Which came closer to its stated multiple, MSTP or MSTU?

Over the window to Sep 30, 2026, MSTP finished 9.7 points from what its multiple implies and MSTU finished 10.9 points from its own, so MSTP came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are MSTP and MSTU levered on the same thing?

Yes. Both are levered on Strategy, MSTP at +2 times and MSTU at +2 times the daily move.

Which one decays faster, MSTP or MSTU?

Decay follows how much the underlying moves about. Over this window MSTP’s moved at 83% annualized and MSTU’s at 83%, so MSTP has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold MSTP or MSTU for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, MSTP or MSTU?

MSTP charges 1.50% a year and MSTU charges 1.05%, so MSTU is cheaper. Fees come from each fund's prospectus.

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MSTP vs MSTU: which held to its multiple?

Over the days both have traded, MSTP finished 9.7 points from its stated multiple and MSTU 10.9. GraniteShares 2x Long MSTR Daily ETF and T-REX 2X LONG MSTR DAILY TARGET ETF.

+118.2%

MSTP returned, 3 months

+117.0%

MSTU returned, 3 months

−9.7 pts

MSTP from its stated multiple

−10.9 pts

MSTU from its stated multiple

MSTP · 3 months to Sep 30, 20269.7 pts short of its stated multiple

MSTP returned +118.2% while 2 times MSTR's move would have been +127.9%

MSTU · 3 months to Sep 30, 202610.9 pts short of its stated multiple

MSTU returned +117.0% while 2 times MSTR's move would have been +127.9%

ETFIQ Decay Resistance Score · MSTP scores higherDid it keep up with its own daily multiple, compounded day by day?

MSTP 1.6

MSTU 1.4

0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	MSTP	MSTU	MSTP	MSTU	MSTP	MSTU
1 month	+21.7%	+21.9%	+30.3%	+30.3%	−8.6 pts	−8.5 pts
3 months	+118.2%	+117.0%	+127.9%	+127.9%	−9.7 pts	−10.9 pts
6 months	+0.7%	−2.1%	+49.4%	+49.4%	−48.7 pts	−51.5 pts
1 year	−90.4%	−91.4%	−105.0%	−105.0%	+14.6 pts	+13.6 pts
Since launch MSTP Jun 2025 · MSTU Sep 2024	−94.3%	−84.3%	−121.7%	+30.8%	+27.4 pts	−115.0 pts

MSTP and MSTU over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

MSTP

GraniteShares 2x Long MSTR Daily ETF · Aims to return twice the daily move of Strategy (MSTR)

MSTU

T-REX 2X LONG MSTR DAILY TARGET ETF · Aims to return twice the daily move of Strategy (MSTR)

Issuer GraniteShares T-REX

Sets out to return +2x +2x

Underlying asset MSTR MSTR

Segment company company

Fund returned, 3 months or since launch +118.2% +117.0%

Underlying returned, over that window +63.9% +63.9%

What the stated multiple implies, over that window +127.9% +127.9%

Difference from stated, over that window −9.7 pts −10.9 pts

Fund returned, 1 year or since launch −90.4% −91.4%

Difference from stated, over that window +14.6 pts +13.6 pts

Underlying volatility 83% 83%

Difference over the days both have traded −9.7 pts −10.9 pts

Expense ratio 1.50% 1.05%

Launched Jun 10, 2025 Sep 18, 2024

Net assets $16m $815m

MSTP and MSTU on the same fields, as of Sep 30, 2026. Source: ETFIQ.

MSTP in plain words

Three months to Sep 30, 2026: MSTP returned +118.2% where its own daily promise gave +130.0%, 11.9 points short. Read the multiple against the whole window instead and 2 times MSTR's 63.9% implies +127.9%, which makes MSTP look 9.7 points short. 2.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. MSTP aims to return +2 times MSTR's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. MSTR moved at 83% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

MSTU in plain words

Three months to Sep 30, 2026: MSTU returned +117.0% where its own daily promise gave +130.0%, 13.1 points short. Read the multiple against the whole window instead and 2 times MSTR's 63.9% implies +127.9%, which makes MSTU look 10.9 points short. MSTU aims to return +2 times MSTR's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, MSTP or MSTU?: Over the window to Sep 30, 2026, MSTP finished 9.7 points from what its multiple implies and MSTU finished 10.9 points from its own, so MSTP came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are MSTP and MSTU levered on the same thing?: Yes. Both are levered on Strategy, MSTP at +2 times and MSTU at +2 times the daily move.
Which one decays faster, MSTP or MSTU?: Decay follows how much the underlying moves about. Over this window MSTP’s moved at 83% annualized and MSTU’s at 83%, so MSTP has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold MSTP or MSTU for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, MSTP or MSTU?: MSTP charges 1.50% a year and MSTU charges 1.05%, so MSTU is cheaper. Fees come from each fund's prospectus.

Other comparisons

MSTP vs MSTX MSTP vs MSTZ MSTP vs SMST MSTP vs MSTC MSTU vs MSTX MSTU vs MSTZ MSTU vs SMST MSTU vs MSTC

MSTP on its own →MSTU on its own →How every figure is computed →Standards and sources →

Where these figures came from

MSTP filings on SEC EDGAR ↗MSTP prospectus with the expense ratio (SEC) ↗GraniteShares page for MSTP ↗MSTU filings on SEC EDGAR ↗MSTU prospectus with the expense ratio (SEC) ↗T-REX page for MSTU ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, MSTP against MSTU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/mstp-vs-mstu

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.