Key Highlights

  • The GraniteShares 2x Long P Daily ETF (NASDAQ:PUL) closed at USD 60.32 on September 29, 2026, up 37.81 percent in a week and 139.05 percent since its July 7 launch, per screener data.
  • The "P" in its name is Everpure (NYSE:P), the former Pure Storage, which rebranded on February 23, 2026 and switched from ticker PSTG to the single letter P on April 17.
  • Everpure guided to fiscal 2028 Revenue of USD 7.0 billion to USD 7.3 billion, well above a Wall Street consensus near USD 6.4 billion, sending the stock to a record high on September 24.
  • The fund resets to 2x exposure daily, charges a 1.50 percent expense ratio and held under USD 1 million in assets.

Who Is "P" and What Changed This Month

Everpure (NYSE:P) is the data storage and management company long known as Pure Storage. The company announced the rebrand on February 23, 2026 and began trading under the one letter ticker on the New York Stock Exchange on April 17. The catalyst behind the latest leg higher came at its annual analyst meeting. Management laid out preliminary fiscal 2028 revenue of USD 7.0 billion to USD 7.3 billion, implying 39 to 45 percent growth, and non-GAAP Operating Income of USD 1.7 billion to USD 1.9 billion. CEO Charlie Giancarlo described Everpure as being at an inflection point as it expands into solutions for hyperscalers.

How the 2x Structure Amplified the Move

Shares of Everpure (NYSE:P) jumped as much as 18 percent intraday on September 24 and closed about 11 percent higher near USD 121.85, a year to date gain of roughly 82 percent at that point. Analysts followed quickly: BofA Securities lifted its price target to USD 180 from USD 150, Citi to USD 160 from USD 130, Piper Sandler to USD 162 and Northland to USD 167, while CFRA upgraded the stock to Buy from Sell on September 25. Because the GraniteShares 2x Long P Daily ETF (NASDAQ:PUL) targets twice the stock's daily percentage change, those sessions translated into a 37.81 percent weekly gain and an 82.90 percent one month gain for the fund, launched on July 7, 2026.

The Institutional Read: Valuation and Mechanics

The bull case rests on a contracted Backlog that grew 44 percent year over year to USD 4.1 billion and a second top five hyperscaler design win expected to ramp in fiscal 2028. The caution is equally concrete. Everpure (NYSE:P) trades near 45 times forward earnings, free Cash Flow was negative USD 237.6 million in the latest quarter on NAND purchases, and insiders sold about USD 276.6 million of stock over the past 12 months without any purchases. For the GraniteShares 2x Long P Daily ETF (NASDAQ:PUL), daily resetting means a choppy, sideways stock can erode value even if Everpure ends flat. GraniteShares describes it as a short term trading vehicle.

Where Things Stand

Is the 2x Everpure ETF worth chasing after its 139 percent run? It depends on Holding Period and risk tolerance. The GraniteShares 2x Long P Daily ETF (NASDAQ:PUL) has delivered because Everpure (NYSE:P) posted a sharp, one directional rerating on guidance that beat consensus. That same Leverage cuts twice as deep on any pullback from a record high, and small fund Assets add trading friction. The fundamentals have improved; the product remains a daily instrument, not a long term holding.