At a glance
MRAL charges 1.45% a year, above the 0.14% average of the 7 funds most like it (the most expensive of 8). It has $72.2M in assets, the 8th largest of that group. Over the past year it returned −94.6% with distributions reinvested, the weakest of those 8 funds.
The short version
GraniteShares 2x Long MARA Daily ETF (MRAL) is a leveraged single-stock fund. It aims to deliver twice the daily percentage move of MARA Holdings, a bitcoin miner, mainly through swaps. It is built for short-term traders: the leverage resets every day, so results over longer periods can stray far from 2x MARA. It charges 1.45% a year and lost 94.6% in the year through October 27, 2026.
Price history
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MRAL -94.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MRAL price data to Oct 27, 2026 | -70.7% | -94.6% | — | — | — | -80.8% |
- Over the year to Oct 27, 2026, MRAL returned -94.6%, 8th of 8 among similar funds.
- The deepest fall in its price history was 96.4% (Oct 15, 2025 to Oct 26, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -70.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 276.5% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 276.50% |
By country
United States 276.5%By issuer
US Treasury 276.5%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $24.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +104.18%, +38.21%, -12.72%.
How it works
MRAL does not track an index. GraniteShares manages it actively with one goal. At the end of each trading day, the fund aims to hold exposure to MARA Holdings stock equal to about 200% of its net asset value (NAV, the value of its holdings per share). It gets that exposure mainly through swaps. A swap is a contract in which a financial firm agrees to pay the fund MARA's return on a set dollar amount. If the fund can't add enough swap exposure, it may use options on MARA, such as deep in-the-money calls or a "synthetic forward" (purchasing a call and writing a put at the same strike price), or hold the stock directly.
As of June 30, 2026, the fund reported swaps worth about 200% of net assets. Most were with Marex (about 149%) and Clear Street (about 51%), with tiny positions at Natixis, Nomura and Cantor Fitzgerald. Its other holdings were US Treasury bills with an average maturity of about 0.1 years. The fund expects to post 25% to 50% of its assets as collateral for its swaps.
Because the target resets daily, returns compound one day at a time. Over weeks or months, they can differ widely from twice MARA's return, and choppy trading can wear down value. The fund also depends on its swap partners making their payments.
What it really costs
- MRAL charges 1.45% a year, versus an average of 0.14% for the similar funds below (8th of 8, cheapest first).
- Of that, 1.3% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.06% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $148 in the first year and $1,794 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MRAL | $148 | $471 | $818 | $1,794 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
The fund targets 2x MARA's return for a single day, and it lost 96.4% from its peak, which makes it a trading instrument rather than a long-term holding.
MRAL launched on March 7, 2025, so it has no record from the 2008, 2020 or 2022 downturns. Its own record is severe. It fell 96.4% from a peak on October 15, 2025, to a low on October 26, 2026, and had not recovered as of October 27, 2026. It lost 70.7% in 2026 through October 27, and its one-year volatility was 156.8%. Someone who may need cash in a bad year could find very little left to draw on after a drop that deep. The fund pays no distributions, so it provides no income. It charges 1.45% a year. In the SEC's standard $10,000 example, costs total $148 after one year and $1,794 over 10 years. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a magnified one-day bet on MARA Holdings and can watch the position every trading day.
- People who understand swaps, daily leverage resets and compounding, and can accept swings like its 96.4% drop from October 2025 to October 2026.
- Traders who accept a 1.45% expense ratio because they plan to hold for days, not years.
Look elsewhere if
- Retirees and long-term savers: the fund is built around single-day results and lost 94.6% in the year through October 27, 2026.
- Anyone looking for income: no distributions have been recorded for this fund.
- Investors who want diversification: all of its stock exposure is to one bitcoin-mining company, and it depends on swap partners like Marex.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MRAL this fund | 0.1 yrs | 1.45% | $72.2M | -94.6% | — |
| VGLT Vanguard Long-Term Treasury ETF | 21.7 yrs | 0.03% | $15.13B | -4.4% | +4.2% |
| SCHQ Schwab Long-Term U.S. Treasury ETF | 21.8 yrs | 0.03% | $759.0M | -5.8% | +4.0% |
| SPTL SPDR Portfolio Long Term Treasury ETF | 21.8 yrs | 0.03% | $10.47B | -6.0% | +3.9% |
| EDV Vanguard Extended Duration Treasury ETF | 24.4 yrs | 0.05% | $4.13B | -11.8% | +2.0% |
| BLV Vanguard Long-Term Bond ETF | 22.1 yrs | 0.03% | $8.66B | -5.6% | +5.4% |
| LGOV First Trust Long Duration Opportunities ETF | 20.4 yrs | 0.66% | $619.4M | -4.0% | +5.5% |
| TLT iShares 20+ Year Treasury Bond ETF | 26 yrs | 0.15% | $47.05B | -5.3% | +2.1% |
Questions investors ask
Is MRAL a good long-term investment?
MRAL is not designed for long-term holding. It aims for twice MARA Holdings' daily move, measured from one day's close to the next. Over longer periods, daily compounding can push its results far from twice MARA's return. As of October 27, 2026, the fund had lost 94.6% over one year and 80.8% since its March 7, 2025 launch. At its deepest point it was down 96.4%.
Does MRAL pay dividends?
No. No distributions have been recorded for MRAL. Its returns come only from changes in its share price, which are driven by its leveraged swap exposure to MARA Holdings stock. The fund holds US Treasury bills as part of managing its cash and swap collateral, but it has not passed income on to shareholders. Investors who need regular income from a holding won't get it from this fund.
What is MRAL's expense ratio?
MRAL's expense ratio is 1.45%, according to its prospectus filed October 28, 2026. That includes a 1.30% management fee. In the SEC's standard example, which assumes $10,000 invested, a 5% annual return and shares cashed out at the end of each period, costs total $148 after one year, $471 after three years, $818 after five years and $1,794 after 10 years. That is high for an ETF.
What's the difference between MRAL and owning MARA stock?
Owning MARA Holdings shares directly gives you the stock's actual return, with no fund fee and no leverage. MRAL aims for twice MARA's daily move, mainly through swaps, and charges 1.45% a year. Because its leverage resets each day, MRAL's return over months can be much worse than twice MARA's, especially in volatile stretches. It also adds counterparty risk: the chance that a swap partner such as Marex fails to pay.
How risky is MRAL?
MRAL is extremely risky. As of October 27, 2026, its one-year volatility was 156.8% and its beta was 5.67. Beta measures how much a fund moves compared with the broad market, so 5.67 means it swung far more than the market. It fell 96.4% between October 15, 2025, and October 26, 2026. The prospectus lists risks tied to bitcoin prices, bitcoin halvings, mining difficulty, leverage and its swap partners.