[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Adrian Morris [@Adrian_R_Morris](/creator/twitter/Adrian_R_Morris) on x 27.7K followers Created: 2025-07-22 17:20:30 UTC Oh man, you are shifting around the goalpost and still making a few flawed assumptions. Your claims about the XX% drawdown (to me) show that you kind of grasp the technical operation of $MSTY but you are still actively drawing an incorrect conclusions by ignoring the realities of a market crisis. Which is the very example you brought up for consideration so I really don't get what you are trying to do? In your reply you are falsely correlating the challenges of a growing fund with the crisis of a collapsing one. Sure, managing growth is a strategic challenge but a XX% AUM loss is a fire sale that would force the fund to liquidate assets at basement prices. Having authorized Participants is not some sort of a perfect failsafe. In a massive sell off, the fund comes under immense stress, and AP's have incentive to step back. Which, again, can cause the share price to trade at a significant discount to its NAV. I also think you are confusing what drives NAV with what drives market price. The price of $MSTR and the volatility affect the fund's NAV, but you are ignoring sentiment, market perception, and supply | demand. Yet again, the very scenario you are proposing implies a XX% AUM drop. Firstly, that would destroy sentiment. In addition, no matter how you slice it, that's a catastrophic collapse in demand that would directly hammer the ETF's share price on the open market. A massive capital outflow of that size would unequivocally (perhaps irrevocably) harm $MSTY performance and share price. Think this convo has run its course. XXX engagements  **Related Topics** [$msty](/topic/$msty) [Post Link](https://x.com/Adrian_R_Morris/status/1947708344950788212)
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Adrian Morris @Adrian_R_Morris on x 27.7K followers
Created: 2025-07-22 17:20:30 UTC
Oh man, you are shifting around the goalpost and still making a few flawed assumptions. Your claims about the XX% drawdown (to me) show that you kind of grasp the technical operation of $MSTY but you are still actively drawing an incorrect conclusions by ignoring the realities of a market crisis. Which is the very example you brought up for consideration so I really don't get what you are trying to do?
In your reply you are falsely correlating the challenges of a growing fund with the crisis of a collapsing one. Sure, managing growth is a strategic challenge but a XX% AUM loss is a fire sale that would force the fund to liquidate assets at basement prices.
Having authorized Participants is not some sort of a perfect failsafe. In a massive sell off, the fund comes under immense stress, and AP's have incentive to step back. Which, again, can cause the share price to trade at a significant discount to its NAV.
I also think you are confusing what drives NAV with what drives market price. The price of $MSTR and the volatility affect the fund's NAV, but you are ignoring sentiment, market perception, and supply | demand. Yet again, the very scenario you are proposing implies a XX% AUM drop. Firstly, that would destroy sentiment. In addition, no matter how you slice it, that's a catastrophic collapse in demand that would directly hammer the ETF's share price on the open market.
A massive capital outflow of that size would unequivocally (perhaps irrevocably) harm $MSTY performance and share price. Think this convo has run its course.
XXX engagements
Related Topics $msty