At a glance
MSTZ charges 1.05% a year. It has $73.1M in assets. Over the past year it returned −50.2% with distributions reinvested (S&P 500: +11.5%).
The short version
T-Rex 2X Inverse MSTR Daily Target ETF (MSTZ), from Tuttle Capital Management, aims to return twice the opposite of one stock's daily move. That stock is Strategy Inc. (MSTR), formerly MicroStrategy. The fund uses swaps and resets its exposure every day, so returns over weeks or months can drift far from -2x. It charges 1.05% a year, pays no distributions, and fell 99.5% from its launch to its low on September 21, 2026.
Price history
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MSTZ -50.2% 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 | |
|---|---|---|---|---|---|---|
| MSTZ price data to Oct 27, 2026 | -83.3% | -50.2% | — | — | — | -91.3% |
- Over the year to Oct 27, 2026, MSTZ returned -50.2%.
- Its worst full calendar year was 2025 (-39.0%); its best was 2025 (-39.0%).
- The deepest fall in its price history was 99.5% (Sep 18, 2024 to Sep 21, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -83.3% |
| 2025 | -39.0% |
| 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 |
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 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $65.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +156.93%, -23.28%, -59.47%.
How it works
MSTZ doesn't track an index. It aims for -200% of MSTR's return over a single trading day, measured from one market close to the next. When MSTR falls on a given day, the fund aims to rise about twice as much, before fees. When MSTR rises, it aims to lose about twice as much. Its main tool is the total return swap. This is a contract with a financial institution that pays the fund when MSTR falls and makes the fund pay when MSTR rises. The prospectus also allows the fund to buy put options on MSTR, including exchange-listed FLEX options, and to sell MSTR shares short. Short sales don't provide leverage, though. As of August 31, 2026, the fund held $73.1 million in net assets, and its filing listed four swap positions on MSTR.
At each close, the adviser rebalances. After MSTR falls, the fund's assets grow and it adds short exposure. After MSTR rises, it cuts exposure back. Because of this daily reset, returns compound day by day. In a choppy market the fund can lose money even when MSTR ends lower. The cash behind the swaps sits in money market funds, bank deposits and short-term, high-quality debt such as U.S. government securities.
The fund is non-diversified and depends entirely on one company. It creates and redeems shares mainly for cash, which the prospectus says makes it less tax efficient than most ETFs.
What it really costs
- MSTZ 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 |
|---|---|---|---|---|
| MSTZ | $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 -2x MSTR's return for one day only, and holding it longer has led to near-total losses.
MSTZ launched on September 18, 2024, so it has no record from the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Its own record is severe. It lost 39% in 2025, its only full calendar year, and 83.3% in 2026 through October 27. From launch to September 21, 2026, it fell 99.5%, and it had not recovered by October 27, 2026. Its one-year volatility, a measure of how widely its price swings, was 176.7% as of that date. A retiree who had to sell during a slump could lock in losses close to the whole investment. The fund pays no distributions, so it provides no income. Expenses are 1.05% a year. In the SEC's standard example, that comes to $1,283 over 10 years on $10,000. Past results don't predict future ones, and any 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 one-day bet against Strategy Inc. (MSTR) shares and can check the position at least daily.
- Experienced traders looking for a brief hedge on a large MSTR stake who accept 1.05% yearly costs and the risk that a swap counterparty fails.
- Traders who understand that daily resets and compounding can make results over several days differ sharply from -2x MSTR.
Look elsewhere if
- Retirees and buy-and-hold investors. The fund fell 99.5% from its September 2024 launch to its September 21, 2026 low.
- Investors who need income. The fund has recorded no distributions, and its cash-based share creation makes it less tax efficient than most ETFs.
- Investors who want diversification. All of its exposure is to one stock, and the fund is non-diversified and concentrated in the software industry.
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 MSTZ a good long-term investment?
MSTZ isn't designed for long-term holding. Its prospectus says it seeks -200% of MSTR's return for one trading day only. Over longer periods, results are very likely to differ from that target. The record shows it. The fund lost 39% in 2025 and 50.2% over the year to October 27, 2026. It also fell 99.5% from its launch to its low on September 21, 2026. The prospectus warns that investors could lose all of their money.
Can MSTZ lose money even if MSTR goes down?
Yes. MSTZ resets its exposure at every market close, so its returns compound one day at a time. When MSTR swings sharply up and down, the fund's losses on up days can outweigh its gains on down days. The fund can then end lower even if MSTR falls over the same stretch. The prospectus says this effect is stronger when the stock is very volatile. MSTZ's one-year volatility was 176.7% as of October 27, 2026.
What is the MSTZ expense ratio?
MSTZ's expense ratio is 1.05% a year, all of it a management fee, according to its prospectus filed December 29, 2025. In the SEC's standard example, $10,000 earning 5% a year would cost about $107 in the first year, $334 over three years, $579 over five years and $1,283 over 10 years. Because the fund rebalances every day, it also pays trading costs from buying and selling.
Does MSTZ pay dividends?
No. MSTZ has recorded no distributions, so it provides no regular income. Its returns come only from changes in its share price, which follow its swaps and other positions against MSTR. The fund also creates and redeems shares mainly for cash rather than in-kind. The prospectus says this makes it less tax efficient than most ETFs, so taxable gains could still be passed on to shareholders.
What's the difference between MSTZ and shorting MSTR stock?
MSTZ aims for twice the opposite of MSTR's daily move and resets every day. A plain short sale gives one-to-one opposite exposure that isn't reset each day. The prospectus notes that short sales don't provide leverage. A direct short seller can lose more than they put in if MSTR keeps rising. In MSTZ, losses are limited to the amount invested. In exchange, the fund charges 1.05% a year and takes on swap counterparty risk.