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Launched · SEC filings

Daily Target 2X Long MSTR ETF

MSTXNasdaqDefianceCThis 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.

$12.44+0.07 (+0.57%)

At close: Nov 2, 2026, 4:00 PM ET

C45/ 100

Rank 107 of 380 in Single-Stock Long Leveraged

C45/100Rank 107 of 380inSingle-Stock Long Leveraged
Intraday session: up, 79 prints from 12.37 to 12.44. Range 12.25 to 13.58. Use the arrow keys to read each point.12.7513.0013.2513.5010 AM12 PM2 PM4 PM
Expense ratio
1.31%
Fund size
$248M
1Y total return
−91.1%
Yield · Last 12 months
0.00%
Holdings
9
Avg volume · 30D
8.12M sh
52W range
low $6.72high $139.17
Launched
Filings
SEC EDGAR

The ETF.net MSTX Grade

Based on 5 of 6 pillars

C

Score 45 out of 100

Category
Single-Stock Long Leveraged⁠
Rank
107 of 380
Six-pillar profile for MSTX. Scores out of 100: Cost 25, Risk 31, Mission 87, Tradability 88, Holdings not scored, Durability 83. Strongest: Tradability (88). Weakest: Cost (25). Based on 5 of 6 pillars.

Score 45 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.
    D25 out of 100
    Rank 272 of 380

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A87 out of 100
    Rank 90 of 150

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D31 out of 100
    Rank 287 of 368

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A88 out of 100
    Rank 22 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 9 of 380

Our read on MSTX

ETF.net Research

In short

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

  • The original leveraged MSTR fund, trading since August 2024, and one of the most actively traded names in the leveraged single-stock crowd.globenewswire.com
  • Defiance 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
  • Amplified 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

  • Costs 1.31% a year, above the typical 2x single-stock fund; cohort leaders such as GGLL and AAPU charge 0.96%.
  • The 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
  • The 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 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$892
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. MSTX $892. SPY $11,199. Use the arrow keys to read each point.$0$5,000$10,000Oct 2025May 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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−67.9%
1 month−32.3%
3 months+53.9%
1 year−91.1%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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−67.9%
2025−89.1%
2024+143.6%

History from Aug 15, 2024

MSTX in the news

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 30, 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

Risk pillarD31 out of 100Rank 287 of 368 in Single-Stock Long Leveraged

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.
158.3%
Annualised · 26 months to Oct 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.
0.07
vs 3-month T-bills · 26 months to Oct 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%
26 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.

FMP measures it over up to five years of monthly returns.

MSTX Cost

Compare MSTX and GOGL

Overpaying vs GOGL, tied cheapest in Single-Stock Long Leveraged

$19,364

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MSTX 1.31%

    $23,519

  • GOGL 0.20% Tied cheapest

    $4,155

$10,000
30 years

Cost over time

  • MSTX 1.31%
  • GOGL 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530MSTX $23,519GOGL $4,155

Year by year

YearMSTXGOGLOverpaying
10$2,280$365$1,915
20$8,450$1,421$7,029
30$23,519$4,155$19,364

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