1-billion-AUM threshold three weeks earlier, on March 6. (The GraniteShares team launched NVDL on December 13, 2022, which means it took 14 months for the fund to reach $1 billion in AUM.)

On March 8, Will Rhind, founder and CEO of the New York City-based fund firm, laid claim to NVDL now being largest single-stock ETF in the world.

"Our core mission has always been to provide investors with innovative and accessible investment solutions," Rhind states. "The recent surge in our leveraged long Nvidia product, driven by its outstanding earnings results, shows how keen investors are on having tools to take advantage of breakthrough moments in high growth areas."

NVDL is a series of GraniteShares ETF Trust. It comes with an expense ratio of 115 basis points, which bakes in a 42bps fee waiver pomised through December 31, 2024.

As a firm, GraniteShares overall crossed the $2-billion-AUM milestone last month.

GraniteShares Advisors LLC serves as NVDL's investment advisor. The fund's PM team, since inception, includes Benoir Autier, chief operating officer and head of product at GraniteShares, and Jeff Klearman, portfolio manager.

The fund was initially designed to offer 1.5 times the daily return of the stock of the technology company NVIDIA Corp. (NVDA). In January of this year, the GraniteShares team amped up the fund's target to 2x NVDIA's daily returns. (They also similarly magnified the amplification of seven other leverage single stock ETFs.)

NVDL's other service providers include: SS&C's Alps Distributors, Inc. as distributor; Alps Fund Services, Inc. as administrator; Brown Brothers Harriman & Co. (BBH) as custodian, dividend disbursing agent, and transfer agent; Tait Weller & Baker LLP as independent accounting firm; and Thompson Hine LLP as counsel. 

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