At a glance
MSTX charges 1.31% a year. It has $131.6M in assets. Over the past year it returned −91.4% with distributions reinvested (S&P 500: +11.5%).
The short version
Defiance Daily Target 2x Long MSTR ETF (MSTX) aims to deliver twice the daily percentage move of Strategy Inc. (MSTR) shares. Strategy is a software company that also holds bitcoin. The fund gets this exposure through swaps and options rather than owning the stock. It resets its leverage every day, which makes it a tool for magnified one-day bets, not a long-term holding. It charges 1.31% a year and lost 89.06% in 2025.
Price history
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MSTX -91.4% 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 | |
|---|---|---|---|---|---|---|
| MSTX official prospectus, to Dec 31, 2025 | — | -89.06% | — | — | — | -61.12% |
| MSTX price data to Oct 27, 2026 | -61.8% | -91.4% | — | — | — | -64.6% |
- Over the year to Oct 27, 2026, MSTX returned -91.4%.
- Its worst full calendar year was 2025 (-89.1%); its best was 2025 (-89.1%).
- The deepest fall in its price history was 99.4% (Nov 20, 2024 to Jun 26, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -61.8% | — |
| 2025 | -89.1% | -89.06% |
| 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
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (7.21% of net assets), with its exposure coming from 6 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 43.30% |
By country
United States 43.3%By issuer
US Treasury 43.3%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $45.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -12.55%, -73.56%, +8.01%.
How it works
MSTX does not track an index. It is actively managed and aims for 200% of the daily percentage change in Strategy Inc. (MSTR) shares, measured from one day's market close to the next. Strategy has two businesses: buying and holding bitcoin, and selling AI-powered business analytics software. The fund owns neither MSTR shares nor bitcoin. Instead it uses swap agreements, which are contracts where a financial firm pays the fund the return on a set dollar amount of MSTR stock. It also uses listed options, mainly short-dated call options with strike prices below MSTR's market price. As of July 31, 2026, its swap partners included Marex, Clear Street and BMO.
The fund expects to hold 40% to 60% of its assets as collateral for its swaps or as payments for options. As of July 31, 2026, a US Treasury bill made up 43.3% of the fund and cash 7.21%. At each day's close, the adviser rebalances to bring exposure back to about 200%.
That daily reset is the key mechanic. Over longer periods, each day's return compounds on the last, so results will very likely differ from twice MSTR's return. The prospectus warns the fund will lose money if MSTR's price is flat over time, and it can lose money even while MSTR rises. Portfolio turnover was 3,157%.
What it really costs
- MSTX charges 1.31% a year.
- Of that, 1.29% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $133 in the first year and $1,579 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MSTX | $133 | $415 | $718 | $1,579 |
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
The fund resets 2x leverage on a single stock every day, and the prospectus says investors should not hold it unmonitored for longer than one trading day.
MSTX launched on August 15, 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its own short history is severe. It lost 89.06% in 2025, its worst calendar year. It fell 99.4% from its November 20, 2024 peak to a June 26, 2026 low and had not recovered as of October 27, 2026. One-year volatility was 160.2%. Anyone forced to sell during that stretch would have locked in near-total losses. The fund paid no income in the year to October 27, 2026. Costs are high: 1.31% a year, or $133 on $10,000 in the first year under the SEC's standard example. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a magnified one-day bet on Strategy Inc. shares and can watch their position every trading day.
- Experienced investors who understand swaps, options and daily leverage resets, and who accept the prospectus warning that they could lose everything invested.
- Short-term traders seeking amplified exposure to bitcoin-linked moves in MSTR stock without holding bitcoin or the shares directly.
Look elsewhere if
- Retirees and long-term savers: the fund fell 99.4% from its November 2024 peak to its June 2026 low.
- Income seekers: MSTX paid no distributions in the year to October 27, 2026.
- Cost-conscious investors: the 1.31% expense ratio and 3,157% turnover fit a trading tool, not a low-cost long-term holding.
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 MSTX good for long-term investing?
No. MSTX is built for single-day trading, and its prospectus says investors should not hold it unmonitored for longer than one trading day. It resets 2x leverage daily, so compounding can erode returns over time. It lost 89.06% in 2025, and its yearly return since its August 15, 2024 launch averaged -61.12% as of December 31, 2025. It also fell 99.4% from peak to trough between November 2024 and June 2026.
Does MSTX pay dividends?
No. MSTX paid no distributions in the year to October 27, 2026, so its trailing yield was 0%. The fund holds swaps, options, a Treasury bill and cash rather than dividend-paying stocks. Any interest earned on its collateral goes toward the fund's costs and its effort to deliver 2x the daily move of Strategy Inc. shares. People looking for regular income from a portfolio will not get it from this fund.
Why does MSTX not return 2x MSTR over time?
Because MSTX resets its leverage every day. Each day's 2x return compounds on the previous day's result. In a volatile stock like MSTR, swings up and down can shrink the fund's value even when the stock ends roughly where it started. The prospectus says the fund will lose money if MSTR is flat over time and can lose money even when MSTR rises. Financing costs and the 1.31% expense ratio also drag on returns.
What is the MSTX expense ratio?
MSTX has an expense ratio of 1.31%, according to its prospectus filed August 24, 2026, and 1.29% of that is the management fee. Under the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $133 after one year, $415 after three, $718 after five and $1,579 after ten. That is far more than a typical stock index fund. Trading costs from its 3,157% portfolio turnover come on top of that.
Does MSTX own bitcoin or MSTR stock?
No. MSTX holds neither bitcoin nor Strategy Inc. shares. It gets its exposure through swap agreements and listed options tied to MSTR's share price. As of July 31, 2026, a US Treasury bill made up 43.3% of the fund and cash 7.21%, held largely as collateral. Its swap partners included Marex, Clear Street and BMO. Holders still carry bitcoin risk indirectly, because Strategy's assets are concentrated in bitcoin.