Data as of .
MSTU vs MSTX: which held to its multiple?
Over the days both have traded, MSTU finished 6.6 points from its stated multiple and MSTX 5.2.
ETFIQ Decay Resistance Score: MSTU scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 391 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| MSTU | MSTX | MSTU | MSTX | MSTU | MSTX | |
| 1 month | +69.6% | +71.1% | +76.2% | +76.2% | −6.6 pts | −5.2 pts |
| 3 months | −12.8% | −13.4% | +11.3% | +11.3% | −24.1 pts | −24.7 pts |
| 6 months | −44.1% | −44.4% | −12.5% | −12.5% | −31.6 pts | −31.9 pts |
| 1 year | −93.8% | −93.8% | −119.7% | −119.7% | +25.9 pts | +25.8 pts |
| Since launch | −88.0% | −90.3% | −2.6% | −1.5% | −85.4 pts | −88.8 pts |
| MSTU T-REX 2X LONG MSTR DAILY TARGET ETF Aims to return twice the daily move of Strategy (MSTR) | MSTX Defiance Daily Target 2X Long MSTR ETF Aims to return twice the daily move of Strategy (MSTR) | |
|---|---|---|
| Issuer | T-REX | Defiance |
| Sets out to return | +2x | +2x |
| On | MSTR | MSTR |
| Segment | company | company |
| Fund returned, 3 months | −12.8% | −13.4% |
| Underlying returned, 3 months | +5.7% | +5.7% |
| What the stated multiple implies, 3 months | +11.3% | +11.3% |
| Difference from stated, 3 months | −24.1 pts | −24.7 pts |
| Fund returned, 1 year or since launch | −93.8% | −93.8% |
| Difference from stated, over that window | +25.9 pts | +25.8 pts |
| Underlying volatility | 88% | 88% |
| Difference over the days both have traded | −6.6 pts | −5.2 pts |
| Expense ratio | 1.05% | 1.31% |
| Launched | Sep 18, 2024 | Aug 15, 2024 |
MSTU in plain words
Three months to Sep 11, 2026: MSTU returned −12.8% where its own daily promise gave −6.6%, 6.2 points short. Read the multiple against the whole window instead and +2 times MSTR's 5.7% implies +11.3%, which makes MSTU look 24.1 points short. 17.9 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. MSTU aims to return +2 times MSTR's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. MSTR moved at 88% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
MSTX in plain words
Three months to Sep 11, 2026: MSTX returned −13.4% where its own daily promise gave −6.6%, 6.8 points short. Read the multiple against the whole window instead and +2 times MSTR's 5.7% implies +11.3%, which makes MSTX look 24.7 points short. MSTX aims to return +2 times MSTR's move each day, then resets.
Questions people ask
- Which came closer to its stated multiple, MSTU or MSTX?
- Over the window to Sep 11, 2026, MSTU finished 24.1 points from what its multiple implies and MSTX finished 24.7 points from its own, so MSTU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are MSTU and MSTX levered on the same thing?
- Yes. Both are levered on Strategy, MSTU at +2 times and MSTX at +2 times the daily move.
- Which one decays faster, MSTU or MSTX?
- Decay follows how much the underlying moves about. Over this window MSTU’s moved at 88% annualized and MSTX’s at 88%, so MSTU has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold MSTU or MSTX for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, MSTU or MSTX?
- MSTU charges 1.05% a year and MSTX charges 1.31%, so MSTU is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, MSTU against MSTX, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/MSTU-MSTX Free to use with attribution; the underlying files are at Open data.