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MSTU

GradeCChicago Board Options Exchange

T-REX 2X Long MSTR Daily Target ETF

Leveraged · Single-Stock Leveraged · Rexshares · Inception 2024-09-18

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$45.02−2.70 (−5.65%)

As of Sep 23, 2026, 2:20 PM EDT

History starts Sep 18, 2024.
Intraday session: down, 59 prints from 47.72 to 45.02. Range 44.82 to 48.62. Use the arrow keys to read each point.$46.00$47.00$48.00$49.0010 AM12 PM2 PM4 PM
Expense ratio
1.05%
Fund size
$854M
1Y return
−90.6%
Yield · Last 12 months
Data unavailable
Holdings
18
Volume · 30D
8.1M sh
NAV per share
$48.47
52W range
low $14.60high $591.00

The ETF.net MSTU Grade

C

44/ 100

Rank 106 of 380 in Single-Stock Long Leveraged⁠

Confidence High

Six-pillar profile for MSTU. Scores out of 100: Cost 43, Risk 22, Mission 75, Tradability 60, Holdings not scored, Durability 80. Strongest: Durability (80). Weakest: Risk (22). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 44 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 43
    Category rank217/380 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 75
    Category rank134/147 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 22
    Category rank263/285 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 60
    Category rank132/380 · top 35%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 80
    Category rank21/380 · top 6%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on MSTU

ETF.net Research

CTwo times MicroStrategy's daily move, reset every morning. MSTU is the liquid, lower-fee way to run that trade: less than half the fee of its 2X MSTR rival, and one of the busiest tickers in the leveraged single-stock aisle.

Stated mandate

MSTU seeks daily investment results, before fees and expenses, equal to 200% of the performance of MicroStrategy Inc.'s publicly traded common stock. It is designed for a holding period of one trading day, not for tracking the multiple over longer periods.

Why people hold it

  1. 01At 1.05% a year, it charges under half what rival 2X MSTR fund MSTP does (2.30%), and lands right around the median for leveraged single-stock funds.
  2. 02Among the most actively traded funds in the leveraged single-stock group, which matters when the intended holding period is one day and spreads eat the edge.
  3. 03The mandate is blunt: 200% of MSTR's daily move, before fees, inside a 1940 Act fund. One lever, no index to second-guess, no overlay.rexshares.com
  4. 04A several-hundred-million-dollar fund that sits in the upper half of a crowded field of leveraged single-stock bull products.

Worth knowing

  1. 01The 2x is a daily target that resets each morning. Held through a choppy stretch, results can drift well away from twice MSTR's move, in either direction.
  2. 02One stock, doubled. No diversification cushion, and MSTR is a hard mover on its own, so drawdowns can arrive fast and deep.
  3. 03Launched in 2024, so its record covers a short, unusually wild window for MSTR rather than a full market cycle. It also pays no distributions.

MSTU Holdings

As of Sep 20, 2026, 9:04 AM
Asset class
Stocks
Holdings
18
Top-10 weight
318%
Largest holding
RECV STRG TRS MSTR EQ125.6%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—RECV STRG TRS MSTR EQ125.58%4,564,238$604M1
002—CASH AND CASH EQUIVALENTS99.85%479,941,370$480M120
003—RECV MSTU TRS MSTR US EQ69.21%2,515,241$333M1
004—RECV MSTU TRS MSTR EQ23.34%848,240$112M1
005TLDRTHE LADDERED T-BILL ETF<0.01%100$3K6

Showing 1–5 of 5 holdings

MSTU Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

MSTU$935
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. MSTU $935. SPY $11,723. Use the arrow keys to read each point.$-633$6,024$12,680Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for MSTU. Periods over one year show the average yearly return.
PeriodMSTU
Year to date−42.0%
1 month+76.4%
3 months+78.4%
1 year−90.6%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for MSTU
YearReturn barMSTU
2026 YTD−42.0%
2025−89.1%
2024−70.2%

Since listing, Sep 18, 2024

MSTU in the news

MSTU Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.29 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2026

One bar per payment. 1 payment in 2026 YTD. Aug 25, 2026 $0.29. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Aug 25, 2026Aug 26, 2026$0.29

MSTU Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
161.9%
Annualised · 23 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.54
vs 3-month T-bills · 23 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−99.9%
24 months · trough Jun 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
4.78
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

MSTU Cost

Expense ratio1.05%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

208 of the 329 Single-Stock Long Leveraged funds charge less.

MSTU costs $105.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.