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GraniteShares 2x Long MU Daily ETF

MULLNasdaqGraniteSharesCThis 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.

$14.76−1.96 (−11.72%)

At close: Nov 2, 2026, 4:00 PM ET

C45/ 100

Rank 107 of 380 in Single-Stock Long Leveraged

C45/100Rank 107 of 380inSingle-Stock Long Leveraged
Intraday session: down, 79 prints from 16.72 to 14.76. Range 14.66 to 16.74. Use the arrow keys to read each point.15.0015.5016.0010 AM12 PM2 PM4 PM
Expense ratio
1.68%*
Fund size
$421M
1Y total return
+576.6%
Yield · Last 12 months
No data
Holdings
2
Avg volume · 30D
6.76M sh
52W range
low $1.74high $43.53
Launched

*After a fee waiver that ends Dec 31, 2027. Without it: 1.69%.

The ETF.net MULL Grade

Based on 5 of 6 pillars

C

Score 45 out of 100

Category
Single-Stock Long Leveraged⁠
Rank
107 of 380
Six-pillar profile for MULL. Scores out of 100: Cost 2, Risk 66, Mission 96, Tradability 98, Holdings not scored, Durability 83. Strongest: Tradability (98). Weakest: Cost (2). Based on 5 of 6 pillars.

Score 45 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F2 out of 100
    Rank 371 of 380

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A96 out of 100
    Rank 30 of 150

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B66 out of 100
    Rank 90 of 368

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A98 out of 100
    Rank 1 of 380

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A83 out of 100
    Rank 9 of 380

Our read on MULL

ETF.net Research

In short

CA 2x daily trade on Micron from one of the single-stock leverage specialists. Swaps, options and actual MU shares get reset to about 200% exposure every single day, which makes it a trading tool rather than a hold-and-forget position.

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

  • Hits its 2x daily target closely and consistently, one of the stronger implementations in a crowded field of leveraged single-stock bull funds.
  • Very actively traded, which is what you want from a vehicle meant to be entered and exited inside a session.
  • Built from swaps, options and direct Micron shares, rebalanced to roughly 200% of net assets at each close, with at least 80% of exposure held in 2x MU instruments.sec.gov

Worth knowing

  • At 1.50% net of a waiver through December 31, 2026 (3.06% gross), it is the priciest of the three 2x Micron funds: MUU charges 1.01%, MIC 0.45%, neither waived.
  • The daily reset compounds: over multi-day stretches, especially choppy ones, returns can diverge widely from 2x Micron's move over the same period.graniteshares.com
  • One stock, one industry. The prospectus flags exposure concentrated in semiconductors, and the fund posts 25% to 50% of assets as swap collateral.sec.govsec.gov 2

MULL Holdings

Asset class
Other
Holdings
2
Top-10 weight
100%
Largest holding
MU66.7%

Sectors

  • Technology100.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1MUMu66.67%900,140$841M686
2No dataUS Dollars33.33%420,457,117$420M85

Showing 1–2 of 2 holdings

MULL Performance

Launched Nov 11, 2024

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

Not enough history yet.Not enough history yet.Not enough history yet.
MULL$67,664
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. MULL $67,664. SPY $11,199. Use the arrow keys to read each point.$10,000$50,000$100,000$150,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+365.7%
1 month−34.8%
3 months+1.5%
1 year+576.6%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+365.7%
2025+558.9%
2024−40.1%

History from Nov 12, 2024

MULL in the news

MULL Dividends

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

$10,000 in MULL 1 year ago paid $55.94 in dividends.

MULL Risk

Risk pillarB66 out of 100Rank 90 of 368 in Single-Stock Long Leveraged

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.
218.9%
Annualised · 23 months to Oct 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.
1.47
vs 3-month T-bills · 23 months to Oct 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%
23 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.

FMP measures it over up to five years of monthly returns.

MULL Cost

Compare MULL and GOGL

Overpaying vs GOGL, tied cheapest in Single-Stock Long Leveraged

$24,617

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MULL 1.68%

    $28,772

  • GOGL 0.20% Tied cheapest

    $4,155

$10,000
30 years

Cost over time

  • MULL 1.68%
  • GOGL 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530MULL $28,772GOGL $4,155

Year by year

YearMULLGOGLOverpaying
10$2,879$365$2,514
20$10,499$1,421$9,078
30$28,772$4,155$24,617
How the 1.68% is worked out

Full fee 1.69%− waiver 0.01%= you pay 1.68%

The waiver ends Dec 31, 2027. After that the fee is 1.69% unless GraniteShares renews it. Source: prospectus, Oct 2026.

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