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Launched

GraniteShares Autocallable MSTR ETF

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

$14.43−0.24 (−1.65%)

At close: Nov 5, 2026, 4:00 PM ET

D29/ 100

Rank 5 of 5 in MicroStrategy (MSTR) Option Income

D29/100Rank 5 of 5inMicroStrategy (MSTR) Option Income
Intraday session: down, 78 prints from 14.68 to 14.43. Range 14.41 to 14.60. Use the arrow keys to read each point.14.4014.5014.5514.6010 AM12 PM2 PM4 PM
Expense ratio
1.18%*
Fund size
$1M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
6
Avg volume · 30D
377 sh
52W range
low $11.84high $25.22
Launched

*After a fee waiver that ends Dec 31, 2027. Without it: 19.80%.

The ETF.net MSR Grade

Based on 4 of 6 pillars

D

Score 29 out of 100

Category
MicroStrategy (MSTR) Option Income⁠
Rank
5 of 5
Six-pillar profile for MSR. Scores out of 100: Cost 20, Risk 49, Mission not scored, Tradability 30, Holdings not scored, Durability 35. Strongest: Risk (49). Weakest: Cost (20). Based on 4 of 6 pillars.

Score 29 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
30
This cap took
0
Published Score
29 Grade D

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F20 out of 100
    Rank 4 of 5

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C49 out of 100
    Rank 2 of 5

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D30 out of 100
    Rank 4 of 5

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D35 out of 100
    Rank 5 of 5

Our read on MSR

ETF.net Research

In short

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

  • Not 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
  • Laddered, 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 2
  • Structured-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

  • Income 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
  • The 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
  • Costs 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

Asset class
Other
Holdings
6
Top-10 weight
100%
Largest holding
US Dollars97.5%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataUS Dollars97.51%717,310$717K85
2No dataNomura5 MSR0.64%137,500$4.72K1
3No dataNomura4 MSR0.56%137,500$4.08K1
4No dataNomura3 MSR0.47%137,500$3.49K1
5No dataNomura2 MSR0.44%137,500$3.27K1
6No dataNomura1 MSR0.38%137,500$2.78K1

Showing 1–6 of 6 holdings

MSR Performance

Launched May 12, 2026

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
MSR$11,022
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$9,546
Aug 5, 2026 to Nov 5, 2026. MSR $11,022. SPY $9,546. Use the arrow keys to read each point.$9,500$10,000$10,500$11,000Aug 2026Sep 2026Nov 2026

Aug 5, 2026 – Nov 5, 2026

Returns run to the Nov 5, 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 yearNo data
1 month+0.6%
3 months+10.2%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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−33.3%

Since listing, May 12, 2026

MSR in the news

MSR Dividends

Last payment
$0.54 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 3 payments in 2026 YTD. Jun 3, 2026 $0.72; Sep 9, 2026 $0.55; Oct 7, 2026 $0.54. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Oct 7, 2026Oct 9, 2026$0.54
Sep 9, 2026Sep 11, 2026$0.55
Jun 3, 2026Jun 5, 2026$0.72

MSR Risk

Risk pillarC49 out of 100Rank 2 of 5 in MicroStrategy (MSTR) Option Income
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.

FMP measures it over up to five years of monthly returns.

MSR Cost

Compare MSR and MSST

Overpaying vs MSST, cheapest in MicroStrategy (MSTR) Option Income

$3,018

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MSR 1.18%

    $21,543

  • MSST 0.99% Cheapest

    $18,525

$10,000
30 years

Cost over time

  • MSR 1.18%
  • MSST 0.99%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530MSR $21,543MSST $18,525

Year by year

YearMSRMSSTOverpaying
10$2,065$1,746$319
20$7,697$6,565$1,132
30$21,543$18,525$3,018
How the 1.18% is worked out

Full fee 19.80%− waiver 18.62%= you pay 1.18%

The waiver ends Dec 31, 2027. After that the fee is 19.80% unless GraniteShares renews it. Source: prospectus, Oct 2026.

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