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MST Defiance Leveraged Long + Income MSTR ETF

$7.63
−12.0% · 1 day, price
Fact sheet
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Fund card

<iframe src="https://etfiq.com/embed/fund/mst/" title="ETFIQ MST analysis" width="100%" height="420" loading="lazy" style="border:0;max-width:600px"></iframe>
<p>Data: <a href="https://etfiq.com/funds/mst">ETFIQ MST analysis</a></p>

Daily flows

<iframe src="https://etfiq.com/embed/flows-strip/mst/" title="ETFIQ MST fund flows" width="100%" height="340" loading="lazy" style="border:0;max-width:600px"></iframe>
<p>Data: <a href="https://etfiq.com/funds/mst">ETFIQ MST fund flows</a></p>

How to embed ETFIQ charts

In one line

MST returned 0.3% over the three months to Nov 12, 2026.

Why does MST lose ground in choppy markets?What drove MST’s returns?What does MST hold?
1-year total return
−85.9%to Nov 12, 2026
Expense ratio
1.91%a year
Net assets
$18mon Nov 11, 2026
Net flow, latest day
$0daily basis to Nov 11, 2026
Holds 150% to 200% of net assets in MSTR, rebuilt each dayDefiance ↗Expense ratio 1.91%Fund assets $18m on Nov 11, 2026First traded May 2, 2025Fund page at the issuer ↗SEC filings ↗Dividend history

Promise check: Not measured

Analyze MSTPut to the committeeAdd to portfolioAlerts
Growth of $10,000

MST, 1 year

Total return, distributions reinvested, Nov 12, 2025 to Nov 12, 2026. No second line: no ETF prices its benchmark.

MST $1,409 −85.9%Returns from daily closes. Data
Scorecard · vs

MST risk and return scorecard

vs MicroStrategy

Not measured: no ETF prices its benchmark (underlying).

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Net fund flows · daily basis · as of Nov 11, 2026

Money in and out

Latest day
$0
N-PORT monthly basis
Since Nov 2026
$0
N-PORT monthly basis
No money in or out. 62 days missing.
Ask why money is moving in MSTEvery window, day and month ↓
Total return

What you earned

MST −45.1%: total return over one month to Nov 12, 2026.
$10,000 in MST would be $5,490, over one month to Nov 12, 2026.
MST−45.1%
MST +0.3%: total return over three months to Nov 12, 2026.
$10,000 in MST would be $10,030, over three months to Nov 12, 2026.
MST+0.3%
MST −73.3%: total return over six months to Nov 12, 2026.
$10,000 in MST would be $2,670, over six months to Nov 12, 2026.
MST−73.3%
MST −70.1%: total return year to date, Dec 31, 2025 to Nov 12, 2026.
$10,000 in MST would be $2,990, year to date, Dec 31, 2025 to Nov 12, 2026.
MST−70.1%
MST −85.9%: total return over one year to Nov 12, 2026.
$10,000 in MST would be $1,410, over one year to Nov 12, 2026.
MST−85.9%
askIQ: what drove MST’s returns? ↗
Fees over time · hypothetical
Fees paid
$1,754
Of the amount
17.5%

At MST’s 1.91% a year, taken each year from the amount after growth. Hypothetical.

Did it deliver its multiple?

+0.3%
What the fund returned
Report
156%
How much it moved, annualized
Report
16.0%
12-month yield, special payments left out, on its starting price
Report
20.0%
12-month cash paid, including specials, on its starting price
Report
$0.0777
Last payment (paid weekly), ex-date Nov 10, 2026
Report
Stated multiple against delivered, by window
Black line is the stated multiple of the underlying's move.
Two-day reversal, hypothetical
Formula: (1 + L·m)(1 − L·m) − 1 for a move m up then down at multiple L. Hypothetical; not a forecast.
askIQ: what would a 10% drop in MicroStrategy do to MST? ↗

10 committee seats read MST on data as of Nov 12, 2026: 0 Supports, 0 Mixed, 4 Challenges, 6 without enough data.

