Key stats
About Defiance Daily Target 2x Long MSTR ETF
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Inception date
Aug 14, 2024
Structure
Open-Ended Fund
Replication method
Synthetic
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.
Classification
Returns
| 1 month | 3 months | Year to date | 1 year | 3 years | 5 years | |
|---|---|---|---|---|---|---|
| Price performance | — | — | — | — | — | — |
| NAV total return | — | — | — | — | — | — |
What's in the fund
Exposure type
Cash
Bonds, Cash & Other100.00%
Cash95.97%
Government2.05%
Mutual fund1.98%
Stock breakdown by region
North America100.00%
Latin America0.00%
Europe0.00%
Asia0.00%
Africa0.00%
Middle East0.00%
Oceania0.00%
Top 10 holdings
Dividends
Dividend payout history
Assets under management (AUM)
Fund Flows
Frequently Asked Questions
Yes, MSTX pays dividends to its holders with the dividend yield of 113.16%. The last dividend (Jan 3, 2025) amounted to 14.43 USD. The dividends are paid annually.
MSTX shares are issued by Toroso Investments Topco LLC under the brand Defiance. The ETF was launched on Aug 14, 2024, and its management style is Active.
MSTX expense ratio is 1.31% meaning you'd have to pay 1.31% of your investment to help manage the fund.
MSTX follows the No Underlying Index. ETFs usually track some benchmark seeking to replicate its performance and guide asset selection and objectives.
MSTX invests in cash.