Internet reports that Granite Shares, an asset management company with AUM of more than $10 billion, submitted a new leveraged ETF application to track the share prices of crypto-related companies such as Riot Platforms, Marathon Digital, MicroStrategy and Robinhood. These funds will go long and short at the same time, and an ETF that is 2 times long will generate twice the daily return of the corresponding stock. For example, when Riot Platform's stock rises 1%, the GraniteShares 2x Long RIOT ETF will rise 2%. This year, these leveraged ETFs have become very popular as cryptocurrency and stock markets have risen to record highs. Among them, the T-Rex 2x Long MSTR Daily Target Fund (ticker symbol MSTU) attracted more than US$1.8 billion in assets under management. Similarly, the Defiance Daily Target 2X Long MSTR ETF (ticker symbol MSTX) has accumulated $1.8 billion in assets. These funds have outperformed MicroStrategy in the past three months, during which time MicroStrategy shares have risen 150%, while MSTU and MSTX have risen 308% and 253%, respectively. The risk, however, is that in bear markets, they usually perform worse than the underlying stocks. MicroStrategy shares have fallen 24% in the past 30 days, while MSTU and MSTX have fallen more than 50% over the same period.