Launch Roundup
Subversive ETFs listed S&P 500 and Nasdaq-100 funds that exclude Elon Musk's companies
GraniteShares 2x Long MSTR Daily ETF
DThis 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.
$27.31−0.27 (−0.99%)
- 2.30%
- $19M
- −89.2%
- 0.1M sh
- $27.55
- low $10.13high $273.20
The ETF.net MSTP Grade
D
Score 27 out of 100
- 343 of 380
Score 27 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.F3 out of 100Rank 367 of 380Mission
Whether the fund did what it promised, tested against its stated mandate.A88 out of 100Rank 93 of 148Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.F24 out of 100Rank 316 of 363Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B68 out of 100Rank 90 of 380Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A70 out of 100Rank 60 of 380
Our read on MSTP
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.
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
- The 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
- Leveraged 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
- The 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
- Cost 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%.
- The 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.
- Launched 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
- Other
- 2
- 100%
- MSTR
Geography
- United States100.00%
MSTP Performance
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$1,076
Returns run to the Oct 12, 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.
| Period | MSTP |
|---|---|
| Year to date | −49.7% |
| 1 month | +27.9% |
| 3 months | +110.8% |
| 1 year | −89.2% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | MSTP |
|---|---|---|
| 2026 YTD | −49.7% | |
| 2025 | −89.0% |
MSTP in the news
MSTP Dividends
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.
- 147.7%
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.
- −0.72
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.
- −98.4%
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.
- 6.34
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
2.30%
MSTP2.30%
- The middle half of Single-Stock Long Leveraged funds
- Median 0.98%
320 of the 333 Single-Stock Long Leveraged funds charge less.
Other funds in Single-Stock Long Leveraged
- DFGRUETF Opportunities Trust - T-REX 2X Long FIGR Daily Target ETFExpense ratio 1.50%1 year return —
- DKTUPETF Opportunities Trust - T-REX 2X Long KTOS Daily Target ETFExpense ratio 1.50%1 year return −90.9%
- DRGTXDaily Target 2X Long RGTI ETFExpense ratio 1.56%1 year return −97.8%
- DTTDUETF Opportunities Trust - T-REX 2X Long TTD Daily Target ETFExpense ratio 1.50%1 year return −97.1%
- DAXTUETF Opportunities Trust - T-REX 2X Long AXTI Daily Target ETFExpense ratio 1.50%1 year return —