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MSTP

GradeDNASDAQ Global Select

GraniteShares 2x Long MSTR Daily ETF

Leveraged · Single-Stock Leveraged · GraniteShares · Inception 2025-06-09

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$32.02−1.86 (−5.50%)

As of Sep 23, 2026, 2:19 PM EDT

History starts Jun 10, 2025.
Intraday session: down, 47 prints from 33.88 to 32.02. Range 31.81 to 34.35. Use the arrow keys to read each point.$33.00$34.0010 AM12 PM2 PM4 PM
Expense ratio
2.30%
Fund size
$19M
1Y return
−89.5%
Yield · Last 12 months
—
Holdings
2
Volume · 30D
0.1M sh
NAV per share
$34.34
52W range
low $10.13high $368.66

The ETF.net MSTP Grade

D

25/ 100

Rank 277 of 380 in Single-Stock Long Leveraged⁠

Confidence High

Six-pillar profile for MSTP. Scores out of 100: Cost 3, Risk 22, Mission 87, Tradability 59, Holdings not scored, Durability 68. Strongest: Mission (87). Weakest: Cost (3). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 25 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 3
    Category rank368/380 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 87
    Category rank99/147 · mid-pack

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 22
    Category rank262/285 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 59
    Category rank133/380 · top 35%

  • 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.
    BScore 68
    Category rank72/380 · top 19%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on MSTP

ETF.net Research

DTwo times the daily move of MicroStrategy, a company that buys bitcoin with proceeds from stock and debt. That is leverage stacked on leverage, reset every single day, in a wrapper built for short holding periods.

Stated mandate

The Fund seeks daily investment results equal to twice the daily percentage change of MicroStrategy Inc.'s common stock, before fees and expenses. It is intended as a daily, short-term leveraged exposure and is not expected to deliver twice the cumulative return over periods longer than one day.

Why people hold it

  1. 01The mandate is unambiguous: twice MSTR's daily percentage change, before fees. Day-to-day delivery against that stated target is one of the tighter ones in its peer group.graniteshares.com
  2. 02Leveraged MSTR exposure in a regular brokerage ticket. It is a 1940 Act fund, so no margin account, no options chain, and no obligation beyond what you put in.graniteshares.com
  3. 03The reference stock is itself a bitcoin proxy: Strategy (formerly MicroStrategy) holds bitcoin as its primary treasury reserve asset, so this is a magnified bet on that one balance sheet.sec.gov

Worth knowing

  1. 01Cost is the headline trade-off. The 2.30% expense ratio is more than double the typical leveraged single-stock fee, and MSTU targets the same 2x MSTR move at 1.05%.
  2. 02The 2x applies to one day only. The leverage resets nightly, so over longer stretches, especially choppy ones, results can diverge widely from twice MSTR's move.
  3. 03Launched in June 2025 on a small asset base, so the history is short and spreads can widen when MSTR gets wild. Position sizing matters more here than in a broad index fund.

MSTP Holdings

As of Sep 21, 2026, 4:07 AM
Asset class
Other
Holdings
2
Top-10 weight
100%
Largest holding
MSTR SWAP66.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—MSTR SWAP66.67%181,049$24M1
002—US Dollars33.33%11,967,953$12M85

Showing 1–2 of 2 holdings

MSTP Performance

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

MSTP$1,048
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. MSTP $1,048. SPY $11,723. Use the arrow keys to read each point.$-597$6,040$12,677Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – 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 MSTP. Periods over one year show the average yearly return.
PeriodMSTP
Year to date−38.2%
1 month+76.7%
3 months+82.0%
1 year−89.5%
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 MSTP
YearReturn barMSTP
2026 YTD−38.2%
2025−89.0%

History from Jun 10, 2025

MSTP in the news

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

MSTP Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

MSTP Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
150.3%
Annualised · 14 months to Aug 2026
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.
−0.88
vs 3-month T-bills · 14 months to Aug 2026
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.
−98.4%
15 months · trough Jun 2026
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.
6.34
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.

MSTP Cost

Expense ratio2.30%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

316 of the 329 Single-Stock Long Leveraged funds charge less.

MSTP costs $230.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.