# MULL (GraniteShares 2x Long MU Daily ETF)

GraniteShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: MULL returned −24.5% where its own daily promise gave −20.1%, 4.4 points short.

## Key facts

- MULL, what MU did: −0.6%, as of Sep 11, 2026.
- MULL, what +2 times a day gives: −20.1%, as of Sep 11, 2026.
- MULL, what the fund returned: −24.5%, as of Sep 11, 2026.
- MULL, the fund itself cost: −4.4 pts, as of Sep 11, 2026.
- MULL, net assets: $1.5bn (source, as filed for Jun 30, 2026).
- MULL, expense ratio: 1.50% (485BPOS XBRL, Oct 24, 2025).

## MULL over each window to Sep 11, 2026

| Window | Fund | MU | +2x the move | Difference | MU moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +9.7% | +7.0% | +14.0% | −4.3 pts | 53% |
| 3 months | −24.5% | −0.6% | −1.3% | −23.2 pts | 94% |
| 6 months | +211.0% | +129.0% | not meaningful over this window | not meaningful over this window | 94% |
| 1 year | +1739.1% | +548.8% | not meaningful over this window | not meaningful over this window | 81% |
| Since launch | +2301.6% | +841.8% | not meaningful over this window | not meaningful over this window | 74% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of MU, reset daily | ETFIQ |
| Multiple a holder actually got over the window | MU moved −0.6% over this window, too little to read a multiple from | ETFIQ |
| Underlying | MU | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $1.5bn | source, as filed for Jun 30, 2026 |
| Expense ratio | 1.50% | 485BPOS XBRL, Oct 24, 2025 |
| Launched | Nov 12, 2024 | ETFIQ |
| Underlying volatility over the window | 94% annualized | ETFIQ |

## Questions

### Did MULL return +2 times MU?

Over the window to Sep 11, 2026, MU moved −0.6% and MULL returned −24.5%. 2 times that move is −1.3%, so the fund came out 23.2 points short of it.

### Why does MULL not return +2 times over a year?

Because it resets daily. MULL aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which +2x MU ETF tracked its stated multiple most closely?

4 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

ETFIQ, MULL, data as of Sep 11, 2026. https://etfiq.com/funds/MULL
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/MULL  ·  JSON: https://etfiq.com/funds/MULL.json