Share-split context: A forward split was recorded on Mar 13, 2024 with coefficient 5. A forward split turns each old share into multiple new shares and lowers the quoted price per share proportionally. Proportional ownership is unchanged at the split moment, so the split itself creates neither a gain nor a loss. The price-return figures in this report are already split-adjusted.

Educational Report: Graniteshares 2x Long Meta Daily ETF (FBL)

The Graniteshares 2x Long Meta Daily ETF (FBL) is a leveraged, single-stock ETF designed to provide twice the daily return of Meta Platforms Inc. It is a high-risk tool used by investors who want a magnified version of Meta's daily price movements.

What this ETF is trying to do

FBL is a "2x Long" fund. This means if Meta's stock price goes up 1% in a day, this ETF aims to go up 2%. However, if Meta's stock price goes down 1%, the ETF aims to go down 2%. Because it is leveraged, it is designed for short-term trading rather than long-term holding.

What the numbers show

The performance of FBL varies significantly depending on the time frame:

• Year-to-Date (YTD): The price return is -3.57%.

• One Year: The price return is -23.18%, while the total return (which includes distributions) is -21.58%.

• Three Year: The price return is 54.45%, and the total return is 137.63%.

FBL has a history of forward splits. The most recent occurred on March 13, 2024, with a coefficient of 5. In a forward split, each old share becomes multiple new shares, and the price per share drops proportionally. This does not create a gain or loss; it simply changes the number of shares an investor owns.

Income and Distribution Explanation

FBL has a distribution yield of approximately 2.15%. Over the last 12 months, it has made only one payment, totaling 0.67 per share. The distribution frequency is irregular. For beginners, it is important to know that a distribution yield is not the same as a total return. In this case, the one-year total return is negative despite the yield.

Price and NAV Erosion Explanation

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

Regarding price-based evidence, FBL has an erosion score of 55, which is labeled as "Moderate price erosion." This is a measurement of how the share price has behaved over time. The severe erosion-risk flag is currently false.

Top Holdings

As of October 8, 2026, the fund's portfolio is concentrated in one asset:

• Meta Platforms Inc Class A: 67%

Pros

• Magnified Gains: Offers the potential for double the daily gains of Meta.

• Strong Long-Term Total Return: The three-year total return is 137.63%.

Cons

• Magnified Losses: Leveraged funds can lose value much faster than the underlying stock.

• Recent Decline: The one-year price return is -23.18%.

• Irregular Income: Distributions are infrequent and not guaranteed.

Beginner Takeaway

FBL is not a traditional "buy and hold" investment. It is a leveraged tool that tracks a single company. While it has shown strong three-year growth, it has also seen a significant price decline over the last year. High distribution yields can be misleading if the share price is falling.