# MSTZ (T-REX 2X INVERSE MSTR DAILY TARGET ETF)

T-REX · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: MSTZ returned −51.5% where its own daily promise gave −51.1%, 0.4 points short.

## Key facts

- MSTZ, what MSTR did: +5.7%, as of Sep 11, 2026.
- MSTZ, what −2 times a day gives: −51.1%, as of Sep 11, 2026.
- MSTZ, what the fund returned: −51.5%, as of Sep 11, 2026.
- MSTZ, the fund itself cost: −0.4 pts, as of Sep 11, 2026.
- MSTZ, net assets: $107m (source, as filed for May 31, 2026).
- MSTZ, expense ratio: 1.05% (485BPOS XBRL, Dec 29, 2025).

## MSTZ over each window to Sep 11, 2026

| Window | Fund | MSTR | -2x the move | Difference | MSTR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −61.8% | +38.1% | −76.2% | +14.4 pts | 104% |
| 3 months | −51.5% | +5.7% | −11.3% | −40.2 pts | 88% |
| 6 months | −58.3% | −6.2% | +12.5% | −70.8 pts | 80% |
| 1 year | −18.8% | −59.8% | +119.7% | −138.5 pts | 80% |
| Since launch | −99.1% | −1.3% | +2.6% | −101.7 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 | -9.12 times, against -2 stated | ETFIQ |
| Underlying | MSTR | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $107m | source, as filed for May 31, 2026 |
| Expense ratio | 1.05% | 485BPOS XBRL, Dec 29, 2025 |
| Launched | Sep 18, 2024 | ETFIQ |
| Underlying volatility over the window | 88% annualized | ETFIQ |

## Questions

### Did MSTZ return -2 times MSTR?

Over the window to Sep 11, 2026, MSTR moved +5.7% and MSTZ returned −51.5%. 2 times that move is −11.3%, so the fund came out 40.2 points short of it.

### Why does MSTZ not return -2 times over a year?

Because it resets daily. MSTZ 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?

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

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