# MULL (GraniteShares 2x Long MU Daily ETF)

GraniteShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: MULL returned −12.3% where its own daily promise gave −7.2%, 5.1 points short.

## Key facts

- MULL, what MU did: +3.2%, as of Sep 30, 2026.
- MULL, what 2 times a day gives: −7.2%, as of Sep 30, 2026.
- MULL, what the fund returned: −12.3%, as of Sep 30, 2026.
- MULL, the fund itself cost: −5.1 pts, as of Sep 30, 2026.
- MULL, net assets: $779m (issuer page, as of Sep 30, 2026).
- MULL, expense ratio: 1.50% (485BPOS XBRL, Oct 24, 2025).

## MULL over each window to Sep 30, 2026

| Window | Fund | MU | +2x the move | Difference | MU moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +19.8% | +11.1% | +22.2% | −2.4 pts | 49% |
| 3 months | −12.3% | +3.2% | +6.4% | −18.7 pts | 76% |
| 6 months | +409.9% | +189.6% | not meaningful over this window | not meaningful over this window | 91% |
| 1 year | +1674.5% | +537.6% | not meaningful over this window | not meaningful over this window | 81% |
| Since launch | +2717.1% | +928.5% | not meaningful over this window | not meaningful over this window | 73% |

## 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 +3.2% over this window, too little to read a multiple from | ETFIQ |
| Underlying | MU | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $779m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.50% | 485BPOS XBRL, Oct 24, 2025 |
| Launched | Nov 12, 2024 | ETFIQ |
| Underlying volatility over the window | 76% annualized | ETFIQ |

## Questions

### Did MULL return +2 times MU?

Over the window to Sep 30, 2026, MU moved +3.2% and MULL returned −12.3%. 2 times that move is +6.4%, so the fund came out 18.7 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 figure itself.


## Cite this page

ETFIQ, MULL, data as of Sep 30, 2026. https://etfiq.com/funds/mull
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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