MSDD -2x GraniteShares 2x Short MSTR Daily ETF

BEAR ETF standard · Issuer GraniteShares · Tracks MSTR · Listed 2025-06-09

Quote & options All leveraged ETFs

Implied AUM

$1.9M

shares out × price

Last close

$47.88

20260618

30-day avg volume

14,469

no listed options

MSDD realized

—

what holders actually earned

Theoretical -2x

—

-2x × MSTR's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -2x MSTR

Cumulative return of MSDD against a clean -2x of MSTR's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: MSTU (+2x bull, T-Rex 2X Long MSTR Daily Target ETF)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on MSTR

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
MSTU	+2x	BULL	T-Rex	T-Rex 2X Long MSTR Daily Target ETF	$813.6M	7,396,917	✓
MSTX	+2x	BULL	Defiance	Tidal Trust II Defiance Daily Target 2x Long MSTR ETF	$356.9M	9,214,158	✓
MSTP	+2x	BULL	GraniteShares	GraniteShares 2x Long MSTR Daily ETF	—	75,108
MSTZ	-2x	BEAR	T-Rex	T-Rex 2X Inverse MSTR Daily Target ETF	$113.8M	41,227,027	✓
SMST	-2x	BEAR	Defiance	Tidal Trust II Defiance Daily Target 2x Short MSTR ETF	$28.1M	1,503,092	✓

How MSDD works

MSDD targets -2x the daily return of MSTR — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -2x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -2x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.