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MULL vs PANG

GraniteShares 2x Long MU Daily ETF

MULLCNasdaq

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

Overlap

0.0%by weight

Expense ratio

PANG −0.92pt a year

MULL1.68%PANG0.76%

Avg volume · 30D

MULL 151.5×the volume

MULL6.76MPANG44.6K

MULL vs PANG Performance

Oct 31, 2025 – Oct 30, 2026

+576.6%MULL+91.6%PANG

Oct 31, 2025 to Oct 30, 2026. MULL +576.6%. PANG +91.6%. Use the arrow keys to read each point.1,000%1,250%1,500%Oct 2025Apr 2026Oct 2026
Expense ratio
MULL 1.68%
PANG 0.76%, better
Fund size
MULL $421M
PANG $9M
1Y total return
MULL +576.6%, better
PANG +91.6%
Holdings
MULL 2
PANG 4
Avg volume (30D)
MULL 6.76M sh, better
PANG 44.6K sh
NAV per share
MULL $18.74
PANG $31.31
52W range

ETF.net Grade

MULL: Cost 2, Risk 66, Mission 96, Tradability 98, Holdings not scored, Durability 83. PANG: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59.
Pillar letters and Scores for MULL, PANG, with each pillar’s weight
PillarMULLPANG
Cost30% weightF2A70Higher
Mission25% weightA96HigherA94
Risk15% weightB66A74Higher
Tradability15% weightA98HigherA74
Holdings10% weightNot scoredNot scored
Durability5% weightA83HigherB59

Rank among Single-Stock Long Leveraged funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. MULL and PANG are both graded against the same 315 Single-Stock Long Leveraged funds, so their Grades compare head to head.

Single-Stock Long Leveraged⁠

Category · 315 funds
See all 315 ›

PANG ranks 3rd and MULL 102nd of 315 funds in the Single-Stock Long Leveraged Category.

  1. Rank 1ATSMGLeverage Shares 2x Long TSM Daily ETFScore 73
  2. Rank 2AUNHGLeverage Shares 2x Long UNH Daily ETFScore 72
  3. Rank 3AOKTGLeverage Shares 2x Long OKTA Daily ETFScore 70
  4. Rank 3APANGLeverage Shares 2x Long PANW Daily ETFScore 70
  5. Rank 5BAMDGLeverage Shares 2x Long AMD Daily ETFScore 69
  6. Rank 102CMSTXDaily Target 2X Long MSTR ETFScore 45
  7. Rank 102CMULLGraniteShares 2x Long MU Daily ETFScore 45
  8. Rank 102CNOWLGraniteShares 2x Long NOW Daily ETFScore 45

Our read on each fund

ETF.net Research

MULLCGraniteShares 2x Long MU Daily ETF

PANGALeverage Shares 2x Long PANW Daily ETF

In short

MULL A 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.

PANG Palo Alto Networks, doubled. PANG aims for 200% of PANW's daily move, reset every day, and it reached the market days before the only other 2x PANW fund. Flat 0.76% fee, no waiver attached.

Stated mandate

MULL 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.

PANG The ETF seeks daily investment results, before fees and expenses, equal to 200% of the daily performance of Palo Alto Networks, Inc. stock.

Why people hold it

  • MULL 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
  • PANG Cheaper of the two 2x PANW funds: 0.76% flat versus 1.08% for PALU, and PALU's number is net of a waiver through September 1, 2027 (1.48% gross).direxion.com
  • That 0.76% also sits below the typical fee in the single-stock leveraged category, where costs usually run higher.
  • Hits its 200% daily target closely, one of the tighter implementations among hundreds of single-stock leveraged funds.
  • Leverage arrives inside a standard 1940 Act ETF: no margin agreement, no borrowing, no overnight position to roll yourself.leverageshares.com

Worth knowing

  • MULL 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
  • PANG Daily reset, not a 2x hold. Over weeks the returns compound, and a choppy stretch in PANW can leave the result far from double the move.leverageshares.com
  • One stock, twice the swing. An earnings miss or a cyber headline lands here with double the force, up or down.leverageshares.com
  • Smaller and more lightly traded than the giants of the category, so spreads can widen; limit orders earn their keep.

Full MULL profile⁠

Full PANG profile⁠

MULL vs PANG Holdings

How MULL and PANG differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of MULL and 0.0% of PANG.

Level by level

  • Asset classLeveraged/Inverse, Equity0.0%
  • Holdings0 in both0.0%
  • Countryby domicile100%

Sector

No Sector split for PANG.

Country, concentration and asset class

Country by domicile

Country weights in MULL and PANG, widest gap first
CountryMore in MULLMore in PANG
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • MULL100.0%
  • PANG208.4%

Securities held

  • MULL1
  • PANG1

Asset class

MULL
Leveraged/Inverse
PANG
Equity

Holdings

  • Only in MULL1
  • In both0
  • Only in PANG1

Only in MULL

1 security, 66.7% of MULL by weight

  • Mu66.67%

Only in PANG

1 security, 8.4% of PANG by weight

  • First American Treasury Obligations Fund 01/01/20408.43%

Weight gaps

MULL and PANG share no securities.

All 2 MULL holdings⁠All 4 PANG holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MULL vs PANG Cost

Overpaying MULL vs PANG

$14,116

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

  • MULL 1.68%

    $28,772

  • PANG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • MULL 1.68%
  • PANG 0.76%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530MULL $28,772PANG $14,656

Year by year

YearMULLPANGOverpaying
10$2,879$1,353$1,526
20$10,499$5,142$5,357
30$28,772$14,656$14,116

Expense ratio

  • 1.68%MULL
  • 0.76%PANG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

PANG 131st cheapest of 315 funds

MULL 310th cheapest of 315 funds

MULL vs PANG Dividends

Last 12 months to Oct 30, 2026
Last payment
MULL $0.01
PANG $1.30
Ex-dividend
MULL Dec 29, 2025
PANG Dec 30, 2025
Paid on
MULL Dec 31, 2025
PANG Jan 2, 2026
Frequency
MULL Irregular
PANG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

MULLIrregular · 1 paymentAll MULL payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 29, 2025 $0.01. Use the arrow keys to read each point.$0$12026YTD
PANGIrregular · 1 paymentAll PANG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.30. Use the arrow keys to read each point.$0$12026YTD

MULL vs PANG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MULL 218.9%since Dec 2024PANG 128.2%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
MULL 1.47since Dec 2024PANG 0.90since Apr 2025
Worst fallMax drawdown, 5 years
MULL −72.3%since Nov 2024PANG −62.4%since Mar 2025
Market sensitivityBeta, 5 years
MULL 9.68PANG 3.32

MULL and PANG in the news

All news⁠

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