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MSTP vs OKTG

GraniteShares 2x Long MSTR Daily ETF

MSTPDNasdaq

Leverage Shares 2x Long OKTA Daily ETF

OKTGANasdaq

Overlap

Expense ratio

OKTG −0.92pt a year

MSTP1.67%OKTG0.75%

Avg volume · 30D

MSTP 1.7×the volume

MSTP66.2KOKTG38.5K

MSTP vs OKTG Performance

Dec 31, 2025 – Oct 30, 2026

−65.2%MSTP+247.6%OKTG

Dec 31, 2025 to Oct 30, 2026. MSTP −65.2%. OKTG +247.6%. Use the arrow keys to read each point.0%100%200%300%Dec 2025Jun 2026Oct 2026
Expense ratio
MSTP 1.67%
OKTG 0.75%, better
Fund size
MSTP $15M
OKTG $8M
1Y total return
MSTP −90.1%
OKTG No data
Holdings
MSTP 2
OKTG 5
Avg volume (30D)
MSTP 66.2K sh, better
OKTG 38.5K sh
NAV per share
MSTP $22.76
OKTG $53.95
52W range

ETF.net Grade

MSTP: Cost 2, Risk 31, Mission 90, Tradability 67, Holdings not scored, Durability 69. OKTG: Cost 70, Risk 76, Mission 94, Tradability 73, Holdings not scored, Durability 51.
Pillar letters and Scores for MSTP, OKTG, with each pillar’s weight
PillarMSTPOKTG
Cost30% weightF2A70Higher
Mission25% weightA90A94Higher
Risk15% weightD31A76Higher
Tradability15% weightB67A73Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB69HigherC51

Rank among Single-Stock Long Leveraged funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. MSTP and OKTG are both graded against the same 315 Single-Stock Long Leveraged funds, so their Grades compare head to head.

Single-Stock Long Leveraged⁠

Category · 315 funds
See all 315 ›

OKTG ranks 3rd and MSTP 283rd of 315 funds in the Single-Stock Long Leveraged Category.

  1. Rank 1ATSMGLeverage Shares 2x Long TSM Daily ETFScore 73
  2. Rank 2AUNHGLeverage Shares 2x Long UNH Daily ETFScore 72
  3. Rank 3AOKTGLeverage Shares 2x Long OKTA Daily ETFScore 70
  4. Rank 3APANGLeverage Shares 2x Long PANW Daily ETFScore 70
  5. Rank 283DKEEXDefiance Daily Target 2X Long BITF ETFScore 28
  6. Rank 283DMSTPGraniteShares 2x Long MSTR Daily ETFScore 28
  7. Rank 283DPENUT-REX 2X Long PENG Daily Target ETFScore 28

Our read on each fund

ETF.net Research

MSTPDGraniteShares 2x Long MSTR Daily ETF

OKTGALeverage Shares 2x Long OKTA Daily ETF

In short

MSTP MicroStrategy 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.

OKTG A 2x daily amplifier on Okta, the identity-security stock, in an ETF wrapper. Leverage Shares prices it at 0.75%, under the typical leveraged single-stock fund, in a corner of the market built mostly around mega-caps.

Stated mandate

MSTP 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.

OKTG The fund seeks daily leveraged investment results equal to 200% of the daily performance of the publicly traded common stock identified as OKTA, before fees and expenses.

Why people hold it

  • MSTP 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
  • OKTG Costs 0.75% a year, below the roughly 1.01% median for leveraged single-stock funds, and matches the fee on Leverage Shares' other 2x products like UNHG and ASMG.
  • Mechanically simple: it aims for 200% of Okta's daily move before fees and expenses, no margin account, options chain or share borrow involved.leverageshares.com
  • Unusual target. Most 2x single-stock ETFs point at mega-caps such as AAPU and GGLL; this one puts the same machinery on a cybersecurity name.

Worth knowing

  • MSTP 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
  • OKTG The leverage resets every day. Hold past that and returns compound, so a choppy stretch can leave you far from 2x Okta's move over the period.
  • One company, doubled. An earnings gap or a breach headline at Okta hits the fund at twice the size, with no other holdings to soften it.
  • Launched in November 2025 and still small and thinly traded, so spreads can run wider than on the long-established mega-cap leveraged funds.

Full MSTP profile⁠

Full OKTG profile⁠

MSTP vs OKTG Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MSTP vs OKTG Cost

Overpaying MSTP vs OKTG

$14,155

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

  • MSTP 1.67%

    $28,637

  • OKTG 0.75%

    $14,482

$10,000
30 years

Cost over time

  • MSTP 1.67%
  • OKTG 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530MSTP $28,637OKTG $14,482

Year by year

YearMSTPOKTGOverpaying
10$2,863$1,336$1,527
20$10,445$5,078$5,367
30$28,637$14,482$14,155

Expense ratio

  • 1.67%MSTP
  • 0.75%OKTG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

OKTG 87th cheapest of 315 funds

MSTP 308th cheapest of 315 funds

MSTP vs OKTG Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
MSTP None
OKTG None

Distribution history

MSTPAll MSTP payments⁠

No distribution history available.

OKTGAll OKTG payments⁠

No distribution history available.

MSTP vs OKTG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MSTP 144.2%since Jul 2025OKTG No data
Return per unit of riskSharpe ratio, 3 years
MSTP −0.86since Jul 2025OKTG No data
Worst fallMax drawdown, 5 years
MSTP −98.4%since Jun 2025OKTG No data
Market sensitivityBeta, 5 years
MSTP 6.34OKTG 2.39

Popular comparisons

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    GraniteShares 2x Long MSTR Daily ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
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    Category
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  • OKTGAvsTSMGA

    Leverage Shares 2x Long OKTA Daily ETF · Leverage Shares 2x Long TSM Daily ETF

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  • MSTPDvsUNHGA

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    0.75% · 0.77%
    Category
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  • MSTPDvsPANGA

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  • OKTGAvsPANGA

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    Expense ratio
    0.75% · 0.76%
    Category
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