MSTX
Daily Target 2X Long MSTR ETF
Distribution Rate *
-%
Payable As of
Distribution Frequency
Monthly
30-Day SEC Yield **
As of —
-%
MSTX, Daily Target 2X Long MSTR (MicroStrategy) ETF
The Defiance Daily Target 2X Long MSTR ETF (the “Fund”) seeks daily leveraged investment results of two times (200%) the daily percentage change in the share price of MicroStrategy Incorporated (Nasdaq: MSTR) (the “Underlying Security” or “MSTR”). Because the fund seeks daily leveraged investment results, it is very different from most other exchange-traded funds. It is also riskier than alternatives that do not use leverage. There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of MSTR for periods greater than a day.
Underlying Stock: MicroStrategy (“MSTR”)
MSTR has two main strategies for its business operations. One is to acquire and hold bitcoin, while the other is to grow its enterprise analytics software business. MSTR is listed on the Nasdaq Global Select Market (“Nasdaq”).
The Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the underlying security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.
MSTXMarket Price
Performance
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | -49.26% | -12.94% | -49.26% | -90.87% | -86.24% |
| Market Price (%) | -49.22% | -13.11% | -49.22% | -90.86% | -87.25% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | -92.44% | xx.xx% | xx.xx% | -70.43% |
| Market Price (%) | -92.42% | xx.xx% | xx.xx% | -71.80% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | -41.72% | -35.58% | -59.52% | -90.76% | -84.19% |
| Market Price (%) | -41.56% | -35.16% | -59.31% | -90.72% | -85.33% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | -90.44% | xx.xx% | xx.xx% | -69.75% |
| Market Price (%) | -90.41% | xx.xx% | xx.xx% | -71.19% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Market Price (%) | -9.87% | -9.87% | -74.98% | -90.80% | -77.38% |
| Total Return NAV (%) | -9.53% | -9.53% | -74.91% | -90.73% | -75.46% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Market Price (%) | -92.01% | xx.xx% | xx.xx% | -63.72% |
| Total Return (%) | -92.00% | xx.xx% | xx.xx% | -61.65% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | -89.06% | -30.54% | -82.01% | -90.46% | -72.87% |
| Market Price (%) | -89.06% | -30.38% | -81.99% | -90.46% | -74.90% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | -89.06% | xx.xx% | xx.xx% | -61.12% |
| Market Price (%) | -89.06% | xx.xx% | xx.xx% | -63.25% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | -84.25% | -60.08% | -77.16% | -84.23% | -60.94% |
| Market Price (%) | -84.28% | -60.13% | -77.20% | -84.23% | -63.95% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | -92.12% | xx.xx% | xx.xx% | -51.59% |
| Market Price (%) | -92.69% | xx.xx% | xx.xx% | -54.49% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Market Price (%) | -60.57% | -35.13% | -63.24% | -64.47% | -9.58% |
| Total Return NAV (%) | -60.55% | -35.14% | -63.06% | -64.55% | -2.17% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Market Price (%) | -65.03% | xx.xx% | xx.xx% | -7.96% |
| Total Return (%) | -62.13% | xx.xx% | xx.xx% | -1.79% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | -39.18% | -11.81% | -46.99% | -17.15% | 50.83% |
| Market Price (%) | -39.23% | -11.84% | -47.03% | -17.13% | 39.38% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | 4.01% | xx.xx% | xx.xx% | 43.93% |
| Market Price (%) | -3.91% | xx.xx% | xx.xx% | 34.20% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | -31.04% | -35.42% | -30.95% | 3.44% | 71.03% |
| Market Price (%) | -31.07% | -35.73% | -30.85% | 3.41% | 58.09% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | 71.21% | xx.xx% | xx.xx% | 66.99% |
| Market Price (%) | 58.25% | xx.xx% | xx.xx% | 54.90% |
| 2025 | |
|---|---|
| Total Return NAV(%) | -89.06% |
| Market Price (%) | -89.06% |
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 833.333.9383.
Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.
Market price is the price at which shares in the ETF can be brought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.
Fund Details
Data as of 04/09/2026
Net Assets
$215.87M
Premium/discount
0.00%
NAV
$20.49
Closing Price
$20.49
Shares Outstanding
10,535,464
Median 30 Day Spread
0.17%
Fund inception
08/14/2024
Ticker
MSTX
Primary Exchange
NASDAQ
CUSIP
88636W221
Fund Holdings
10
NAV Symbol
MSTX.NV
Expense Ratio
1.29%
30 Day SEC Yield*
-0.13%
* Yield as of 03-31-2026
Top Holdings
| Name | Symbol | Stock price | % Net assets | Shares Held | Market Value |
|---|---|---|---|---|---|
| Strategy Inc Inc Swap Cantor | 594972408-TRS-10/05/26-L-MSTX | $128.64 | 41.62% | 580,864 | $74,722,345 |
| Strategy Inc Swap Jnst-l | 594972408-TRS-03/17/33-L-MSTX | $128.64 | 36.19% | 505,000 | $64,963,200 |
| Strategy Inc Swap Clearstreet | 594972408-TRS-11/09/27-L-MSTX | $128.64 | 35.87% | 500,616 | $64,399,242 |
| Strategy Swap Nbc-l | 594972408-TRS-01/31/33-L-MSTX | $128.64 | 34.86% | 486,500 | $62,583,360 |
| Strategy Inc Swap Marex | 594972408-TRS-09/24/28-L-MSTX | $128.64 | 29.49% | 411,508 | $52,936,389 |
| Strategy Inc Swap Bmo | 594972408-TRS-09/30/26-L-MSTX | $128.64 | 21.85% | 305,000 | $39,235,200 |
| United States Treasury Bill 04/23/2026 | 912797SM0 | $99.90 | 13.71% | 24,646,000 | $24,621,303 |
| First American Government Obligations Fund 12/01/2031 | FGXXX | $100.00 | 0.79% | 1,419,720 | $1,419,720 |
| Dreyfus Government Cash Management 12/31/2031 | DGCXX | $100.00 | 0.00% | 12 | $12 |
| Cash & Other | Cash&Other | $1.00 | -114.47% | -205,503,189 | $-205,503,189 |
Data as of 04/13/2026. Fund holdings are subject to change at any time and should not be considered recommendations to buy or sell any security.
View full holdings
| Download Fund Documents |
|---|
Distributions
Declaration Date |
Ex-Div Date |
Record Date |
Payable Date |
Amount ($) |
|---|---|---|---|---|
12/29/2026 |
12/30/2026 |
12/30/2026 |
12/31/2026 |
$– |
12/30/2024 |
12/31/2024 |
12/31/2024 |
01/03/2025 |
$14.42760884 |
| Declaration Date | Ex-Div Date | Record Date | Payable Date | Amount ($) | |
|---|---|---|---|---|---|
| 12/30/2024 | 12/31/2024 | 12/31/2024 | 1/3/2025 | $14.42760884 | |
| 12/29/2025 | 12/30/2025 | 12/30/2025 | 12/31/2025 | — |
| Distribution Rate *
Payable As of |
-% |
| Distribution Frequency | Monthly |
| 30-Day SEC Yield ** As of — |
-% |