GraniteShares' Top-Performing Leveraged ETPs: A 2023 Review

Topic: Industrials
Publication Type: Investment Cases , Updates , Articles
GraniteShares' Top-Performing Leveraged ETPs: A 2023 Review

As we bid our farewell to 2023, it's an opportune moment to ponder upon the key elements that shaped the financial markets throughout the year. With December 2023, gains for S&P 500 index exceeding 4%, the S&P 500 index ended the year with an impressive total return of over 26%, poised on the verge of reaching new all-time highs.

It's worth recollecting that 2022 marked one of the bleakest years in over a decade for both stock and bond markets. However, 2023 provided a recovery (albeit uneven), with markets poised to conclude on a positive note. As of December 29th, yearly gains of the US Aggregate Bond Index and the S&P 500 index ranged from 5.28% and 24.23% respectively. Despite this upward trajectory, the journey for investors has been far from smooth, characterized by substantial gains primarily concentrated in the initial two and final three months of 2023. (Source: Reuters).

Amidst economic resurgence and global challenges, investors encountered a spectrum of opportunities and hurdles. Let's explore the pivotal trends and occurrences that molded the financial landscape and know the best-performing ETPs in 2023.

Economic Recovery in 2023:

The commencement of the year was marked by cautious optimism as the global economy sustained its recuperation from the repercussions of the COVID-19 pandemic. This upward trajectory instilled confidence among investors, fostering positive sentiments in the market. Despite notable apprehensions surrounding inflation and escalating interest rates, the U.S. economy demonstrated resilience, evidenced by the upward trajectory of corporate profits. Notably, technology stocks experienced a resurgence in 2023, with the "Magnificent 7" mega-cap tech stocks spearheading the majority of gains in the US equity markets. (Source: Midwestcap)

Total return, 2022 vs. 2023 across Financial Markets

  • For U.S. Equities, the 2022 return was -18.1% and the 2023 return was 24.23%
  • For World Equities, the 2022 return was -17.7% and the 2023 return was 21.6%.
  • For U.S. High Yield, the 2022 return was -11.2% and the 2023 return was 10.9%.
  • For USD Cash, the 2022 return was 1.5% and the 2023 return was 4.9%.
  • For U.S. Agg. Bonds, the 2022 return was -13.0% and the 2023 return was 4.2%.
  • For Global Agg. Bonds, the 2022 return was -16.2% and the 2023 return was 3.1%.
  • For Commodities, the 2022 return was 16.1% and the 2023 return was -10.2%.

(Source: JP Morgan)

Banking Crisis in 2023:

The remarkable stability and robust performance of the stock market as it approached 2024 stand out, especially considering the turmoil caused by a regional banking crisis in the spring of 2023.

In a matter of weeks, escalating losses on cryptocurrency investments, sharp declines in the value of bond portfolios, and commercial real estate holdings, coupled with aggressive runs on bank deposits, led to the collapse of Silvergate Bank, Silicon Valley Bank, Signature Bank, and First Republic Bank. The stock prices of U.S. regional banks experienced a widespread nosedive as investors grappled with eroding confidence in the banking sector, fearing the potential contagion to other financial institutions.

The situation was on the brink of evolving into a broader and more profound banking crisis, but intervention from the Federal Reserve played a pivotal role. The central bank extended emergency loans to distressed banks, offering reassurance to customers of the failed banks that their deposits would be fully recovered, even surpassing the $250,000 insurance guaranteed by the Federal Deposit Insurance Corporation. Federal Reserve Chair Jerome Powell and U.S. Treasury Secretary Janet Yellen consistently underscored the stability of the banking industry and the safety of deposits. Consequently, the brief banking crisis concluded with relatively minimal disruption to equity markets.

Moreover, larger banks such as JPMorgan Chase (JPM) and New York Community Bancorp (NYCB) stepped in to acquire the assets of the failed banks, contributing to the stabilization of the financial landscape. (Source: Midwestcap)

Leveraged ETPs

Leveraged Exchange-Traded Products (ETPs) are financial instruments designed to amplify returns by utilizing financial derivatives and debt. These instruments often provide investors with the opportunity to gain two or three times the daily or monthly return of a particular index or asset class. While leveraged ETPs offer the potential for enhanced profits, they also entail higher risk due to the use of financial leverage, making them more suitable for sophisticated investors who can carefully manage and monitor their positions. Investors should be aware of the inherent volatility and potential for magnified losses associated with leveraged ETPs.

