Share-split context: A forward split was recorded on Jun 26, 2026 with coefficient 3. 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 MRVL DAILY ETF (MVLL) is a leveraged ETF. This means it uses financial tools to try and multiply the daily movement of a specific asset. Specifically, it aims for "2X Long" returns, which means it seeks to provide twice the daily return of its target.

What the numbers show

As of October 7, 2026, the share price is $41.35. This ETF has a history of share splits. On June 26, 2026, it had a forward split with a coefficient of 3. In a forward split, each old share becomes multiple new shares, and the price per share falls proportionally. This change does not create a gain or a loss; it simply changes how many shares an investor owns.

Because of this split history, we look at split-adjusted returns to see how the fund performed:

• Year-to-Date (YTD) Price Return: Approximately 476.26%

• One-Year Price Return: Approximately 392.85%

In this case, the supplied total return is the same as the price return for both the YTD and one-year periods. Price return measures only the change in the share price, while total return includes distributions.

Income and distribution explanation

This ETF does not currently pay out cash to investors. The distribution yield is 0%, and there have been no payouts in the last 12 months. For income investors, it is important to remember that a high distribution yield can sometimes be misleading if the share price is falling. However, this fund does not provide a yield.

NAV erosion explanation

"NAV erosion" happens when the value of an ETF's underlying assets wears away over time, often seen in certain types of leveraged or complex funds.

For MVLL, the erosion-risk score is 100, and the erosion label is "No price erosion detected." The erosion severity is listed as "good," and the severe erosion-risk flag is false. This means the screening rules did not detect a pattern of price deterioration.

Pros

• High Recent Returns: The split-adjusted price returns for the year and YTD are very high.

• No Detected Erosion: The fund currently has a "good" erosion-risk measurement.

Cons

• No Income: There are no distributions for investors seeking cash flow.

• Leverage Risk: As a leveraged ETF, it is designed for daily targets, which can be more volatile than standard ETFs.

Beginner takeaway

MVLL is a leveraged tool designed to multiply daily returns. While it has shown significant split-adjusted price growth over the last year, it provides no cash income. Investors should understand that leveraged ETFs behave differently than traditional stocks and are generally used for short-term goals rather than long-term stability.