MSTX
Daily Target 2X Long MSTR ETF
Distribution Rate *
-%
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.
Fund Details
Data as of 04/16/2025
Net Assets
$1 179.37M
Premium/discount
-0.10%
NAV
$26.93
Closing Price
$26.90
Shares Outstanding
43,800,000
Median 30 Day Spread
0.24%
Fund inception
08/14/2024
Ticker
MSTX
Primary Exchange
NASDAQ
CUSIP
88636J253
Fund Holdings
8
NAV Symbol
MSTX.NV
Expense Ratio
1.29%
30 Day SEC Yield*
-1.09%
* Yield as of 03-31-2025
MSTXMarket Price
Performance
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | -26.59% | 10.12% | -26.59% | 25.55% | 82.06% |
| Market Price (%) | -26.66% | 10.02% | -26.66% | 15.96% | 68.20% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | -33.33% | -46.14% | -66.66% | 65.51% | 65.34% |
| Market Price (%) | -33.34% | -45.98% | -69.01% | 53.03% | 52.88% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | 23.78% | 23.78% | 18.82% | xx.xx% | 206.98% |
| Market Price (%) | 23.39% | 23.39% | 9.46% | xx.xx% | 183.00% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | -49.99% | 71.03% | xx.xx% | 148.01% |
| Market Price (%) | xx.xx% | -53.51% | 58.12% | xx.xx% | 129.35% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | 91.94% | 396.41% | xx.xx% | 395.89% |
| Market Price (%) | xx.xx% | 90.81% | 393.84% | xx.xx% | 393.35% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | 78.16% | xx.xx% | xx.xx% | 158.36% |
| Market Price (%) | xx.xx% | 78.25% | xx.xx% | xx.xx% | 158.55% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | 45.17% | xx.xx% | xx.xx% | 45.01% |
| Market Price (%) | xx.xx% | 45.20% | xx.xx% | xx.xx% | 45.05% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% | -0.11% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% | -0.10% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| 2024 | |
|---|---|
| Total Return NAV(%) | xx.xx% |
| Market Price (%) | xx.xx% |
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.
Top Holdings
| Name | Symbol | Stock price | % Net assets | Shares Held | Market Value |
|---|---|---|---|---|---|
| Microstrategy Inc Swap Cs – L | 594972408 TRS 102225 | $317.20 | 80.63% | 3,083,300 | $978,022,760 |
| Microstrategy Inc Swap Mar – L | 594972408 TRS 091425 | $317.20 | 61.88% | 2,366,275 | $750,582,430 |
| Microstrategy Inc Swap – L- Cantor | 594972408-TRS-03/02/26-L | $317.20 | 19.80% | 757,200 | $240,183,840 |
| Microstrategy Inc | MSTR | $317.20 | 6.59% | 252,095 | $79,964,534 |
| Mstr 04/23/2025 230.01 C | 2MSTR 250423C00230010 | $87.77 | 5.35% | 7,400 | $64,949,800 |
| Dreyfus Government Cash Management 12/31/2031 | DGCXX | $100.00 | 5.29% | 64,202,229 | $64,202,229 |
| Mstr 04/22/2025 235.01 C | 2MSTR 250422C00235010 | $82.62 | 3.06% | 4,500 | $37,177,980 |
| Cash & Other | Cash&Other | $1.00 | -82.61% | -1,002,045,782 | $-1,002,045,782 |
Data as of 04/21/2025. Fund holdings are subject to change at any time and should not be considered recommendations to buy or sell any security.
View full holdings
Distributions
| Declaration Date | Ex-Div Date | Record Date | Payable Date | Amount ($) | |
|---|---|---|---|---|---|
| 12/30/2024 | 12/31/2024 | 12/31/2024 | 1/3/2025 | $14.42760884 |
| Distribution Rate *
As of — |
-% |
| Distribution Frequency | Monthly |
| 30-Day SEC Yield ** As of — |
-% |
