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MULL vs UNHG

GraniteShares 2x Long MU Daily ETF

MULLCNasdaq

Leverage Shares 2x Long UNH Daily ETF

UNHGANasdaq

Overlap

Expense ratio

UNHG −0.91pt a year

MULL1.68%UNHG0.77%

Avg volume · 30D

MULL 9.3×the volume

MULL6.76MUNHG726K

MULL vs UNHG Performance

Oct 31, 2025 – Oct 30, 2026

+576.6%MULL+11.9%UNHG

Oct 31, 2025 to Oct 30, 2026. MULL +576.6%. UNHG +11.9%. Use the arrow keys to read each point.250%1,000%1,250%1,500%Oct 2025Apr 2026Oct 2026
Expense ratio
MULL 1.68%
UNHG 0.77%, better
Fund size
MULL $421M
UNHG $63M
1Y total return
MULL +576.6%, better
UNHG +11.9%
Holdings
MULL 2
UNHG 5
Avg volume (30D)
MULL 6.76M sh, better
UNHG 726K sh
NAV per share
MULL $18.74
UNHG $20.57
52W range

ETF.net Grade

MULL: Cost 2, Risk 66, Mission 96, Tradability 98, Holdings not scored, Durability 83. UNHG: Cost 60, Risk 83, Mission 90, Tradability 91, Holdings not scored, Durability 66.
Pillar letters and Scores for MULL, UNHG, with each pillar’s weight
PillarMULLUNHG
Cost30% weightF2B60Higher
Mission25% weightA96HigherA90
Risk15% weightB66A83Higher
Tradability15% weightA98HigherA91
Holdings10% weightNot scoredNot scored
Durability5% weightA83HigherB66

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 UNHG 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 ›

UNHG ranks 2nd 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 102CMSTXDaily Target 2X Long MSTR ETFScore 45
  5. Rank 102CMULLGraniteShares 2x Long MU Daily ETFScore 45
  6. Rank 102CNOWLGraniteShares 2x Long NOW Daily ETFScore 45

Our read on each fund

ETF.net Research

MULLCGraniteShares 2x Long MU Daily ETF

UNHGALeverage Shares 2x Long UNH 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.

UNHG Two times UnitedHealth's daily move, reset every night: a managed-care insurer in a category stuffed with chip and AI names. UNHG got there first, and it charges 0.77%.

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.

UNHG The fund seeks daily investment results equal to twice the daily performance of UnitedHealth Group Incorporated stock, before fees and expenses.

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
  • UNHG At 0.77%, the cheaper of the only two 2x UNH funds: Direxion's UNHU runs 0.97% net of a waiver through September 1, 2027. Both sit below the category's typical fee.
  • First to the 2x UNH trade, listed July 2025, months before Direxion's version arrived in March 2026. It trades actively for a single-stock leveraged fund.direxion.com
  • Exposure comes from total return swaps reset at each close, and day-to-day it has stayed close to its 2x target. One of the better-built funds in a crowded bull field.leverageshares.comsec.gov

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
  • UNHG Daily reset means multi-day results depend on the path UNH takes, not just its direction. Choppy stretches can erode value even if the stock ends where it started.leverageshares.com
  • Swap-based exposure carries counterparty risk, and everything rides on one managed-care company's news, from earnings to policy headlines.leverageshares.com
  • Listed in 2025, so there is little history to judge it across a full market cycle.

Full MULL profile⁠

Full UNHG profile⁠

MULL vs UNHG 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 UNHG Cost

Overpaying MULL vs UNHG

$13,943

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

  • MULL 1.68%

    $28,772

  • UNHG 0.77%

    $14,829

$10,000
30 years

Cost over time

  • MULL 1.68%
  • UNHG 0.77%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530MULL $28,772UNHG $14,829

Year by year

YearMULLUNHGOverpaying
10$2,879$1,371$1,508
20$10,499$5,205$5,294
30$28,772$14,829$13,943

Expense ratio

  • 1.68%MULL
  • 0.77%UNHG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

UNHG 135th cheapest of 315 funds

MULL 310th cheapest of 315 funds

MULL vs UNHG Dividends

Last 12 months to Oct 30, 2026
Last payment
MULL $0.01
UNHG $1.90
Ex-dividend
MULL Dec 29, 2025
UNHG Dec 30, 2025
Paid on
MULL Dec 31, 2025
UNHG Jan 2, 2026
Frequency
MULL Irregular
UNHG 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$22026YTD
UNHGIrregular · 1 paymentAll UNHG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.90. Use the arrow keys to read each point.$0$22026YTD

MULL vs UNHG 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 2024UNHG 98.1%since Aug 2025
Return per unit of riskSharpe ratio, 3 years
MULL 1.47since Dec 2024UNHG 0.90since Aug 2025
Worst fallMax drawdown, 5 years
MULL −72.3%since Nov 2024UNHG −57.1%since Jul 2025
Market sensitivityBeta, 5 years
MULL 9.68UNHG 5.53

MULL and UNHG in the news

All news⁠

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