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Launched · SEC filings

Daily Target 2X Long MSTR ETF

MSTXNasdaqCThis 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.

$17.73−0.17 (−0.95%)

At close: Oct 13, 2026, 4:00 PM

C44/ 100

Rank 112 of 380 in Single-Stock Long Leveraged

C44/100Rank 112 of 380inSingle-Stock Long Leveraged
Intraday session: down, 79 prints from 17.90 to 17.73. Range 17.54 to 18.66. Use the arrow keys to read each point.17.5018.2518.5010 AM12 PM2 PM4 PM
Expense ratio
1.31%
Fund size
$368M
1Y total return
−90.4%
Yield · Last 12 months
0.00%
Holdings
9
Avg volume · 30D
8M sh
NAV per share
$18.27
52W range
low $6.72high $199.20
Launched
Filings
SEC EDGAR

The ETF.net MSTX Grade

Based on 5 of 6 pillars

C

Score 44 out of 100

Category
Single-Stock Long Leveraged⁠
Rank
112 of 380
Six-pillar profile for MSTX. Scores out of 100: Cost 27, Risk 23, Mission 87, Tradability 89, Holdings not scored, Durability 83. Strongest: Tradability (89). Weakest: Risk (23). Based on 5 of 6 pillars.

Score 44 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D27 out of 100
    Rank 265 of 380

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A87 out of 100
    Rank 96 of 148

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F23 out of 100
    Rank 323 of 363

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A89 out of 100
    Rank 19 of 380

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A83 out of 100
    Rank 10 of 380

Our read on MSTX

ETF.net Research

CThe first leveraged single-stock ETF on MicroStrategy, launched in 2024 at 1.75x and later dialed up to 2x. Two times the daily move of a company that is itself a bitcoin proxy: leverage stacked on leverage, reset every day.

Stated mandate

The Fund seeks daily leveraged results equal to 200% of the daily percentage change in MicroStrategy Incorporated (Nasdaq: MSTR). It uses derivatives to pursue this target for a single trading day.

Why people hold it

  1. 01The original leveraged MSTR fund, trading since August 2024, and one of the most actively traded names in the leveraged single-stock crowd.globenewswire.com
  2. 02Defiance lifted the target from 1.75x to 2x in October 2024, and day to day the fund has stayed close to that stated objective.defianceetfs.com
  3. 03Amplified MSTR exposure inside a plain brokerage account: swaps and listed options do the work, so no margin account is required.defianceetfs.comglobenewswire.com

Worth knowing

  1. 01Costs 1.31% a year, above the typical 2x single-stock fund; cohort leaders such as GGLL and AAPU charge 0.96%.
  2. 02The 2x target resets each day. Hold longer and compounding takes over, so results can diverge sharply from twice MSTR's move, especially in choppy stretches.defianceetfs.com
  3. 03The prospectus notes that if swaps or listed options become scarce or costly, the fund may deliver substantially less than 2x the daily move.defianceetfs.com

MSTX Holdings

As of Oct 13, 2026
Asset class
Other
Holdings
9
Top-10 weight
237%
Largest holding
Strategy Inc Swap Jnst-L41.2%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Strategy Inc Swap Jnst-L41.16%967,394$148M1
002—Strategy Inc Swap Clearstreet39.95%939,111$143M1
003—Strategy Swap Nbc-L37.82%888,905$136M1
004—Strategy Inc Swap Marex36.55%859,019$131M2
005—Strategy Inc Inc Swap Cantor35.28%829,372$127M1
006—United States Treasury Bill 11/19/202629.70%107,040,000$107M56
007—Strategy Inc Swap Bmo9.29%218,385$33M1
008—First American Government Obligations Fund 12/01/20316.96%24,972,200$25M529
009—BNY Dreyfus Government Cash Management 12/31/20310.00%12$1224

Showing 1–9 of 9 holdings

MSTX Performance

Launched Aug 14, 2024

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

Not enough history yet.Not enough history yet.Not enough history yet.
MSTX$962
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. MSTX $962. SPY $12,044. Use the arrow keys to read each point.$-572$6,211$12,995Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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 MSTX. Periods over one year show the average yearly return.
PeriodMSTX
Year to date−53.5%
1 month+27.8%
3 months+108.1%
1 year−90.4%
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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 MSTX
YearReturn barMSTX
2026 YTD−53.5%
2025−89.1%
2024+143.6%

History from Aug 15, 2024

MSTX in the news

Filtered to MSTX · Single-Stock Long Leveraged

MSTX 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 Oct 12, 2026.
0.00%Last 12 months
Payout per share
NoneLast 12 months

No distributions in the last 12 months.

Distribution history

Payments through 2024

One bar per payment. 1 payment in 2024. Dec 31, 2024 $144.28. Use the arrow keys to read each point.2024
Ex-datePay dateAmount per share
Dec 31, 2024Jan 3, 2025$144.28

MSTX 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.
159.7%
Annualised · 25 months to Sep 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.
0.17
vs 3-month T-bills · 25 months to Sep 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.
−99.4%
25 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.
4.73
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.

MSTX Cost

Expense ratio1.31%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

245 of the 333 Single-Stock Long Leveraged funds charge less.

MSTX costs $131.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.

Other funds in Single-Stock Long Leveraged

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