Top Performing ETPs from Graniteshares


Product Name

Currency Underlying Stocks Performance for 2023 ETPs Performance for 2023


GraniteShares 3x Long NVIDIA Daily ETP





GraniteShares 3x Long MicroStrategy Daily ETP





GraniteShares 3x Long Rolls-Royce Daily ETP





GraniteShares 3x Long Facebook Daily ETP





GraniteShares 3x Long Coinbase Daily ETP





GraniteShares 3x Long UBER Daily ETP





GraniteShares 3x Long Spotify Daily ETP





GraniteShares 3x Long AMD Daily ETP





GraniteShares 3x Long FATANG Daily ETP





GraniteShares 3x Long FAANG Daily ETP




(Source: Graniteshares)

Let's understand the company and sectors they work under,

Nvidia Corporation (NVDA)

2023 Stock performance: 254%

2023 '3x ETP' Performance: 1824.47%

Sector: Electronic Technology

Market cap: $1.117 Trillion

For the entire 2023, the GraniteShares 3x Long NVIDIA Daily ETP provided a total return of 1824.47%. While the Nvidia stock gained 254% for 2023 the GraniteShares 3x Long NVIDIA Daily ETP earned a total return of 1824.47%. GraniteShares 3x Long NVIDIA ETP for the entire year earned 618.31% more than the underlying Nvidia stock. (Source: Yahoofinance)

In November 2022, OpenAI unleashed ChatGPT, catapulting itself into the realms of the fastest-growing internet apps. This innovation marked the surge of large language models (LLMs) within the domain of generative Artificial Intelligence (AI). Recognizing the potential, investors swiftly identified NVIDIA as a major beneficiary of this transformative AI technology, a collaboration between OpenAI and Microsoft (MSFT).

By October 9, 2023, NVIDIA's closing price stood at $452.73, a staggering 319% increase from its 2022 low. The company's rapid ascent was fueled by robust financials, boasting a trailing 12-month revenue of $32.681 billion as of July 2023. Impressively, this figure represents only 3.26% of NVIDIA's perceived $1 trillion market opportunity.

NVIDIA's dominance extends across key sectors, securing its position as a juggernaut in graphics processing units (GPUs), data center networking technologies, and AI software (CUDA software stack). These components collectively position the company as a dominant force in constructing the infrastructure for accelerated computing and generative AI applications.

The company's financial prowess is evident in its Q2 FY 2024 earnings report, where it recorded a staggering $13.51 billion in revenue, marking a remarkable 101% year-over-year growth. The data center segment, a major revenue driver, witnessed a 171% year-over-year increase, fueled by soaring demand from major players like Meta Platforms (META) and cloud service providers.

NVIDIA's HGX AI supercomputing platform, renowned for its prowess in generative AI and LLM applications, is experiencing exponential sales growth. During the June quarter earnings call, CFO Colette Kress highlighted major deployments by leading companies such as AWS, Google Cloud, Meta, Microsoft Azure, and Oracle Cloud.

MicroStrategy, Inc. (MSTR)

2023 Stock Performance: 346.2%

2023 '3x ETP' Performance: 1401.66%

Sector: Technology

Market Cap: $8.11 Billion

For 2023 MicroStrategy stock gained 346.2% while GraniteShares 3x Long MicroStrategy Daily ETP earned a total return of 1401.66%. The difference between the two instruments is 304.87%. The GraniteShares 3x Long MicroStrategy Daily ETP tracks 3 times the daily performance of MicroStrategy stock. (Source: Yahoo finance)

Business intelligence software company MicroStrategy Inc. has significantly increased its involvement in the cryptocurrency bitcoin, leading to a surge of over 350% in its stock value over the past year. The company's substantial exposure to bitcoin serves as the primary driver for its stock performance.

MicroStrategy, along with its subsidiaries, reportedly holds 189,150 BTC with a combined purchase cost of $5.9 billion and an average purchase price of $31,168 per BTC. In the period between November 30 and December 26, the company and its subsidiaries acquired around 14,620 bitcoins at an average price of approximately $42,110, as disclosed in a regulatory filing.

MicroStrategy's co-founder and Executive Chairman, Michael Saylor, has been a vocal advocate of Bitcoin for an extended period. He openly expresses his belief that saving in a fiat currency, subject to constant debasement, is unwise. Saylor views Bitcoin as a safer and more liquid asset that avoids the significant supply inflation associated with fiat currencies.

