# MSTX (Defiance Daily Target 2X Long MSTR ETF)

Defiance · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: MSTX returned −13.4% where its own daily promise gave −6.6%, 6.8 points short.

## Key facts

- MSTX, what MSTR did: +5.7%, as of Sep 11, 2026.
- MSTX, what +2 times a day gives: −6.6%, as of Sep 11, 2026.
- MSTX, what the fund returned: −13.4%, as of Sep 11, 2026.
- MSTX, the fund itself cost: −6.8 pts, as of Sep 11, 2026.
- MSTX, net assets: $388m (source, as filed for Apr 30, 2026).
- MSTX, expense ratio: 1.31% (485BPOS XBRL, Aug 24, 2026).

## MSTX over each window to Sep 11, 2026

| Window | Fund | MSTR | +2x the move | Difference | MSTR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +71.1% | +38.1% | +76.2% | −5.2 pts | 104% |
| 3 months | −13.4% | +5.7% | +11.3% | −24.7 pts | 88% |
| 6 months | −44.4% | −6.2% | −12.5% | −31.9 pts | 80% |
| 1 year | −93.8% | −59.8% | −119.7% | +25.8 pts | 80% |
| Since launch | −90.3% | −0.7% | −1.5% | −88.8 pts | 86% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of MSTR, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -2.37 times, against +2 stated | ETFIQ |
| Underlying | MSTR | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $388m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.31% | 485BPOS XBRL, Aug 24, 2026 |
| Launched | Aug 15, 2024 | ETFIQ |
| Underlying volatility over the window | 88% annualized | ETFIQ |

## Questions

### Did MSTX return +2 times MSTR?

Over the window to Sep 11, 2026, MSTR moved +5.7% and MSTX returned −13.4%. 2 times that move is +11.3%, so the fund came out 24.7 points short of it.

### Why does MSTX not return +2 times over a year?

Because it resets daily. MSTX aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which +2x MSTR ETF tracked its stated multiple most closely?

4 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

ETFIQ, MSTX, data as of Sep 11, 2026. https://etfiq.com/funds/MSTX
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/MSTX  ·  JSON: https://etfiq.com/funds/MSTX.json