MSTX vs TSMG: Grades, Fees and Holdings Compared

Daily Target 2X Long MSTR ETF

MSTXCNasdaq

Leverage Shares 2x Long TSM Daily ETF

TSMGANasdaq

Overlap

0.0%by weight

Expense ratio

TSMG −0.55pt a year

MSTX1.31%TSMG0.76%

Avg volume · 30D

MSTX 117.6×the volume

MSTX8.12MTSMG69K

MSTX vs TSMG Performance

Oct 31, 2025 – Oct 30, 2026

−91.1%MSTX+40.8%TSMG

Expense ratio: MSTX 1.31%; TSMG 0.76%, better
Fund size: MSTX $248M; TSMG $28M
1Y total return: MSTX −91.1%; TSMG +40.8%, better
Yield (12M): MSTX 0.00%; TSMG No data
Holdings: MSTX 9; TSMG 5
Avg volume (30D): MSTX 8.12M sh, better; TSMG 69K sh
NAV per share: MSTX $12.38; TSMG $33.77
52W range

ETF.net Grade

Pillar letters and Scores for MSTX, TSMG, with each pillar’s weight
Pillar	MSTX	TSMG
Cost30% weight	D25	A70Higher
Mission25% weight	A87Higher	A79
Risk15% weight	D31	A84Higher
Tradability15% weight	A88Higher	A74
Holdings10% weight	Not scored	Not scored
Durability5% weight	A83Higher	B67

Rank among Single-Stock Long Leveraged funds

How we build Categories ›

Same Category. MSTX and TSMG 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 ›

TSMG ranks 1st and MSTX 102nd of 315 funds in the Single-Stock Long Leveraged Category.

Rank 1ATSMGLeverage Shares 2x Long TSM Daily ETFScore 73
Rank 2AUNHGLeverage Shares 2x Long UNH Daily ETFScore 72
Rank 102CGEVXTradr 2X Long GEV Daily ETFScore 45
Rank 102CMSTXDaily Target 2X Long MSTR ETFScore 45
Rank 102CMULLGraniteShares 2x Long MU Daily ETFScore 45

Our read on each fund

ETF.net Research

MSTXCDaily Target 2X Long MSTR ETF

TSMGALeverage Shares 2x Long TSM 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.

TSMG Two times TSM, one day at a time. TSMG aims for 200% of Taiwan Semiconductor's daily move, no margin account required, at 0.75% a year, below what most leveraged single-stock funds charge.

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.

TSMG The fund seeks daily investment results equal to 200% of the daily performance of Taiwan Semiconductor Manufacturing Company Ltd stock, 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.com globenewswire.com

TSMG Charges 0.75% a year, undercutting the 0.96% on Direxion's 2x single-stock funds such as AAPU and GGLL.leverageshares.com
The milder gear on the leveraged shelf: it targets double TSM's daily move, not triple.leverageshares.com
Leverage arrives inside a regular 1940 Act ETF. No margin agreement, no lender, and your exposure is capped at what you put in.leverageshares.com
Hits its stated daily target tightly, and rates among the stronger builds in a crowded field of 2x and 3x single-stock funds.

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

TSMG The leverage resets every day. Hold longer and compounding takes over, so multi-day results can drift well away from twice TSM's move, especially in choppy markets.leverageshares.com
One stock, one industry. Everything rides on Taiwan Semiconductor, doubled, so company-specific news lands twice as hard.
Young and small: launched in January 2025, and it sits among the smaller, less heavily traded names on the leveraged shelf, which can widen spreads.

Full MSTX profile⁠

Full TSMG profile⁠

MSTX vs TSMG Holdings

How MSTX and TSMG differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of MSTX and 0.0% of TSMG.

Level by level

Asset classLeveraged/Inverse, Equity0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for MSTX and TSMG.

Country, concentration and asset class

Country by domicile

Country weights in MSTX and TSMG, widest gap first
Country	More in MSTXMore in TSMG	MSTX	TSMG
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

MSTX239.8%
TSMG212.4%

Securities held

MSTX2
TSMG1

Asset class

MSTX: Leveraged/Inverse
TSMG: Equity

Holdings

Only in MSTX2
In both0
Only in TSMG1

Only in MSTX

2 securities, 39.7% of MSTX by weight

United States Treasury Bill 11/19/202639.55%
First American Government Obligations Fund 12/01/20310.14%

Only in TSMG

1 security, 12.4% of TSMG by weight

First American Treasury Obligations Fund 01/01/204012.41%

Weight gaps

MSTX and TSMG share no securities.

All 10 MSTX holdings⁠All 5 TSMG 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 TSMG Cost

Overpaying MSTX vs TSMG

$8,863

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

MSTX 1.31%
$23,519
TSMG 0.76%
$14,656

Amount$10,000

Years30 years

Cost over time

MSTX 1.31%
TSMG 0.76%
Overpaying

Year by year

Year	MSTX	TSMG	Overpaying
10	$2,280	$1,353	$927
20	$8,450	$5,142	$3,308
30	$23,519	$14,656	$8,863

Expense ratio

1.31%MSTX
0.76%TSMG, cheaper

TSMG0.76%MSTX1.31%

0.20%2.28%

Middle half of Single-Stock Long Leveraged funds
Median 0.97%

TSMG 131st cheapest of 315 funds

MSTX 236th cheapest of 315 funds

MSTX vs TSMG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MSTX 0.00%; TSMG No data
Payout (12M): MSTX None; TSMG No data
Last payment: MSTX No data; TSMG $2.73
Ex-dividend: MSTX No data; TSMG Dec 30, 2025
Paid on: MSTX No data; TSMG Jan 2, 2026
Frequency: MSTX No data; TSMG Irregular

Distribution history

Per share, 2024 to 2026, same scale for both

MSTX1 paymentAll MSTX payments⁠

TSMGIrregular · 1 paymentAll TSMG payments⁠

MSTX vs TSMG 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 2024TSMG 77.9%since Feb 2025
Return per unit of riskSharpe ratio, 3 years: MSTX 0.07since Sep 2024TSMG 0.97since Feb 2025
Worst fallMax drawdown, 5 years: MSTX −99.4%since Aug 2024TSMG −63.7%since Jan 2025
Market sensitivityBeta, 5 years: MSTX 4.73TSMG 3.81; Market = 1

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