At a glance
MVLL charges 1.97% a year. It has $1.03B in assets. Over the past year it returned +240.2% with distributions reinvested.
The short version
GraniteShares 2x Long MRVL Daily ETF (MVLL) aims to deliver twice (200%) the daily percentage change of Marvell Technology stock. It gets most of that exposure through swap agreements with banks and brokers. It is built for short-term traders. Because its leverage resets every day, returns over longer periods can differ sharply from twice Marvell's move. It charges 1.97% a year, and it fell 75.9% between June 15 and July 29, 2026.
Price history
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MVLL +240.2% 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 | |
|---|---|---|---|---|---|---|
| MVLL price data to Oct 27, 2026 | +303.4% | +240.2% | — | — | — | +119.2% |
- Over the year to Oct 27, 2026, MVLL returned +240.2%.
- The deepest fall in its price history was 75.9% (Jun 15, 2026 to Jul 29, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +303.4% |
| 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 6 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 152.97% |
By country
United States 152.97%By issuer
US Treasury 152.97%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 $322.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +165.78%, +46.20%, -42.92%.
How it works
MVLL is actively managed and follows no index. Its target is one stock: Marvell Technology (NASDAQ: MRVL), a semiconductor company. At the end of each trading day, the fund aims to hold exposure to Marvell equal to about 200% of its net asset value. It gets that exposure mainly through total return swaps. In a swap, a bank or broker agrees to pay the fund the return on a set dollar amount of Marvell stock. As of June 30, 2026, its swaps with Cantor Fitzgerald, Marex, HSBC, Clear Street and National Bank of Canada added up to about 200% of net assets.
If the fund can't add more swap exposure, it may buy deep in-the-money call options on Marvell. It may also pair a bought call with a sold put (a "synthetic forward") or buy the shares directly. Its options last from one week to one month. Cash goes into short-term holdings such as Treasury bills, money market funds or GraniteShares' own Short Term Box ETF (LBOX). The prospectus expects 25% to 50% of assets to be posted as collateral for the swaps. As of June 30, 2026, Treasury bills made up about 153% of net assets, with an average maturity of about 0.1 years. That short maturity limits how much interest-rate changes affect them.
The 2x target resets every day, so the fund's returns compound from one day to the next. Over weeks or months, its result can land far from twice Marvell's return, and choppy, up-and-down markets usually hurt it.
What it really costs
- MVLL charges 1.97% a year.
- Of that, 1.3% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.02% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $200 in the first year and $2,312 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MVLL | $200 | $622 | $1,070 | $2,312 |
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 the daily move of a single stock and resets its leverage every day, so it is built for trades lasting a day or a few days, not for long-term holding.
MVLL launched on March 3, 2025. That means it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market, and no full calendar year of results. What its short history does show is extreme swings. Its one-year volatility was 146.7% as of October 27, 2026. It fell 75.9% from June 15 to July 29, 2026, and it had not regained that peak by October 27. Anyone who had to sell during a slump like that would lock in deep losses. The fund has made no distributions, so it provides no income. Its 1.97% expense ratio comes to $200 after one year and $2,312 over 10 years in the SEC's standard $10,000 example. Its one-year return was 240.2% as of October 27, 2026. But 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 twice Marvell Technology's daily move for a day or a few days and who watch their position closely.
- Traders who understand total return swaps and accept relying on counterparties such as Cantor Fitzgerald, Marex and HSBC.
- Experienced investors willing to pay a 1.97% expense ratio for amplified, short-term exposure to one semiconductor stock.
Look elsewhere if
- Retirement savers looking for a long-term holding. Daily resets mean returns over months can stray far from twice Marvell's return.
- Investors who need regular income. The fund has made no distributions.
- Anyone uneasy with drops like the 75.9% fall between June 15 and July 29, 2026, or who wants more than one stock.
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 MVLL a good long-term investment?
MVLL is designed for single-day results, not long-term holding. It seeks 200% of Marvell Technology's daily move and resets every day. Over weeks or months, compounding can push its return far from twice Marvell's, usually lower in choppy markets. Its one-year return was 240.2% as of October 27, 2026. It also fell 75.9% between June 15 and July 29, 2026, and had not regained that peak by October 27.
Does MVLL pay dividends?
No. MVLL has made no distributions. It aims to profit from Marvell Technology's daily price changes through swaps and other contracts, backed by Treasury bills held as collateral. Any gain or loss shows up in the share price rather than as cash payouts. Investors who want regular income would need to look beyond this fund, since it is built around price moves, not payouts.
What is MVLL's expense ratio?
MVLL's expense ratio is 1.97%, according to its prospectus filed October 28, 2026. That includes a 1.30% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, costs total about $200 after one year, $622 after three, $1,070 after five and $2,312 after 10. That is high compared with a typical stock index fund.
MVLL vs buying Marvell stock: what's the difference?
Owning Marvell Technology shares gives you one-for-one exposure that never resets, and there is no fund fee. MVLL aims for twice Marvell's daily move, mostly through swaps with firms such as Cantor Fitzgerald and Marex, and charges 1.97% a year. Over a single day, it aims to move about twice as much as the stock, before fees. Over longer periods, the daily reset can make its return differ sharply from twice the stock's. It also adds counterparty risk, which shareholders of the stock don't carry.
How risky is MVLL?
Very risky. As of October 27, 2026, its one-year volatility was 146.7% and its beta was 5.74. Beta measures how much a fund moves compared with the overall stock market. MVLL fell 75.9% from June 15 to July 29, 2026. It is non-diversified, tied to a single semiconductor stock, and depends on swap counterparties that could fail to pay. It launched on March 3, 2025, so it has not been through a full bear market.