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GraniteShares 2x Long MSTR Daily ETF

MSTPNasdaqGraniteSharesDThis 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.

$19.08+0.01 (+0.03%)

At close: Nov 2, 2026, 4:00 PM ET

D28/ 100

Rank 333 of 380 in Single-Stock Long Leveraged

D28/100Rank 333 of 380inSingle-Stock Long Leveraged
Intraday session: up, 79 prints from 19.08 to 19.08. Range 18.90 to 20.93. Use the arrow keys to read each point.19.5020.0020.5021.0010 AM12 PM2 PM4 PM
Expense ratio
1.67%*
Fund size
$15M
1Y total return
−90.1%
Yield · Last 12 months
No data
Holdings
2
Avg volume · 30D
66.2K sh
52W range
low $10.13high $193.20
Launched

*After a fee waiver that ends Dec 31, 2027. Without it: 2.58%.

The ETF.net MSTP Grade

Based on 5 of 6 pillars

D

Score 28 out of 100

Category
Single-Stock Long Leveraged⁠
Rank
333 of 380
Six-pillar profile for MSTP. Scores out of 100: Cost 2, Risk 31, Mission 90, Tradability 67, Holdings not scored, Durability 69. Strongest: Mission (90). Weakest: Cost (2). Based on 5 of 6 pillars.

Score 28 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.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F2 out of 100
    Rank 371 of 380

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A90 out of 100
    Rank 77 of 150

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D31 out of 100
    Rank 287 of 368

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B67 out of 100
    Rank 95 of 380

  • 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.
    B69 out of 100
    Rank 66 of 380

Our read on MSTP

ETF.net Research

In short

DMicroStrategy is already a leveraged bet on bitcoin. MSTP stacks 2x the daily move on top of that, using swaps instead of shares and resetting every session. Built for day-trade horizons, by its own prospectus.

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

  • Doubles MicroStrategy's daily move through total-return swaps collateralized by T-bills and cash, so the exposure arrives without a margin account or a loan to maintain.graniteshares.com
  • Day to day it has stayed close to its stated 2x goal, which is the entire job of a daily-reset fund.
  • Launched in 2025 onto GraniteShares' existing 2x single-stock shelf, which runs the same daily-reset plumbing across names like TSM and MU.graniteshares.com

Worth knowing

  • The 2x applies to one day only. Hold longer and compounding plus MicroStrategy's swings can push results well away from twice the stock's move, in either direction.
  • Costs 1.50% net of a waiver through December 31, 2026, against a 39.17% gross ratio, and sits above the category median. MSTU tracks the same stock for 1.05%, no waiver.
  • A small fund that has not paid distributions, and its exposure sits in swaps with counterparties rather than in the shares, so counterparty terms matter.graniteshares.com

MSTP Performance

Launched Jun 9, 2025

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.
MSTP$991
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. MSTP $991. SPY $11,199. Use the arrow keys to read each point.$0$5,000$10,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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−65.2%
1 month−32.3%
3 months+54.7%
1 year−90.1%
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 MSTP
YearReturn barMSTP
2026 YTD−65.2%
2025−89.0%

History from Jun 10, 2025

MSTP in the news

MSTP Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

MSTP Risk

Risk pillarD31 out of 100Rank 287 of 368 in Single-Stock Long Leveraged

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.
144.2%
Annualised · 16 months to Oct 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.
−0.86
vs 3-month T-bills · 16 months to Oct 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%
16 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.

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

MSTP Cost

Compare MSTP and GOGL

Overpaying vs GOGL, tied cheapest in Single-Stock Long Leveraged

$24,482

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

  • MSTP 1.67%

    $28,637

  • GOGL 0.20% Tied cheapest

    $4,155

$10,000
30 years

Cost over time

  • MSTP 1.67%
  • GOGL 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530MSTP $28,637GOGL $4,155

Year by year

YearMSTPGOGLOverpaying
10$2,863$365$2,498
20$10,445$1,421$9,024
30$28,637$4,155$24,482
How the 1.67% is worked out

Full fee 2.58%− waiver 0.91%= you pay 1.67%

The waiver ends Dec 31, 2027. After that the fee is 2.58% unless GraniteShares renews it. Source: prospectus, Oct 2026.

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