While MicroStrategy primarily operates in the business intelligence software sector, offering artificial intelligence applications and cloud-based services, its substantial exposure to Bitcoin ties its balance sheet closely to the volatility of cryptocurrency markets.

In the third quarter of 2023, total revenues reached $129.5 million, reflecting a 3.3% increase, or a 1.1% increase on a non-GAAP constant currency basis, in comparison to the third quarter of 2022.

The gross profit for the same period in 2023 amounted to $102.8 million, indicating a gross margin of 79.4%. This compares to the third quarter of 2022, where the gross profit was $100.0 million, with a slightly higher gross margin of 79.8%.

Rolls-Royce Limited (RR)

2023 Stock Performance: 253.27%

2023 '3x ETP' Performance: 1298.78%

Sector: Aerospace and Defense

market Cap: GBP 24.93 billion

In 2023, Rolls-Royce stock experienced a gain of 253.27%, while the GraniteShares 3x Long Rolls-Royce Daily ETP delivered a total return of 1298.78%. The notable difference between the two instruments amounts to 412.81%. The GraniteShares 3x Long Rolls-Royce Daily ETP is designed to track 3 times the daily performance of Rolls-Royce stock, showcasing the amplified impact of the leveraged exchange-traded product on returns compared to the underlying stock. (Source: Yahoo finance)

The share price performance of Rolls-Royce in 2023 signals a robust recovery for the company. In the first half of the year, large engine flying hours reached 83% of their pre-pandemic levels, indicating a substantial rebound. Additionally, the company's defense division has experienced positive impacts from conflicts around the world.

Remarkably, the directors upgraded their earnings forecasts twice throughout the year, resulting in share price surges exceeding 20% on both occasions. The current expectation is for Rolls-Royce to report an underlying operating profit ranging between £1.2 billion and £1.4 billion in 2023. This marks a significant improvement compared to its performance in 2022 (£652 million), 2021 (£414 million), and the challenging year of 2020 (a loss of £2 billion). The positive trajectory in earnings reflects the company's successful efforts in navigating challenges and capitalizing on opportunities for growth.

In 2023, Rolls-Royce (LON: RR) experienced a remarkable performance, with the engineering and aerospace giant achieving share price gains of over 200% on an annualized basis, making it the leading gainer among the U.K.'s blue-chip FTSE 100 companies. Furthermore, Rolls-Royce also claimed the top position in the Stoxx 600, a pan-European index comprising leading companies from 17 countries on the continent.

As of now, Rolls-Royce's share price is trading around 300p ($3.8) per share, reaching a level not seen since June 2019. This significant resurgence contrasts sharply with the sub-80p prices and the near-bankruptcy situation the company faced in 2020 during the challenging times of the COVID-19 pandemic.

The trajectory ahead for Rolls-Royce heavily depends on its civil aerospace business. The company aims to enhance its divisional margins significantly, targeting an improvement from 2.5% in 2022 to a range of 15-17% by the year 2027.

Moreover, Rolls-Royce has initiated significant efforts toward sustainable aviation, making headlines with projects that involve powering aircraft using hydrogen, such as the collaboration with easyJet, and utilizing sustainable aviation fuels, exemplified by a recent transatlantic flight with Virgin Atlantic. These ventures showcase the company's commitment to exploring innovative and eco-friendly solutions in aviation, aligning with the broader industry shift toward sustainability.

Meta Platforms (META)

2023 Stock Performance: 194.13%

2023 '3x ETP' Performance: 1244.33%

Sector: Technology

market Cap: $962 billion

In 2023, Meta Platforms stock recorded a gain of 194.13%, while the GraniteShares 3x Long Facebook Daily ETP delivered a total return of 1244.33%. The significant difference between the two instruments amounts to 540.978%. The GraniteShares 3x Long Facebook Platforms Daily ETP is designed to track 3 times the daily performance of Meta Platforms stock, illustrating the amplified impact of the leveraged exchange-traded product on returns compared to the underlying stock. (Source: Yahoo finance)

Meta Platforms is composed of two distinct business segments: the Family of Apps and Reality Labs. Originally named Facebook, the company was primarily associated with the social media platform of the same name, but it also encompassed other popular social media platforms such as Instagram, WhatsApp, Messenger, and Threads. However, reflecting CEO and founder Mark Zuckerberg's vision to advance into the metaverse, the company underwent a name change. The rebranding to Meta Platforms signifies a strategic shift towards developing and integrating technologies that align with the broader concept of the metaverse.

