# PUL (GraniteShares 2x Long P Daily ETF)

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

One month to Sep 11, 2026: PUL returned −26.4% where its own daily promise gave −25.2%, 1.2 points short.

## Key facts

- PUL, what P did: −11.9%, as of Sep 11, 2026.
- PUL, what +2 times a day gives: −25.2%, as of Sep 11, 2026.
- PUL, what the fund returned: −26.4%, as of Sep 11, 2026.
- PUL, the fund itself cost: −1.2 pts, as of Sep 11, 2026.
- PUL, expense ratio: 1.50% (485BPOS XBRL, May 26, 2026).
- PUL, underlying: P, as of Sep 11, 2026.

## PUL over each window to Sep 11, 2026

| Window | Fund | P | +2x the move | Difference | P moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −26.4% | −11.9% | −23.7% | −2.7 pts | 65% |
| Since launch | +41.0% | +25.5% | +50.9% | −9.9 pts | 70% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of P, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.22 times, against +2 stated | ETFIQ |
| Underlying | P | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Expense ratio | 1.50% | 485BPOS XBRL, May 26, 2026 |
| Launched | Jul 7, 2026 | ETFIQ |
| Underlying volatility over the window | 65% annualized | ETFIQ |

## Questions

### Did PUL return +2 times P?

Over the window to Sep 11, 2026, P moved −11.9% and PUL returned −26.4%. 2 times that move is −23.7%, so the fund came out 2.7 points short of it.

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

Because it resets daily. PUL 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.


## Cite this page

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

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