Defiance Daily Target 2x Long MSTR ETFDefiance Daily Target 2x Long MSTR ETFDefiance Daily Target 2x Long MSTR ETF

Defiance Daily Target 2x Long MSTR ETF

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Key stats


Assets under management (AUM)
‪672.45 M‬USD
Fund flows (1Y)
Dividend yield (indicated)
118.45%
Discount/Premium to NAV
Shares outstanding
‪42.44 M‬
Expense ratio
1.31%

About Defiance Daily Target 2x Long MSTR ETF


Issuer
Toroso Investments Topco LLC
Brand
Defiance
Inception date
Aug 14, 2024
Structure
Open-Ended Fund
Index tracked
No Underlying Index
Replication method
Synthetic
Management style
Active
Dividend treatment
Distributes
Distribution tax treatment
Ordinary income
Income tax type
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
Primary advisor
Tidal Investments LLC
Distributor
Foreside Fund Services LLC
ISIN
US88636J2539
MSTX uses swap agreements to make bullish bets on MicroStrategy Incorporated's (NYSE: MSTR) share price. MSTR was originally known for its enterprise analytics software. It has then pivoted to include acquiring and holding Bitcoin (BTC) as another operational business. The fund maintains a daily leveraged exposure equivalent to 200% of the fund's net assets through daily rebalancing. As a geared product, the fund is intended as a short-term tactical tool, rather than as a long-term investment vehicle. As a result, returns may deviate from the expected 2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process. Additionally, the fund could potentially lose money over time, even if MSTR's performance strengthens. The fund is expected to invest in cash-like instruments as collateral. Following October 29, 2024, the fund adjusted its leverage ratio from 1.75x to 2x.

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Classification


Asset Class
Equity
Category
Sector
Focus
Information technology
Niche
Application software
Strategy
Vanilla
Geography
U.S.
Weighting scheme
Single asset
Selection criteria
Single asset
What's in the fund
Exposure type
StocksBonds, Cash & Other
Cash
Stock breakdown by region
100%
Top 10 holdings

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Frequently Asked Questions


An exchange-traded fund (ETF) is a collection of assets (stocks, bonds, commodities, etc.) that track an underlying index and can be bought on an exchange like individual stocks.
MSTX assets under management is ‪672.45 M‬ USD. AUM is an important metric as it reflects the fund's size and can serve as a gauge of how successful the fund is in attracting investors, which, in its turn, can influence decision-making.
Since ETFs work like an individual stock, they can be bought and sold on exchanges (e.g. NASDAQ, NYSE, EURONEXT). As it happens with stocks, you need to select a brokerage to access trading. Explore our list of available brokers to find the one to help execute your strategies. Don't forget to do your research before getting to trading. Explore ETFs metrics in our ETF screener to find a reliable opportunity.
MSTX invests in cash. See more details in our Analysis section.
MSTX expense ratio is 1.31%. It's an important metric for helping traders understand the fund's operating costs relative to assets and how expensive it would be to hold the fund.
Yes, MSTX is a leveraged ETF, meaning it uses borrowings or financial derivatives to magnify the performance of the underlying assets or index it follows.
Yes, MSTX pays dividends to its holders with the dividend yield of 118.45%.
MSTX shares are issued by Toroso Investments Topco LLC
MSTX follows the No Underlying Index. ETFs usually track some benchmark seeking to replicate its performance and guide asset selection and objectives.
The fund started trading on Aug 14, 2024.
The fund's management style is active, aiming to outperform its benchmark index by actively selecting and adjusting assets. The goal is to achieve returns that exceed those of the index the fund tracks.