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MSR

GradeDNASDAQ Global Market

GraniteShares Autocallable MSTR ETF

Single-stock strategy · Option Income · GraniteShares · Inception 2026-05-12

This fund concentrates its exposure in one company, using derivatives rather than holding the shares directly. Its results depend on that single stock.

$14.92+0.06 (+0.40%)

As of Sep 23, 2026, 1:38 PM EDT

History starts May 12, 2026.History starts May 12, 2026.History starts May 12, 2026.
Intraday session: up, 8 prints from 14.86 to 14.92. Range 14.81 to 14.92. Use the arrow keys to read each point.$14.80$14.85$14.9010 AM12 PM2 PM4 PM
Expense ratio
1.07%
Fund size
$1M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$14.83
52W range
low $11.84high $25.22

The ETF.net MSR Grade

D

28/ 100

Rank 5 of 5 in MicroStrategy (MSTR) Option Income⁠

Confidence Low

Six-pillar profile for MSR. Scores out of 100: Cost 21, Risk 47, Mission not scored, Tradability 23, Holdings not scored, Durability 40. Strongest: Risk (47). Weakest: Cost (21). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 28 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned29This cap took−0Published score28 Grade D

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 21
    Category rank4/5 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 47
    Category rank2/5 · top 40%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 23
    Category rank5/5 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 40
    Category rank4/5 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on MSR

ETF.net Research

DThe MSTR income aisle is stacked with covered-call funds. MSR runs a different engine: a laddered book of autocallables, the structured-note payoff banks once sold to private clients, in an ETF that aims to pay coupon income monthly.

Stated mandate

The fund aims to generate monthly income by investing in a laddered portfolio of single-stock autocallable options linked to the performance of MicroStrategy Inc.

Why people hold it

  1. 01Not another covered-call fund. MSR holds autocallables on MSTR: a coupon may be paid while the stock sits above its coupon barrier, and a position terminates early and is reinvested once it clears the autocall barrier.graniteshares.comglobenewswire.com
  2. 02Laddered, not one big bet. Exposure is spread across autocallables with different barrier levels, so a single breach does not decide the whole portfolio's income, and positions roll on an ongoing basis.graniteshares.comgraniteshares.com
  3. 03Structured-note mechanics without the structured-note friction: no six-figure minimum, no lockup, no bank paperwork. GraniteShares listed the first single-stock autocallable ETFs in the US in 2026, and MSR joined that suite in May.graniteshares.comglobenewswire.com

Worth knowing

  1. 01Income here is contingent, not contractual. If MSTR sits below the coupon barrier on an observation date, that position pays nothing for the period, and the fund still carries equity-linked downside risk.graniteshares.comgraniteshares.com
  2. 02The payoff is coupons, not MSTR itself. Positions are called away above the autocall barrier and the cash rolls into a new autocallable, so a big run in the stock does not pass through the way ownership would.globenewswire.comgraniteshares.com
  3. 03Costs sit at the top of the MSTR income group: 1.07% a year, against 1.03% for MSTY and 0.99% for MSST. It is also a small, thinly traded fund with a short history, which can mean wider spreads.

MSR Holdings

As of Sep 21, 2026, 4:07 AM
Asset class
Other
Holdings
—
Top-10 weight
100%
Largest holding
US Dollars93.4%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—US Dollars93.41%551,326$551K85
002—Nomura10 MSR1.57%110,000$9K1
003—Nomura9 MSR1.43%110,000$8K1
004—Nomura8 MSR1.30%110,000$8K1
005—Nomura7 MSR1.20%110,000$7K1
006—Nomura6 MSR1.09%110,000$6K1

Showing 1–6 of 6 holdings

MSR Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

MSR$9,498
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. MSR $9,498. SPY $10,415. Use the arrow keys to read each point.$7,043$8,873$10,702Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for MSR. Periods over one year show the average yearly return.
PeriodMSR
Year to dateFund launched this year—
1 month+3.3%
3 months−5.0%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for MSR
YearReturn barMSR
2026 YTD−33.9%

Since listing, May 12, 2026

MSR in the news

ETF.net Research hasn’t filed on MSR yet — coverage lands here as it’s written.

MSR Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.55 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 2 payments in 2026 YTD. Jun 3, 2026 $0.72; Sep 9, 2026 $0.55. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Sep 9, 2026Sep 11, 2026$0.55
Jun 3, 2026Jun 5, 2026$0.72

MSR Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched May 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched May 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched May 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
2.65
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

MSR Cost

Expense ratio1.07%
  • The middle half of MicroStrategy (MSTR) Option Income funds
  • Median 1.03%

3 of the 5 MicroStrategy (MSTR) Option Income funds charge less.

MSR costs $107.00 a year on $10,000. The median MicroStrategy (MSTR) Option Income fund costs $103.00.