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MSTX vs OKTG

Daily Target 2X Long MSTR ETF

MSTXCNasdaq

Leverage Shares 2x Long OKTA Daily ETF

OKTGANasdaq

Overlap

Expense ratio

OKTG −0.56pt a year

MSTX1.31%OKTG0.75%

Avg volume · 30D

MSTX 210.9×the volume

MSTX8.12MOKTG38.5K

MSTX vs OKTG Performance

Dec 31, 2025 – Oct 30, 2026

−67.9%MSTX+247.6%OKTG

Dec 31, 2025 to Oct 30, 2026. MSTX −67.9%. OKTG +247.6%. Use the arrow keys to read each point.0%100%300%Dec 2025Jun 2026Oct 2026
Expense ratio
MSTX 1.31%
OKTG 0.75%, better
Fund size
MSTX $248M
OKTG $8M
1Y total return
MSTX −91.1%
OKTG No data
Yield (12M)
MSTX 0.00%
OKTG No data
Holdings
MSTX 9
OKTG 5
Avg volume (30D)
MSTX 8.12M sh, better
OKTG 38.5K sh
NAV per share
MSTX $12.38
OKTG $53.95
52W range

ETF.net Grade

MSTX: Cost 25, Risk 31, Mission 87, Tradability 88, Holdings not scored, Durability 83. OKTG: Cost 70, Risk 76, Mission 94, Tradability 73, Holdings not scored, Durability 51.
Pillar letters and Scores for MSTX, OKTG, with each pillar’s weight
PillarMSTXOKTG
Cost30% weightD25A70Higher
Mission25% weightA87A94Higher
Risk15% weightD31A76Higher
Tradability15% weightA88HigherA73
Holdings10% weightNot scoredNot scored
Durability5% weightA83HigherC51

Rank among Single-Stock Long Leveraged funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. MSTX and OKTG are both graded against the same 315 Single-Stock Long Leveraged funds, so their Grades compare head to head.

Single-Stock Long Leveraged⁠

Category · 315 funds
See all 315 ›

OKTG ranks 3rd and MSTX 102nd of 315 funds in the Single-Stock Long Leveraged Category.

  1. Rank 1ATSMGLeverage Shares 2x Long TSM Daily ETFScore 73
  2. Rank 2AUNHGLeverage Shares 2x Long UNH Daily ETFScore 72
  3. Rank 3AOKTGLeverage Shares 2x Long OKTA Daily ETFScore 70
  4. Rank 3APANGLeverage Shares 2x Long PANW Daily ETFScore 70
  5. Rank 102CGEVXTradr 2X Long GEV Daily ETFScore 45
  6. Rank 102CMSTXDaily Target 2X Long MSTR ETFScore 45
  7. Rank 102CMULLGraniteShares 2x Long MU Daily ETFScore 45

Our read on each fund

ETF.net Research

MSTXCDaily Target 2X Long MSTR ETF

OKTGALeverage Shares 2x Long OKTA Daily ETF

In short

MSTX The 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.

OKTG A 2x daily amplifier on Okta, the identity-security stock, in an ETF wrapper. Leverage Shares prices it at 0.75%, under the typical leveraged single-stock fund, in a corner of the market built mostly around mega-caps.

Stated mandate

MSTX 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.

OKTG The fund seeks daily leveraged investment results equal to 200% of the daily performance of the publicly traded common stock identified as OKTA, before fees and expenses.

Why people hold it

  • MSTX 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
  • OKTG Costs 0.75% a year, below the roughly 1.01% median for leveraged single-stock funds, and matches the fee on Leverage Shares' other 2x products like UNHG and ASMG.
  • Mechanically simple: it aims for 200% of Okta's daily move before fees and expenses, no margin account, options chain or share borrow involved.leverageshares.com
  • Unusual target. Most 2x single-stock ETFs point at mega-caps such as AAPU and GGLL; this one puts the same machinery on a cybersecurity name.

Worth knowing

  • MSTX 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
  • OKTG The leverage resets every day. Hold past that and returns compound, so a choppy stretch can leave you far from 2x Okta's move over the period.
  • One company, doubled. An earnings gap or a breach headline at Okta hits the fund at twice the size, with no other holdings to soften it.
  • Launched in November 2025 and still small and thinly traded, so spreads can run wider than on the long-established mega-cap leveraged funds.

Full MSTX profile⁠

Full OKTG profile⁠

MSTX vs OKTG Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MSTX vs OKTG Cost

Overpaying MSTX vs OKTG

$9,037

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

  • MSTX 1.31%

    $23,519

  • OKTG 0.75%

    $14,482

$10,000
30 years

Cost over time

  • MSTX 1.31%
  • OKTG 0.75%
  • 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 $23,519OKTG $14,482

Year by year

YearMSTXOKTGOverpaying
10$2,280$1,336$944
20$8,450$5,078$3,372
30$23,519$14,482$9,037

Expense ratio

  • 1.31%MSTX
  • 0.75%OKTG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

OKTG 87th cheapest of 315 funds

MSTX 236th cheapest of 315 funds

MSTX vs OKTG Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
MSTX 0.00%
OKTG No data
Payout (12M)
MSTX None
OKTG None

Distribution history

Per share, 2024, same scale for both

MSTX1 paymentAll MSTX payments⁠
One bar per payment. 1 payment in 2024. Dec 31, 2024 $144.28. Use the arrow keys to read each point.$0$1002024
OKTGAll OKTG payments⁠

No distribution history available.

MSTX vs OKTG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MSTX 158.3%since Sep 2024OKTG No data
Return per unit of riskSharpe ratio, 3 years
MSTX 0.07since Sep 2024OKTG No data
Worst fallMax drawdown, 5 years
MSTX −99.4%since Aug 2024OKTG No data
Market sensitivityBeta, 5 years
MSTX 4.73OKTG 2.39

Popular comparisons

  • MSTXCvsTSMGA

    Daily Target 2X Long MSTR ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
    1.31% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • OKTGAvsTSMGA

    Leverage Shares 2x Long OKTA Daily ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
    0.75% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MSTXCvsUNHGA

    Daily Target 2X Long MSTR ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    1.31% · 0.77%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • OKTGAvsUNHGA

    Leverage Shares 2x Long OKTA Daily ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    0.75% · 0.77%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MSTXCvsPANGA

    Daily Target 2X Long MSTR ETF · Leverage Shares 2x Long PANW Daily ETF

    Expense ratio
    1.31% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • OKTGAvsPANGA

    Leverage Shares 2x Long OKTA Daily ETF · Leverage Shares 2x Long PANW Daily ETF

    Expense ratio
    0.75% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.