ISUL ETF — Holdings & Analysis

The GraniteShares 2x Long ISRG Daily ETF (ISUL) is an exchange-traded fund that aims to provide daily investment results, before fees and expenses, corresponding to two times (200%) the daily percentage change of Intuitive Surgical, Inc. (ISRG) stock. Launched in October 2025, ISUL offers investors a way to gain leveraged exposure to the price movements of ISRG. It is designed for short-term trading and is not intended to be a long-term investment vehicle. Investors should understand that the fund's performance is reset daily, and the cumulative effect over longer periods can differ significantly from a simple 2x multiple of ISRG's returns.

The expense ratio for ISUL is 1.50%. This means that for every $10,000 invested in the fund, $150 is used to cover the fund's operating expenses annually. The expense ratio is relatively high compared to broad market equity ETFs, which often have expense ratios below 0.50%. However, it is important to consider that ISUL is a leveraged ETF, and these types of funds typically have higher expense ratios to cover the costs associated with leverage and active management.

As a leveraged ETF, ISUL's primary holding is derivatives and contracts designed to replicate two times the daily performance of Intuitive Surgical, Inc. (ISRG). While it doesn't hold a traditional basket of stocks, its exposure is entirely concentrated on ISRG. The fund's investment strategy revolves around using financial instruments to achieve its 2x daily return objective. Therefore, the performance of ISUL is directly and solely linked to the price fluctuations of Intuitive Surgical's stock.

ISUL is generally not considered a suitable long-term investment due to its leveraged nature and daily reset mechanism. The fund is designed to provide twice the daily percentage change of Intuitive Surgical (ISRG) stock, which means that its performance is reset each day. This daily reset can lead to significant deviations from a simple 2x multiple of ISRG's returns over longer periods due to the effects of compounding. The high expense ratio of 1.50% also erodes long-term returns. Past performance does not guarantee future results.

ISUL is unique in that it offers 2x leveraged exposure specifically to Intuitive Surgical (ISRG) on a daily basis. Many other ETFs in the equity space offer broader market exposure or focus on different sectors. Compared to non-leveraged ETFs, ISUL has a significantly higher expense ratio of 1.50%. Its AUM is $0.00B, which may be smaller than some of the more established ETFs in the market. The key differentiator is its leveraged strategy and focus on a single company, making it a niche product for sophisticated investors.

According to the latest data, ISUL does not pay dividends. Its dividend yield is 0.00%. This is typical for leveraged ETFs, as their primary objective is to provide amplified exposure to price movements rather than generating income through dividends. Investors seeking dividend income should consider other ETFs that focus on dividend-paying stocks.