0 Supports0 Mixed4 Challenges6 Not enough data
  • Bogle
  • Graham
  • Buffett & Munger
  • Lynch
  • Templeton
  • Dalio
  • Marks
  • Druckenmiller
  • Swensen
  • Wood
  • Livermore
  • Skeptic

Watch the committee read MST How the committee works

12 seats on MST, as of Nov 12, 2026: 4 Challenges, 6 Not enough data, 2 Does not apply.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianDoes not apply
In the tradition ofRay DalioDalio-style All-WeatherChallenges
In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityDoes not apply
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingChallenges
Uses ETFIQ’s measuresETFIQ SkepticETFIQ’s own seatNot enough data
Put MST to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Risk Officer

Risk check

What to look at before you hold MST. Not advice.

As of Nov 13, 2026, MST crossed 1 of 4 ETFIQ risk lines.

OverlapNot publishedNot published
Trading costNot publishedNot published
Premium or discount95% of days within ±0.5192% of NAV, 1 day over 1%, Sep 11, 2026 to Nov 11, 20261 day with a premium or discount over 1% in 2026-09-11 to 2026-11-11.Flag
ClosureNo closure flagClear

Lines and sources: Method. Check several funds at once on My Portfolio.

More on MST

Every number below is on this page. Open what you need.

MST flows, by email on Sundays.

One-click unsubscribe. See Privacy.

Price and total return, 1 year

$7.63−12.0%1 day, priceClose, Nov 12, 2026

Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 12, 2026. Updated every trading night. Report a data error

MST returns by window: total return, cash paid and price change
WindowTotal returnThe fund moved about, annualized
1M Oct 13 – Nov 12, 2026−45.1%143%
3M Aug 13 – Nov 12, 2026+0.3%156%
6M May 14 – Nov 12, 2026−73.3%146%
YTD Dec 31, 2025 – Nov 12, 2026−70.1%150%
1Y Nov 12, 2025 – Nov 12, 2026−85.9%146%

Total returns, distributions reinvested. Listed May 2025: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

Money in and out

Daily data · as of Nov 11, 2026

MST: in the 3 trading days to Nov 11, 2026, nothing net moved.

1D
$0
0.0% of $17.4m on Nov 10, 2026
Nov 11, 2026
Since Nov 2026
$0
Nov 9, 2026 to Nov 11, 2026
Net flow each trading day
Net flow into MST each trading day, Aug 12, 2026 to Nov 11, 2026monthly, from SEC filingsdaily, from DefianceAug 12, 2026Nov 11, 2026

MST, net flow each trading day over the 65 sessions from Aug 12, 2026 to Nov 11, 2026: money came in on 0 days and went out on 0 days, of the 3 days with daily data; the other 62 have none. Before Nov 9, 2026 ETFIQ has the fund’s monthly data only, from SEC filings: that span is shaded and draws no bars, and its months are in the month by month list.

No money in or out. 62 days missing.

Net flow into MST each trading day, Nov 12, 2025 to Nov 11, 2026monthly, from SEC filingsdaily, from DefianceNov 12, 2025Nov 11, 2026

MST, net flow each trading day over the 251 sessions from Nov 12, 2025 to Nov 11, 2026: money came in on 0 days and went out on 0 days, of the 3 days with daily data; the other 248 have none. Before Nov 9, 2026 ETFIQ has the fund’s monthly data only, from SEC filings: that span is shaded and draws no bars, and its months are in the month by month list.

No money in or out. 248 days missing.

Net flow into MST each trading day, Apr 10, 2025 to Nov 11, 2026monthly, from SEC filingsdaily, from DefianceApr 10, 2025Nov 11, 2026

MST, net flow each trading day over the 400 sessions from Apr 10, 2025 to Nov 11, 2026: money came in on 0 days and went out on 0 days, of the 3 days with daily data; the other 397 have none. Before Nov 9, 2026 ETFIQ has the fund’s monthly data only, from SEC filings: that span is shaded and draws no bars, and its months are in the month by month list.

No money in or out. 397 days missing.

Money in, netMoney out, netMonthly basis

Daily data starts Nov 9, 2026.

