- CUSIP
- 88636R255
- Issuer
- Defiance
- Inception Date
- May 1, 2025
- Category
- Derivative Income, Leveraged Equities
- Leveraged
- 2x
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Growth
- Assets Under Management
- $27M
Share Price Chart
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Performance
MST Performance Chart
Defiance Leveraged Long Income MSTR ETF (MST) is down 50.7% since the beginning of the year. MST is currently trading at $15 per share.
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Returns By Period
Defiance Leveraged Long Income MSTR ETF (MST) has returned -50.68% so far this year and -93.19% over the past 12 months.
Defiance Leveraged Long Income MSTR ETF
- 1D
- 4.80%
- 1M
- -52.05%
- YTD
- -50.68%
- 6M
- -62.39%
- 1Y
- -93.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.50%
- 1M
- -0.17%
- YTD
- 8.56%
- 6M
- 8.85%
- 1Y
- 22.93%
- 3Y*
- 19.37%
- 5Y*
- 11.84%
- 10Y*
- 13.61%
MST Monthly Returns History
Based on dividend-adjusted daily data since May 2, 2025, MST's average daily return is -0.69%, while the average monthly return is -14.47%.
Historically, 14% of months were positive and 86% were negative. The best month was Apr 2026 with a return of +54.4%, while the worst month was Nov 2025 at -58.4%. The longest winning streak lasted 1 consecutive months, and the longest losing streak was 9 months.
On a daily basis, MST closed higher 45% of trading days. The best single day was Feb 6, 2026 with a return of +49.6%, while the worst single day was Feb 5, 2026 at -32.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -7.05% | -27.34% | -10.28% | 54.38% | -11.06% | -40.72% | -50.68% | ||||||
| 2025 | -14.40% | 15.25% | -6.70% | -32.52% | -10.11% | -31.17% | -58.42% | -22.39% | -87.60% |
Benchmark Metrics
Defiance Leveraged Long Income MSTR ETF has an annualized alpha of -94.90%, beta of 4.65, and R2 of 0.22 versus S&P 500 Index. Calculated based on daily prices since May 02, 2025.
- This ETF participated in 449.54% of S&P 500 Index downside but only -155.74% of its upside - more exposed to losses than it benefited from rallies.
- R2 of 0.22 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -94.90%
- Beta
- 4.65
- R²
- 0.22
- Upside Capture
- -155.74%
- Downside Capture
- 449.54%
Expense Ratio
MST has a high expense ratio of 1.31%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MST ranks 2 for risk / return — in the bottom 2% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Defiance Leveraged Long Income MSTR ETF (MST) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MST | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.59 | ||
| Sortino ratioReturn per unit of downside risk | -4.53 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.34 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 2.53 | -3.51 |
| Martin ratioReturn relative to average drawdown | -1.26 | 11.37 | -12.63 |
Dividends
Dividend History
Defiance Leveraged Long Income MSTR ETF provided a 869.66% dividend yield over the last twelve months, with an annual payout of $132.19 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $132.19 | $156.11 |
Dividend yield | 869.66% | 381.22% |
Monthly Dividends
The table displays the monthly dividend distributions for Defiance Leveraged Long Income MSTR ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $2.72 | $1.87 | $1.31 | $1.07 | $1.08 | $0.31 | $8.34 | ||||||
| 2025 | $16.81 | $28.88 | $37.60 | $21.73 | $17.27 | $18.31 | $7.78 | $7.75 | $156.11 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Defiance Leveraged Long Income MSTR ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Defiance Leveraged Long Income MSTR ETF was 95.33%, occurring on Jun 10, 2026. The portfolio has not yet recovered.
The current Defiance Leveraged Long Income MSTR ETF drawdown is 94.74%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -95.33%Jun 2026 | 10mo 28d | — | 11mo 1dJul 2025 - now |
2025 selloff2025 | -24.94%May 2025 | 14d | 1mo 17d | 2mo 1dMay 2025 - Jul 2025 |
2025 selloff2025 | -4.88%May 2025 | 0s | 1d | 1dMay 2025 - May 2025 |
2025 selloff2025 | -4.07%May 2025 | 1d | 2d | 3dMay 2025 - May 2025 |
2025 pullback2025 | -3.45%Jul 2025 | 0s | 1d | 1dJul 2025 - Jul 2025 |
Drawdown Indicators
| MST | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.33% | -56.78% | -38.55% |
Max Drawdown (1Y)Largest decline over 1 year | -95.33% | -9.10% | -86.23% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -94.74% | -2.34% | -92.40% |
Average DrawdownAverage peak-to-trough decline | -62.81% | -10.72% | -52.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 74.02% | 2.02% | +72.00% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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