At a glance
MULL charges 1.68% a year. It has $1.54B in assets.
The short version
GraniteShares 2x Long MU Daily ETF (MULL) aims to deliver twice the daily percentage change of Micron Technology (MU) stock, before fees. It gets that exposure mainly through swap agreements with large banks. Its exposure resets every day, so returns over weeks or months can differ sharply from twice Micron's return. It is built for short-term trading, costs 1.68% a year and has paid no distributions.
Price history
The interactive chart needs JavaScript.
MULL — 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 | |
|---|---|---|---|---|---|---|
| MULL price data to Oct 27, 2026 | -54.8% | — | — | — | — | — |
- The deepest fall in its price history was 66.8% (Jun 25, 2026 to Jul 29, 2026), not yet recovered.
| 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, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 166.34% | |
| Treasury Bill Bonds and notes | 5.53% |
By country
United States 171.88%By issuer
US Treasury 171.88%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 added a net $98.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +123.18%, +217.97%, -95.12%.
How it works
MULL does not track an index or choose among many stocks. Its only target is the common stock of Micron Technology. The fund is actively managed, which means its adviser, GraniteShares Advisors LLC, decides which contracts to use. The goal itself is mechanical, though. At the end of each trading day, the fund's exposure to Micron should equal about 200% of its net asset value.
Most of that exposure comes from total return swaps. In these contracts, a bank agrees to pay the fund the return on a set dollar amount of Micron stock. As of June 30, 2026, the fund held five swaps, with Nomura, Goldman Sachs, Morgan Stanley, HSBC and Wells Fargo. Together they equaled about 200% of net assets, and the largest, with Nomura, was about 61%. If the fund can't add more swaps, it may use call and put options on Micron or buy the stock directly. Its cash sits mostly in short-term US Treasury bills. The prospectus expects the fund to post 25% to 50% of its assets as collateral for the swaps.
Because exposure resets daily, each day's gains and losses compound. Over periods longer than a day, results can differ sharply from twice Micron's move. They are usually worse when the stock swings up and down. Holders also rely on the banks to honor their swap contracts.
What it really costs
- MULL charges 1.68% a year.
- Of that, 1.3% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.01% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $171 in the first year and $1,994 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MULL | $171 | $532 | $916 | $1,994 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- 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
It seeks twice Micron's move for a single day, and its daily reset makes long holding periods unpredictable.
MULL is designed for short-term bets on one semiconductor stock, not for holding over years. It launched on November 11, 2024, so it has no record from the 2008, 2020 or 2022 downturns, and its available price history starts June 25, 2026. In that short window it fell 66.8% between June 25 and July 29, 2026, and it had not recovered as of October 27, 2026. Anyone forced to sell during a stretch like that could lock in a deep loss. The fund has recorded no distributions, so it adds no income. Its 1.68% expense ratio is high. In the SEC's standard example, a $10,000 investment would cost $171 over one year and $1,994 over 10 years. Past results don't predict the future, and a 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 twice Micron's daily move for a day or a few days and who watch their positions closely.
- Traders who understand swap contracts and accept exposure to five bank counterparties, including Nomura and Goldman Sachs, as of June 30, 2026.
- Traders with a strong short-term view on Micron and the memory-chip cycle who accept a 1.68% expense ratio.
Look elsewhere if
- Retirees and savers who want income, since the fund has recorded no distributions.
- Buy-and-hold investors, since daily resets can pull long-term returns far from twice Micron's; it fell 66.8% between June 25 and July 29, 2026.
- Investors who want diversification, since all of the fund's market exposure is tied to one semiconductor stock, Micron Technology.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is MULL a good long-term investment?
MULL is built for short holding periods, not long-term investing. It seeks twice Micron's daily move, and because its exposure resets every day, returns over longer periods can differ sharply from twice Micron's return. Based on price data that starts June 25, 2026, the fund fell 66.8% by July 29, 2026, and had not recovered as of October 27, 2026. Long-term investors may want to compare it with owning Micron shares directly.
Does MULL pay dividends?
No. The fund has recorded no distributions. Its June 30, 2026 holdings report showed short-term US Treasury bills plus swap contracts on Micron, and no Micron shares held directly. Gains and losses come from changes in the share price, not from regular payouts. That makes it a poor fit for anyone who needs steady cash from their investments.
What is MULL's expense ratio?
MULL's expense ratio is 1.68%, according to its prospectus filed October 28, 2026. That includes a 1.30% management fee. In the SEC's standard example, a $10,000 investment earning 5% a year would cost $171 over one year, $532 over three years, $916 over five years and $1,994 over 10 years. Those costs are high compared with ordinary stock index funds, which do not run leverage or swap programs.
How does MULL get 2x exposure to Micron?
MULL gets its exposure mainly through total return swaps with banks. In these contracts, a bank pays the fund the return on a set dollar amount of Micron stock. As of June 30, 2026, swaps with Nomura, Goldman Sachs, Morgan Stanley, HSBC and Wells Fargo added up to about 200% of net assets. The fund holds Treasury bills as collateral. It may also use options or buy Micron shares if it can't add more swaps.
What's the difference between MULL and buying Micron stock?
Owning Micron shares gives you the stock's actual return over any period. MULL aims for twice Micron's return for one day at a time, so over weeks or months its result can be far from double, and often worse in choppy markets. MULL also charges a 1.68% expense ratio, depends on banks honoring their swap contracts and has paid no distributions.