# MSTP (GraniteShares 2x Long MSTR Daily ETF)

GraniteShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: MSTP returned +118.2% where its own daily promise gave +130.0%, 11.9 points short.

## Key facts

- MSTP, what MSTR did: +63.9%, as of Sep 30, 2026.
- MSTP, what 2 times a day gives: +130.0%, as of Sep 30, 2026.
- MSTP, what the fund returned: +118.2%, as of Sep 30, 2026.
- MSTP, the fund itself cost: −11.9 pts, as of Sep 30, 2026.
- MSTP, net assets: $16m (issuer page, as of Sep 30, 2026).
- MSTP, expense ratio: 1.50% (485BPOS XBRL, Oct 24, 2025).

## MSTP over each window to Sep 30, 2026

| Window | Fund | MSTR | +2x the move | Difference | MSTR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +21.7% | +15.2% | +30.3% | −8.6 pts | 100% |
| 3 months | +118.2% | +63.9% | +127.9% | −9.7 pts | 83% |
| 6 months | +0.7% | +24.7% | +49.4% | −48.7 pts | 83% |
| 1 year | −90.4% | −52.5% | −105.0% | +14.6 pts | 82% |
| Since launch | −94.3% | −60.9% | −121.7% | +27.4 pts | 76% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of MSTR, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.85 times, against +2 stated | ETFIQ |
| Underlying | MSTR | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $16m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.50% | 485BPOS XBRL, Oct 24, 2025 |
| Launched | Jun 10, 2025 | ETFIQ |
| Underlying volatility over the window | 83% annualized | ETFIQ |

## Questions

### Did MSTP return +2 times MSTR?

Over the window to Sep 30, 2026, MSTR moved +63.9% and MSTP returned +118.2%. 2 times that move is +127.9%, so the fund came out 9.7 points short of it.

### Why does MSTP not return +2 times over a year?

Because it resets daily. MSTP aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which +2x MSTR ETF tracked its stated multiple most closely?

4 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself.


## Cite this page

ETFIQ, MSTP, data as of Sep 30, 2026. https://etfiq.com/funds/mstp
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/mstp  ·  JSON: https://etfiq.com/funds/mstp.json