MSTX vs UNHG: Grades, Fees and Holdings Compared

Daily Target 2X Long MSTR ETF

MSTXCNasdaq

Leverage Shares 2x Long UNH Daily ETF

UNHGANasdaq

Overlap

0.0%by weight

Expense ratio

UNHG −0.54pt a year

MSTX1.31%UNHG0.77%

Avg volume · 30D

MSTX 11.2×the volume

MSTX8.12MUNHG726K

MSTX vs UNHG Performance

Oct 31, 2025 – Oct 30, 2026

−91.1%MSTX+11.9%UNHG

Expense ratio: MSTX 1.31%; UNHG 0.77%, better
Fund size: MSTX $248M; UNHG $63M
1Y total return: MSTX −91.1%; UNHG +11.9%, better
Yield (12M): MSTX 0.00%; UNHG No data
Holdings: MSTX 9; UNHG 5
Avg volume (30D): MSTX 8.12M sh, better; UNHG 726K sh
NAV per share: MSTX $12.38; UNHG $20.57
52W range

ETF.net Grade

Pillar letters and Scores for MSTX, UNHG, with each pillar’s weight
Pillar	MSTX	UNHG
Cost30% weight	D25	B60Higher
Mission25% weight	A87	A90Higher
Risk15% weight	D31	A83Higher
Tradability15% weight	A88	A91Higher
Holdings10% weight	Not scored	Not scored
Durability5% weight	A83Higher	B66

Rank among Single-Stock Long Leveraged funds

How we build Categories ›

Same Category. MSTX and UNHG 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 ›

UNHG ranks 2nd 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 3AOKTGLeverage Shares 2x Long OKTA Daily ETFScore 70
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

UNHGALeverage Shares 2x Long UNH 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.

UNHG Two times UnitedHealth's daily move, reset every night: a managed-care insurer in a category stuffed with chip and AI names. UNHG got there first, and it charges 0.77%.

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.

UNHG The fund seeks daily investment results equal to twice the daily performance of UnitedHealth Group Incorporated 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

UNHG At 0.77%, the cheaper of the only two 2x UNH funds: Direxion's UNHU runs 0.97% net of a waiver through September 1, 2027. Both sit below the category's typical fee.
First to the 2x UNH trade, listed July 2025, months before Direxion's version arrived in March 2026. It trades actively for a single-stock leveraged fund.direxion.com
Exposure comes from total return swaps reset at each close, and day-to-day it has stayed close to its 2x target. One of the better-built funds in a crowded bull field.leverageshares.com sec.gov

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

UNHG Daily reset means multi-day results depend on the path UNH takes, not just its direction. Choppy stretches can erode value even if the stock ends where it started.leverageshares.com
Swap-based exposure carries counterparty risk, and everything rides on one managed-care company's news, from earnings to policy headlines.leverageshares.com
Listed in 2025, so there is little history to judge it across a full market cycle.

Full MSTX profile⁠

Full UNHG profile⁠

MSTX vs UNHG Holdings

How MSTX and UNHG differ

Overlap by weight

0.0%

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

Level by level

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

Sector

No Sector split for MSTX and UNHG.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

MSTX239.8%
UNHG212.0%

Securities held

MSTX2
UNHG1

Asset class

MSTX: Leveraged/Inverse
UNHG: Equity

Holdings

Only in MSTX2
In both0
Only in UNHG1

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 UNHG

1 security, 12.0% of UNHG by weight

First American Treasury Obligations Fund 01/01/204011.99%

Weight gaps

MSTX and UNHG share no securities.

All 10 MSTX holdings⁠All 5 UNHG 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 UNHG Cost

Overpaying MSTX vs UNHG

$8,690

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

MSTX 1.31%
$23,519
UNHG 0.77%
$14,829

Amount$10,000

Years30 years

Cost over time

MSTX 1.31%
UNHG 0.77%
Overpaying

Year by year

Year	MSTX	UNHG	Overpaying
10	$2,280	$1,371	$909
20	$8,450	$5,205	$3,245
30	$23,519	$14,829	$8,690

Expense ratio

1.31%MSTX
0.77%UNHG, cheaper

UNHG0.77%MSTX1.31%

0.20%2.28%

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

UNHG 135th cheapest of 315 funds

MSTX 236th cheapest of 315 funds

MSTX vs UNHG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MSTX 0.00%; UNHG No data
Payout (12M): MSTX None; UNHG No data
Last payment: MSTX No data; UNHG $1.90
Ex-dividend: MSTX No data; UNHG Dec 30, 2025
Paid on: MSTX No data; UNHG Jan 2, 2026
Frequency: MSTX No data; UNHG Irregular

Distribution history

Per share, 2024 to 2026, same scale for both

MSTX1 paymentAll MSTX payments⁠

UNHGIrregular · 1 paymentAll UNHG payments⁠

MSTX vs UNHG 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 2024UNHG 98.1%since Aug 2025
Return per unit of riskSharpe ratio, 3 years: MSTX 0.07since Sep 2024UNHG 0.90since Aug 2025
Worst fallMax drawdown, 5 years: MSTX −99.4%since Aug 2024UNHG −57.1%since Jul 2025
Market sensitivityBeta, 5 years: MSTX 4.73UNHG 5.53; Market = 1

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