At a glance
MSTU charges 1.05% a year. It has $547.2M in assets; it paid 0.91% of its price in distributions over the past 12 months, annual. Over the past year it returned −91.2% with distributions reinvested (S&P 500: +11.5%).
The short version
T-Rex 2X Long MSTR Daily Target ETF (MSTU), from Tuttle Capital Management, aims to deliver twice the one-day move of Strategy Inc. (MSTR) stock. It does this mainly through swap agreements that reset every trading day. A single-stock focus, daily leverage and a 1.05% expense ratio make it a short-term trading tool. It lost 91.2% in the year through October 27, 2026.
Price history
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MSTU -91.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MSTU price data to Oct 27, 2026 | -61.1% | -91.2% | — | — | — | -64.2% |
- Over the year to Oct 27, 2026, MSTU returned -91.2%.
- Its worst full calendar year was 2025 (-90.1%); its best was 2025 (-90.1%).
- The deepest fall in its price history was 99.5% (Nov 20, 2024 to Jun 26, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -61.1% |
| 2025 | -90.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2900 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its exposure coming from 8 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| THE LADDERED T BILL ETF Other | 0.00% |
By country
United States 0%By asset type
Other 0%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $226.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -73.60%, +8.27%, +88.52%.
How it works
MSTU does not track an index. It seeks 200% of the daily return of one stock: Strategy Inc., formerly MicroStrategy, a software company in the information technology sector. At least 80% of net assets go into instruments built to deliver that exposure. The main tool is a total return swap. That is a contract in which a bank pays the fund twice MSTR's daily return in exchange for financing charges. The adviser may also purchase exchange-listed call options, including customized FLEX options, or hold MSTR shares directly. Direct shares provide no leverage. As of August 31, 2026, the fund's positions were swaps on MSTR plus a tiny stake in The Laddered T Bill ETF.
At each market close, the adviser rebalances so exposure stays at 2x net assets. It adds exposure after MSTR rises and cuts it after MSTR falls. This daily reset pushed portfolio turnover to 5,286%. The rest of the cash sits in money market funds, Treasury bills and other short-term, high-quality debt.
Because returns compound daily, results over weeks or months are very likely to differ from twice MSTR's return. They are usually worse when the stock swings up and down. A one-day MSTR drop of more than 50% would wipe out investors entirely. The fund is non-diversified, meaning it can concentrate in very few positions. It also carries the risk that a swap bank fails to pay.
What it really costs
- MSTU charges 1.05% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $107 in the first year and $1,283 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MSTU | $107 | $334 | $579 | $1,283 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
It targets twice the one-day move of a single stock and resets daily, so results over longer holding periods can drift far from that target.
MSTU launched on September 18, 2024, too late to show how it would have held up in 2008, 2020 or 2022. Its short record is severe. It fell 90.1% in 2025, its worst calendar year, and was down 61.1% in 2026 through October 27. From November 20, 2024 to June 26, 2026, it dropped 99.5%, and it had not recovered as of October 27, 2026. Volatility, a measure of how widely the price swings, was 148.8% over the year to that date. Anyone forced to raise cash in a bad stretch would have locked in near-total losses. The trailing yield was 0.91% as of October 27, 2026, paid once a year. Costs are high at 1.05% a year, or $1,283 over 10 years in the SEC's standard $10,000 example. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders seeking magnified one-day exposure to Strategy Inc. stock who can watch and adjust their positions every trading day.
- Traders who understand swaps, daily resets and compounding, and can accept drops like the 99.5% fall from November 2024 to June 2026.
- Short-term traders willing to pay a 1.05% expense ratio for 2x daily exposure to MSTR without borrowing on margin themselves.
Look elsewhere if
- Retirees and savers needing steady value or income; the trailing yield was just 0.91% as of October 27, 2026, paid once a year.
- Long-term holders, since daily resets make multi-month results unpredictable; the fund lost 90.1% in 2025 and 91.2% in the year through October 27, 2026.
- Investors seeking diversification: the fund rests on one software company's stock, and a 50% one-day MSTR drop would wipe it out.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is MSTU a good long-term investment?
It is not designed to be one. The fund seeks 200% of MSTR's return for a single trading day only. The prospectus warns that results over longer periods are very likely to differ from twice MSTR's return. The record shows the risk: MSTU fell 90.06% in 2025 and 91.2% over the year through October 27, 2026. Its deepest drop, 99.5% from November 20, 2024 to June 26, 2026, had not been recovered as of October 27, 2026.
What happens to MSTU if MSTR drops 50% in one day?
Investors would lose all of their money. The fund holds 2x exposure, so a fall of more than 50% in Strategy Inc. stock from one market close to the next would erase the fund's entire value. The prospectus states this directly. Smaller drops are magnified too: a 10% daily fall in MSTR means roughly a 20% fall in MSTU before fees. The fund does not generally take defensive positions when markets turn.
What's the difference between MSTU and owning MSTR stock?
Owning MSTR stock delivers its return over any period with no fund fee. MSTU aims for twice MSTR's move each trading day, mainly through swaps with banks, and charges 1.05% a year. Over longer periods, daily compounding means MSTU's return can differ sharply from twice MSTR's, usually for the worse in choppy markets. MSTU also adds counterparty risk, the chance that a swap bank fails to pay. A direct shareholder does not face that risk.
Does MSTU pay dividends?
It has made payouts, but income is not its purpose. The trailing 12-month yield was 0.91% as of October 27, 2026, or about $0.29 per share, and the fund pays once a year. The fund holds money market funds and short-term Treasury securities as collateral for its swaps, and interest on that collateral is a common source of payouts in leveraged funds. These payouts are tiny next to the fund's price swings.
How much does MSTU cost?
MSTU's expense ratio is 1.05% a year, all of it management fee, according to its prospectus filed December 29, 2025. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period. On that basis, costs would be about $107 after one year, $334 after three, $579 after five and $1,283 after 10. Daily rebalancing also produced 5,286% portfolio turnover, and the trading costs from that turnover fall outside the expense ratio.