GraniteShares 2x Long BB Daily ETF (BBUL)

The GraniteShares 2x Long BB Daily ETF (BBUL) is a leveraged single-stock fund sponsored by GraniteShares. Its underlying stock is BlackBerry Limited, the Canadian company known today for cybersecurity software and embedded systems for vehicles and industrial devices.

The fund seeks daily investment results, before fees and expenses, equal to two times (200%) the daily percentage change in BlackBerry's share price. It typically obtains this exposure through swap agreements with financial institutions rather than by holding only the shares directly, and it rebalances its exposure each trading day.

Because the 2x objective applies to a single day, the fund's returns over longer holding periods can differ substantially from twice the return of BlackBerry stock over the same period, owing to the effects of daily compounding. The product is designed as a short-term trading tool rather than a long-term holding.