Skip to content
etf.net

MSTZ

GradeAChicago Board Options Exchange

T-REX 2X Inverse 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.

$2.44+0.13 (+5.64%)

As of Sep 23, 2026, 3:10 PM EDT

History starts Sep 18, 2024.
Intraday session: up, 69 prints from 2.31 to 2.44. Range 2.27 to 2.44. Use the arrow keys to read each point.$2.25$2.30$2.35$2.4010 AM12 PM2 PM4 PM
Expense ratio
1.05%
Fund size
$96M
1Y return
−53.9%
Yield · Last 12 months
—
Holdings
9
Volume · 30D
21.7M sh
NAV per share
$2.28
52W range
low $2.20high $28.71

The ETF.net MSTZ Grade

A

73/ 100

Rank 12 of 58 in Single-Stock Inverse⁠

Confidence High

Six-pillar profile for MSTZ. Scores out of 100: Cost 86, Risk 52, Mission 89, Tradability 49, Holdings not scored, Durability 67. Strongest: Mission (89). Weakest: Tradability (49). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 73 of 100 sits in the A 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.
    AScore 86
    Category rank8/58 · top 14%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 89
    Category rank18/31 · mid-pack

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 52
    Category rank19/48 · top 40%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 49
    Category rank26/58 · top 45%

  • 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.
    BScore 67
    Category rank12/58 · top 21%

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

Our read on MSTZ

ETF.net Research

AA double-inverse day trade on MicroStrategy in a single ticker. MSTZ aims to deliver -2x MSTR's move each day, resets every night, and charges less than the typical single-stock bear fund. Built for short holds, by design.

Stated mandate

The fund seeks inverse leveraged daily investment results tied to MSTR and is designed for short-term trading.

Why people hold it

  1. 01Puts a -2x MSTR position in one ticker: no margin account, no share borrow to arrange, and as a 1940 Act fund you can't lose more than you put in.rexshares.com
  2. 02At 1.05%, it undercuts the typical fee in its single-stock bear cohort. Fees bite hardest on a product you keep trading in and out of.
  3. 03One of the more heavily traded names in the single-stock bear group, which is what keeps spreads and exit liquidity workable for short holds.
  4. 04Hits its stated daily -2x target closely, one of the tighter implementations among single-stock bear funds.

Worth knowing

  1. 01The -2x is a one-day target that resets each night. Hold through a choppy stretch and results can land far from -2x the period move, either direction.rexshares.com
  2. 02Two times the inverse of one volatile stock means violent sessions. The fund's own materials frame it as a short-term trading tool needing daily attention.rexshares.com
  3. 03Launched in 2024, so the record covers a limited run of market conditions, and it pays no regular distribution. Price direction is the whole return.

MSTZ Holdings

As of Sep 20, 2026, 9:04 AM
Asset class
Stocks
Holdings
9
Top-10 weight
101%
Largest holding
CASH AND CASH EQUIVALENTS91.9%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—CASH AND CASH EQUIVALENTS91.87%84,133,318$84M120
002—RECV MSTZ TRS MSTR US EQ4.38%114,837,175$4M1
003—STRG TRS MSTR EQ3.18%81,691,412$3M1
004—RECV MSTZ TRS MSTR EQ1.13%27,441,361$1M1

Showing 1–4 of 4 holdings

MSTZ Performance

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

MSTZ$4,610
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. MSTZ $4,610. SPY $11,723. Use the arrow keys to read each point.$1,618$23,090$44,562Sep 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 MSTZ. Periods over one year show the average yearly return.
PeriodMSTZ
Year to date−86.6%
1 month−64.5%
3 months−79.3%
1 year−53.9%
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 MSTZ
YearReturn barMSTZ
2026 YTD−86.6%
2025−38.9%
2024−94.3%

Since listing, Sep 18, 2024

MSTZ in the news

ETF.net Research hasn’t filed on MSTZ yet — coverage lands here as it’s written.

MSTZ Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

MSTZ 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.
191.0%
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.
−0.15
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.
−99.5%
24 months · trough Sep 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.
−3.61
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.

MSTZ Cost

Expense ratio1.05%
  • The middle half of Single-Stock Inverse funds
  • Median 1.35%

7 of the 43 Single-Stock Inverse funds charge less.

MSTZ costs $105.00 a year on $10,000. The median Single-Stock Inverse fund costs $135.00.