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MULL

GradeCNASDAQ Global Market

GraniteShares 2x Long MU Daily ETF

Leveraged · Single-Stock Leveraged · GraniteShares · Inception 2024-11-11

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$25.90−1.23 (−4.54%)

As of Sep 23, 2026, 3:10 PM EDT

History starts Nov 12, 2024.
Intraday session: down, 69 prints from 27.13 to 25.90. Range 25.65 to 27.32. Use the arrow keys to read each point.$25.50$26.50$27.00$27.5010 AM12 PM2 PM4 PM
Expense ratio
3.06%
Fund size
$774M
1Y return
+1831.1%
Yield · Last 12 months
Data unavailable
Holdings
2
Volume · 30D
8.5M sh
NAV per share
$24.74
52W range
low $1.24high $43.53

The ETF.net MULL Grade

C

43/ 100

Rank 112 of 380 in Single-Stock Long Leveraged⁠

Confidence High

Six-pillar profile for MULL. Scores out of 100: Cost 1, Risk 70, Mission 95, Tradability 89, Holdings not scored, Durability 83. Strongest: Mission (95). Weakest: Cost (1). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 43 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 1
    Category rank375/380 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 95
    Category rank46/147 · top 31%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 70
    Category rank59/285 · top 21%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 89
    Category rank22/380 · top 6%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 83
    Category rank10/380 · top 3%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on MULL

ETF.net Research

CA two-times daily bet on Micron, the memory chipmaker wired into the AI hardware cycle. The leverage resets every session, so GraniteShares built this for traders working in hours and days, not quarters.

Stated mandate

The Fund seeks daily investment results, before fees and expenses, equal to 2 times the daily percentage change of Micron Technology, Inc. common stock. It is intended as a short-term leveraged trading vehicle and is not expected to deliver twice the cumulative return over periods longer than one day.

Why people hold it

  1. 01Does the one job a leveraged fund has: day-to-day results have tracked twice Micron's daily move closely since the 2024 launch.graniteshares.com
  2. 02One of the most actively traded names in the single-stock leveraged crowd, so entering and exiting a position rarely means fighting a wide spread.
  3. 03Rare shelf space: only one other US ETF (MUU) targets the same 2x daily Micron exposure, and MULL sits in the upper half of a crowded bull cohort.

Worth knowing

  1. 01You pay up for it. The 3.06% expense ratio runs about triple the cohort median, and MUU charges 1.01% for the same 2x daily Micron target.
  2. 02The 2x applies to one day only. Hold longer and compounding takes over, so multi-week results can diverge from twice Micron's move, especially in choppy tape.graniteshares.com
  3. 03A single company drives everything, doubled: earnings night, memory pricing swings and AI demand headlines all land twice as hard.

MULL Holdings

As of Sep 21, 2026, 4:07 AM
Asset class
Other
Holdings
2
Top-10 weight
100%
Largest holding
MU SWAP66.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—MU SWAP66.68%1,415,679$1.4B1
002—US Dollars33.32%691,400,583$691M85

Showing 1–2 of 2 holdings

MULL Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

MULL$193,108
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. MULL $193,108. SPY $11,723. Use the arrow keys to read each point.$-14,718$157,289$329,296Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for MULL. Periods over one year show the average yearly return.
PeriodMULL
Year to date+655.7%
1 month+23.2%
3 months−36.8%
1 year+1831.1%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for MULL
YearReturn barMULL
2026 YTD+655.7%
2025+558.9%
2024−40.1%

History from Nov 12, 2024

MULL in the news

ETF.net Research hasn’t filed on MULL yet — coverage lands here as it’s written.

MULL Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.01 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 29, 2025 $0.01. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 29, 2025Dec 31, 2025$0.01

MULL Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
224.2%
Annualised · 21 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.61
vs 3-month T-bills · 21 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−72.3%
22 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
9.68
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

MULL Cost

Expense ratio3.06%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

323 of the 329 Single-Stock Long Leveraged funds charge less.

MULL costs $306.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.