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

T-REX · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: MSTZ returned −79.3% where its own daily promise gave −79.2%, 0.1 points short.

## Key facts

- MSTZ, what MSTR did: +63.9%, as of Sep 30, 2026.
- MSTZ, what −2 times a day gives: −79.2%, as of Sep 30, 2026.
- MSTZ, what the fund returned: −79.3%, as of Sep 30, 2026.
- MSTZ, the fund itself cost: −0.1 pts, as of Sep 30, 2026.
- MSTZ, net assets: $99m (issuer page, as of Sep 29, 2026).
- MSTZ, expense ratio: 1.05% (485BPOS XBRL, Dec 29, 2025).

## MSTZ over each window to Sep 30, 2026

| Window | Fund | MSTR | -2x the move | Difference | MSTR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −43.5% | +15.2% | −30.3% | −13.2 pts | 100% |
| 3 months | −79.3% | +63.9% | −127.9% | +48.5 pts | 83% |
| 6 months | −78.7% | +24.7% | −49.4% | −29.4 pts | 83% |
| 1 year | −47.9% | −52.5% | +105.0% | −152.9 pts | 82% |
| Since launch | −99.4% | +15.4% | −30.8% | −68.7 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 | -1.24 times, against -2 stated | ETFIQ |
| Underlying | MSTR | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $99m | issuer page, as of Sep 29, 2026 |
| Expense ratio | 1.05% | 485BPOS XBRL, Dec 29, 2025 |
| Launched | Sep 18, 2024 | ETFIQ |
| Underlying volatility over the window | 83% annualized | ETFIQ |

## Questions

### Did MSTZ return -2 times MSTR?

Over the window to Sep 30, 2026, MSTR moved +63.9% and MSTZ returned −79.3%. −2 times that move is −127.9%, so the fund came out 48.5 points ahead 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 figure itself.


## Cite this page

ETFIQ, MSTZ, data as of Sep 30, 2026. https://etfiq.com/funds/mstz
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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