So far in 2023, Meta Platforms has generated about $95 billion in revenue and $30 billion in operating profit but the revenue and operating profits are primarily from the Family of Apps. Although the Family of Apps remains the mainstay for Meta Platforms, providing consistent support, Reality Labs represents more of an aspirational endeavor. Reality Labs recorded its lowest Q3 revenue in two years. Indicates a challenge to Meta's ambitious plans in these domains.

In 2023, Meta Platforms confronted various challenges, yet these obstacles failed to hinder the remarkable surge in its stock value, nearly tripling over the course of the year. Similar to Nvidia, Meta capitalized on the advancements in artificial intelligence (AI). However, the pivotal moment for the social media giant came in February when CEO Mark Zuckerberg declared it to be Meta's "year of efficiency," responding to the market challenges faced by its shares in 2022.

This strategic declaration paved the way for a series of cost-cutting measures implemented by Meta throughout the year, focusing on enhancing operational efficiency. The success of these initiatives manifested in a substantial upswing in Meta's stock, emphasizing the influential role of proactive management decisions in reshaping the company's trajectory and restoring investor confidence.

Coinbase (COIN)

2023 Stock Performance: 391.44%

2023 '3x ETP' Performance: 835.92%

Sector: Finance

market Cap: $31.289 billion

In 2023, Coinbase stock experienced a gain of 391.44%, while the GraniteShares 3x Long Coinbase Daily ETP delivered a total return of 835.92%. The notable difference between the two instruments amounts to 113.55%. The GraniteShares 3x Long Coinbase Daily ETP is designed to track 3 times the daily performance of Coinbase stock, showcasing the amplified impact of the leveraged exchange-traded product on returns compared to the underlying stock. (Source: Yahoo finance)

In 2023, while Bitcoin itself experienced a notable rally of over 150%, the shares of companies closely linked to the digital currency, including Coinbase, MicroStrategy, and the Grayscale Bitcoin Trust, outperformed significantly, each rising by more than 300% in value. Bitcoin miner Marathon Digital saw an even more remarkable surge, soaring by an impressive 688%.

These stocks, intimately connected to the world of cryptocurrency, not only surpassed the performance of the primary digital currency but also emerged as some of the top gainers in the entire U.S. market. In the realm of publicly traded U.S. businesses with a market value of at least $5 billion, these four bitcoin-associated stocks ranked among the eight best performers, as per data from FactSet.

As the primary publicly traded crypto exchange in the U.S., Coinbase has long been a popular platform for buying and trading cryptocurrencies in its domestic market. The struggles faced by Binance, the world's largest exchange, have allowed Coinbase to gain market share during non-U.S. trading hours, as reported by research firm Kaiko in late November.

Following a plea deal by Binance CEO Zhao, Coinbase CEO Brian Armstrong emphasized the validation of Coinbase's long-term strategy, focusing on compliance and building a trusted company.

While Coinbase's revenue and stock price are still below their 2021 peaks, the business has stabilized after implementing significant cost-cutting measures in the previous year and early 2023.

Uber Technologies (UBER)

2023 Stock Performance: 149.10%

2023 '3x ETP' Performance: 731.21%

Sector: Technology

market Cap: $130 billion

In 2023, Uber stock surged by 149.10%, while the GraniteShares 3x Long UBER Daily ETP skyrocketed by 731.21%. The significant difference between the two instruments amounts to 390.42%. The GraniteShares 3x Long UBER Daily ETP is designed to track 3 times the daily performance of UBER stock, illustrating the amplified impact of the leveraged exchange-traded product on returns compared to the underlying stock. (Source: Yahoo finance)

Uber Technologies, headquartered in San Francisco, operates globally as a technology provider that connects riders with drivers, facilitates food delivery, and links shippers with carriers. With a presence in over 63 countries, the platform boasts 110 million monthly users. While best known for its ride-sharing services, which contribute to 76% of its revenue, Uber also thrives in the food delivery sector, constituting 22% of its business. Beyond these core services, Uber extends its on-demand technology to innovative ventures such as autonomous vehicles, drone delivery, and Uber Elevate for aerial ride-sharing, showcasing a commitment to revolutionizing transportation and delivery services on a global scale.

Similar to the cruise lines, Uber experienced a significant upturn with the easing of COVID-19 restrictions and subsequent reopenings. The ride-hailing service, alongside Builders FirstSource, witnessed additional gains upon being added to the S&P 500 on December 18. This inclusion contributed to the stock's impressive performance, with an approximate 142% increase in value for the year 2023. Uber's resurgence aligns with the broader trend of industries rebounding post-pandemic, reflecting the company's adaptability and resilience in navigating changing market dynamics.

