Share-split context: A forward split was recorded on Jun 26, 2026 with coefficient 25. A forward split turns each old share into multiple new shares and lowers the quoted price per share proportionally. Proportional ownership is unchanged at the split moment, so the split itself creates neither a gain nor a loss. The price-return figures in this report are already split-adjusted.

What this ETF is trying to do

The GRANITESHARES 2X LONG MU DAILY ETF (MULL) is a leveraged ETF. This means it is designed to move in a different way than the standard market. Based on its name and holdings, it focuses heavily on one company. Its top holding is Micron Technology Inc (MU), which makes up 65.49% of the fund.

What the numbers show

As of October 7, 2026, the current price of MULL is $26.43. This ETF has seen very large changes in its share price recently.

The year-to-date (YTD) price return is approximately 636.70%. Over the last year, the one-year price return was approximately 1,396.94%. It is important to note that "price return" only tracks the change in the share price itself. The one-year total return, which includes distributions, was approximately 1,402.37%.

This ETF also has a history of share splits. On June 26, 2026, a forward split occurred with a coefficient of 25. In a forward split, each old share becomes multiple new shares (in this case, 25). This causes the price per share to fall proportionally. While the price looks lower after a split, your total ownership stays the same. A forward split is not a loss of money and is not an erosion warning.

Income and distribution explanation

MULL has a distribution yield of approximately 1.31%. This represents the cash distributions paid out relative to the ETF's price. The trailing distributions were $0.3468. These payments are described as "irregular" or "less frequent," with only one payout recorded in the last 12 months. Investors should remember that a distribution yield is not the same as total return.

NAV erosion explanation

"NAV erosion" refers to a decline in the actual value of the assets held by the ETF. StockValueFinder uses an erosion-risk score to measure this risk. For MULL, the erosion score is 100, and the label states "No price erosion detected." The erosion severity is rated as "good," and there is no severe erosion-risk flag.

Pros

• High Returns: The fund has shown very high price returns and total returns over the last year.

• Low Erosion Risk: According to the current erosion-risk measurements, no price erosion has been detected.

Cons

• Leveraged Risk: This is a leveraged ETF, which typically involves higher volatility.

• Concentrated Holdings: The fund is heavily weighted toward a single company, Micron Technology Inc.

• Irregular Income: Distributions do not happen on a regular schedule.

Beginner takeaway

MULL is a specialized, leveraged ETF that has experienced massive price growth recently. While it pays a small distribution yield, the main movement comes from its share price. Because it uses leverage and focuses on one main company, it behaves differently than a standard, diversified fund.