How this is computed

Computed by ETFIQ from Defiance’s daily data: each day’s change in shares outstanding times the previous day’s net asset value. Percentages are of net assets at the start of each window. Numbers are net: money in less money out. Every day and month ETFIQ holds for MST, back to Nov 2026, is in its flows file. Flows across every fund · How these flows are computed · Compare MST with other funds in the flows tool

Every trading day, last 3 months3 days
Nov 11, 2026 $0
Nov 10, 2026 $0
Nov 9, 2026 $0

Most recent first.

Week by week, last year1 week
Nov 11, 2026 $0 3 days

Net flow into MST each week, Nov 9, 2026 to Nov 11, 2026, most recent first, each week named by its last trading day with data. Computed by ETFIQ.

Month by month, money in and money outNov 2026

MST, net flow each month from Nov 2026 to Nov 2026: money came in in 0 months and went out in 0 months.

MonthInOutNet
Nov 2026 ETFIQ, the sum of its days, Nov 9 to Nov 11$0$0$0

Most recent first.

How this is computed

Months summed from daily data: money in adds the days money came in; money out adds the days it went out.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s daily share counts and net asset values, and its SEC N-PORT filings. Data as of Nov 11, 2026. Last checked Nov 13, 2026.

MST key stats

52-week high, daily closes to Nov 12, 2026 (ETFIQ)$89.04 on Nov 13, 2025
52-week low, daily closes to Nov 12, 2026 (ETFIQ)$6.59 on Jun 26, 2026
Close on Nov 12, 2026, within that range (ETFIQ)$7.63, 1% of the way from the low to the high
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Nov 11, 2026
Trading · MSTas of Nov 11, 2026
·
Not scored2 of 6 measured · Nov 11, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
Premium or discount to NAV, Nov 11 close+0.12%
−0.7%95% of days within ±0.52% · the 1% band is off this scale+0.7%
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

MST for holders outside the US

US tax withheld on dividends, no treaty30%
Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%
MST interest-related and short-term gain dividendsnot read by ETFIQ
US estate tax filing threshold, non-resident holders$60,000
Share classDistributing

MST is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work

About MST

Holds150% to 200% of net assets in MSTR
Stated multiplenot measured: no single stated multiple
UnderlyingMicroStrategy
Segmentsingle stock, company
Net assets (the issuer’s own daily fund list, as of Nov 11, 2026)$18mReport
Expense ratio (485BPOS XBRL, Jul 27, 2026)1.91%Report
First tradedMay 2, 2025
Promise checkNot measured. It has no three-month number against its daily multiple.
How we measure
Returns are ETFIQ calculations from Tiingo end-of-day prices, distributions reinvested. Method

Questions people ask about MST

What does MST hold?
MST holds 150% to 200% of net assets in MSTR, rebuilt each day, as its prospectus states it.
Does MST state one multiple?
No. Its prospectus states 150% to 200% of net assets in MSTR.
Sources and dates
Prices, MSTTiingo end-of-day prices ↗
Fee, 1.91%SEC 485BPOS XBRL · Jul 27, 2026
Net assets, $18mThe issuer’s own daily fund list · Nov 11, 2026
IssuerDefiance page for MST ↗
All fund filingsFund filings on SEC EDGAR ↗
Defiance’s own site ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, MST, leveraged ETFs, data as of Nov 12, 2026. https://etfiq.com/funds/mst

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Stated multiple
What the fund sets out to return against its underlying, each day. A fund at 2x aims to return twice the underlying’s daily move, and an inverse fund at -2x aims to return twice it in the opposite direction.
Daily reset
The fund starts each day aiming at the multiple again, from wherever it now stands. It is the mechanism that makes these funds behave as they do, and the reason the stated multiple applies to a day rather than to a holding period.
Compounding
Daily results multiply together rather than adding up. Two days of the multiple is not twice the multiple, and over a run of days the difference between the two grows with how far the underlying moves about.
Decay
What compounding costs a holder when the underlying falls and rises back to where it started. The underlying is level and the fund is down; the more violently it moved, the further down.
Difference against the stated multiple
The fund’s return minus the stated multiple times the underlying’s return, in percentage points. The one number that says whether a holder got what the fund’s own multiple describes.
Full definitions: leveraged ETFs vocabulary page. →
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Snapshot, Nov 12, 2026. More on the tabs above.