Spotify Technology SA (SPOT)

2023 Stock Performance: 138.01%

2023 '3x ETP' Performance: 548.99%

Sector: Consumer Discretionary

market Cap: $39 billion

In 2023, Spotify stock jumped by 138.01%, whereas the GraniteShares 3x Long Spotify Daily ETP achieved a total return of 548.99%. The notable disparity between the two instruments is 297.79%. The GraniteShares 3x Long Spotify Daily ETP is structured to mirror 3 times the daily performance of Spotify stock, highlighting the magnified influence of the leveraged exchange-traded product on returns in comparison to the underlying stock. (Source: Yahoo finance)

Moreover, in 2023, Spotify stock delivered exceptional performance, yielding impressive returns of 138% for its investors. The company implemented several significant changes throughout the year that contributed to its success. These changes included raising prices, expanding its user base with both ad-supported and Premium listeners, and enhancing overall profitability.

Towards the end of December 2023, Spotify underwent organizational adjustments to align itself with its future goals. As part of this restructuring, the company decided to reduce its total headcount by 17%. This strategic decision received positive feedback from analysts, with three of them issuing Buy ratings for the stock.

Beyond its financial success, Spotify offers a distinctive feature known as "Spotify Wrapped." This feature provides users with a personalized year-in-review, offering insights into their top listening moments of the year. Users can discover their most-listened-to artists, songs, and genres, providing an opportunity to compare their musical highlights with friends and the broader user community.

Advanced Micro Devices, Inc. (AMD)

2023 Stock Performance: 127.59%

2023 '3x ETP' Performance: 466.19%

Sector: Semiconductors

market Cap: $236 billion

In 2023, AMD Securities stock experienced an increase of 127.59%, while the GraniteShares 3x Long AMD Securities Daily ETP delivered a total return of 466.19%. The significant difference between the two instruments amounts to 265.38%. The GraniteShares 3x Long AMD Securities Daily ETP is designed to replicate 3 times the daily performance of AMD Securities stock, emphasizing the amplified impact of the leveraged exchange-traded product on returns compared to the underlying stock. (Source: Yahoo finance)

AMD has been a trailblazer in pushing innovation across high-performance computing, graphics, and visualization technologies. These advancements serve as the foundational elements for gaming, immersive platforms, and the robust infrastructure of data centers. AMD's impact extends globally, with hundreds of millions of consumers, Fortune 500 businesses, and cutting-edge scientific research facilities relying on its technology daily. The company's dedicated global workforce is committed to creating exceptional products that redefine the limits of what is achievable, contributing to improvements in how individuals live, work, and engage in recreational activities.

AMD executed a remarkable turnaround since hitting a low point in 2015, leveraging new products and improved profitability. Over the next six years, AMD's stock experienced a substantial upward trajectory.

In Q3, AMD achieved significant market share gains from Intel in both PC and server CPUs. The company's share of desktop PC processor sales rose from 13.9% to 19.2%, while notebook PC processor sales increased from 15.7% to 19.5% YoY. In the lucrative server CPU market, AMD's unit share surged from 17.5% to 23.3% over the same period.

AMD's recent advancements in its Instinct Platform include the MI300X GPU, MI300A APU, and associated ROCm software stack. The MI300X, based on AMD's CDNA3 architecture, delivers notable improvements, boasting 40% more compute units, 1.5x more memory capacity, and 1.7x more peak theoretical memory bandwidth than its predecessor, the MI250X. These enhancements position the MI300X as a leading GPU for demanding workloads, simplifying configurations, and potentially establishing AMD as a strong competitor in the AI GPU market.

The MI300A, also based on CDNA3, integrates GPU cores with Zen4 CPU cores and 128 GB of HBM3 memory in a single package, showcasing a significant 1.9x performance-per-watt improvement for FP32 HPC and AI workloads compared to the previous generation MI250A.

Additionally, AMD's ROCm 6 platform, emphasizing an open-source approach, promises an 8x AI performance increase on the MI300 hardware compared to the previous generation software. The release adds support for key generative AI features, further solidifying AMD's position as an innovative force in the high-performance computing and AI markets.


