Share-split context: A reverse split was recorded on May 1, 2026 with coefficient 0.05. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

GRANITESHARES 2X LONG MSTR DAILY ETF (MSTP)

What this ETF is trying to do:

The GRANITESHARES 2X LONG MSTR DAILY ETF (ticker MSTP) aims to provide investors with daily exposure to the performance of a specific cryptocurrency, amplified by two times (2x). This means that for each day's price movement in the underlying asset, MSTP tries to deliver twice as much return. However, this leverage also doubles potential losses on down days.

What the numbers show:

The ETF has experienced significant share-price declines over recent periods:

• Year-to-date (YTD) Price Return: -49.03%

• One-Year Price Return: -90.73%

These figures reflect how much the ETF's price has fallen since these time frames began, without considering any distributions.

Income and distribution explanation:

MSTP does not pay regular cash distributions to investors. The distribution yield is 0%, meaning there are no income payments from this fund based on current data.

NAV erosion explanation:

The ETF shows signs of severe price erosion, with an erosion score of 10, which indicates significant share-price decline over the past year. However, since MSTP has a reverse split history (where each old share was combined into fewer new shares), we need to look at the supplied split-adjusted returns rather than raw prices.

Pros:

• High Leverage: For investors willing to take on high risk, MSTP offers twice the daily performance of its underlying cryptocurrency.

• Daily Rebalancing: The fund is designed for short-term traders who want to capitalize on daily price movements in cryptocurrencies.

Cons:

• Severe Price Decline: Over recent periods, the ETF has seen substantial share-price drops, which can be very risky for long-term investors.

• No Distributions: There are no regular income payments or dividends from this fund.

• High Risk of Losses: The 2x leverage means that losses on down days are also doubled.

Beginner takeaway:

The GRANITESHARES 2X LONG MSTR DAILY ETF is a high-risk investment designed for short-term traders looking to amplify daily cryptocurrency price movements. It does not provide regular income and has shown significant share-price declines recently, indicating very high risk. Investors should be aware that this fund is not suitable for those seeking stable returns or consistent income.