Educational Report: GraniteShares 2x Long P Daily ETF (PUL)

The GraniteShares 2x Long P Daily ETF (PUL) is a leveraged ETF designed to provide double the daily return of a specific underlying asset. Because it is a leveraged fund, it is built for short-term trading rather than long-term investing.

What this ETF is trying to do

PUL is a "2x Long" ETF. This means it uses leverage to try and amplify the daily movement of its target asset. If the target asset goes up by 1% in a day, this ETF aims to go up by 2%. However, leverage also works on the downside; if the target asset falls, the losses are also amplified.

What the numbers show

As of September 25, 2026, the share price for PUL was $57.05.

Currently, there is very little historical performance data available for this fund. The supplied data does not include year-to-date, one-year, or three-year price or total returns. Because there is not enough verified price history, an erosion score has not been provided.

Income and distribution explanation

PUL is not designed to provide regular income to investors. The data shows:

• Distribution Yield: 0%

• Payouts in last 12 months: 0

• Distribution Frequency: No distributions detected

Because it does not pay out cash, it has an income rating grade of "F." Investors should understand that this ETF is focused on price movement, not on providing a steady stream of income.

NAV erosion explanation

NAV erosion happens when the value of an ETF's underlying assets drops over time, often making it hard for the share price to recover.

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion. There is currently no severe erosion-risk flag active for this fund, but there is also not enough history to provide a detailed erosion score.

Pros

• Amplification: The 2x leverage allows traders to potentially see larger gains in a single day if the target asset moves upward.

Cons

• High Risk: Leveraged ETFs are volatile. Losses are amplified just as gains are.

• No Income: This fund provides no distributions or dividends.

• Limited Data: There is currently insufficient historical return data to analyze long-term performance.

Beginner takeaway

PUL is a specialized tool for traders, not a traditional "buy and hold" investment. It uses leverage to double daily returns, which increases both potential reward and potential risk. It provides no income, and because it is a daily leveraged fund, it is generally used for very short-term strategies.