2023 '3x ETP' Performance: 377.64%

Sector: Technology

The FATANG stocks witnessed an extraordinary surge, soaring by an impressive 377.64% returns for 2023. (Source: Graniteshares)

FATANG is an acronym that encompasses six of the most significant and widely recognized US technology firms listed on the NASDAQ stock exchange. These companies, with the exception of Netflix, are all part of the top 10 holdings in the S&P 500 Index.

The FATANG stocks include Facebook: FB, Amazon: AMZN, Tesla: TSLA, Apple: AAPL, Netflix: NFLX, Google (Alphabet): GOOG

Similar to the FAANG acronym, which excludes Tesla, FATANG represents a group of influential technology companies. The FAANG term was coined several years before Tesla joined the S&P 500 index. These stocks are commonly grouped together due to their dominance in various technology sectors and exceptional liquidity. FATANG stocks rank among the largest companies globally in terms of market capitalization, making them appealing to investors worldwide and maintaining high trading volumes.


2023 '3x ETP' Performance: 373.05%

Sector: Technology

The FAANG stock's value went up by 3 times during the year, witnessing a remarkable 373.05% increase in 2023. (Source: Graniteshares)

GraniteShares FAANG ETPs offer exposure to an equal-weighted portfolio comprising the following companies: Facebook, Amazon, Apple, Netflix, and Alphabet.

In the past decade, the FAANG stocks have epitomized the zenith of tech investing. However, following a challenging 2022 during which many of these stocks experienced significant losses, doubts arose about the sustainability of their dominance. The narrative took a sharp turn in 2023, with a pronounced reversal of the previous trend. Many FAANG stocks not only recovered but also reclaimed their status as formidable investments, signaling a resurgence in confidence and potential for growth in the tech sector.

For an extended period, Meta Platforms (META), Amazon (AMZN), Apple (AAPL), Netflix (NFLX), and Alphabet (GOOG, GOOGL) remained consistently among the highest-growth stocks in the market, collectively recognized by the acronym FAANG. FAANG ETPs offer diversification advantages through various exposures, including long, inverse, and leverage positions. This flexibility enables investors to easily express their convictions, whether for short, medium, or long-term strategies, asset allocation, hedging, or tactical maneuvers in the market.

Leverage ETPs by GraniteShares

Leverage ETPs by GraniteShares

Product name

Graniteshares 3x Long NVIDIA ETP 3LNV 3LNV 3LVP
GraniteShares 3x Long MicroStrategy Daily ETP 3LMI 3LMI LMI3
GraniteShares 3x Long Rolls-Royce Daily ETP  - 3LRR -
GraniteShares 3x Long Facebook Daily ETP 3LFB 3LFB 3LFP
GraniteShares 3x Long Coinbase Daily ETP 3LCO 3LCO LCO3

GraniteShares 3x Long UBER Daily ETP

GraniteShares 3x Long Spotify Daily ETP 3LPO 3LPO LPO3
GraniteShares 3x Long AMD Daily ETP  3LAM 3LAM LAM3
GraniteShares 3x Long FATANG Daily ETP 3FTG 3FTE 3FTP
GraniteShares 3x Long FAANG Daily ETP  3FNG 3FNE 3FNP



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GraniteShares accepts no responsibility for any loss or damage resulting directly or indirectly from the use of this blog or the contents. GraniteShares Limited (“GraniteShares”) (FRN: 798443) is an appointed representative of Messels Limited which is authorised and regulated by the Financial Conduct Authority.

This blog does not constitute an offer to buy or sell or a solicitation of an offer to buy securities in any company. Nothing contained herein constitutes investment, legal, tax or other advice nor is to be relied upon in making an investment or other decision. No recommendation is made positive or otherwise, regarding individual securities or investments mentioned herein. Any summary list of risk factors does not purport to be a complete enumeration or explanation of the risks involved in a particular investment. Prospective clients must consult with their own legal, tax and financial advisers before deciding to invest. This email contains the opinions of the author and such opinions are subject to change without notice. The source of data is GraniteShares unless otherwise stated. No guarantee is made to the accuracy of the information provided which has been obtained from sources believed to be reliable. This email and the information contained herein is intended only for the use of persons (or entities they represent) to whom it has been provided. Past performance is not a reliable indicator of future results.  The value of an investment may go down as well as up and can result in losses, up to and including a total loss of the amount initially invested. Investments may involve numerous risks including, among others, company risks, general market risks, credit risks, foreign exchange risks, interest rate risks, geopolitical risks and liquidity risks.  Please note that GraniteShares short and leveraged Exchange Traded Products are for sophisticated investors.

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