- CUSIP
- 88636J253
- Issuer
- Defiance
- Inception Date
- Aug 14, 2024
- Category
- Leveraged Equities
- Leveraged
- 2x
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Assets Under Management
- $207M
Share Price Chart
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Performance
MSTX Performance Chart
Defiance Daily Target 2X Long MSTR ETF (MSTX) is down 67.7% since the beginning of the year. MSTX is currently trading at $12 per share.
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Returns By Period
Defiance Daily Target 2X Long MSTR ETF (MSTX) has returned -67.74% so far this year and -96.37% over the past 12 months.
Defiance Daily Target 2X Long MSTR ETF
- 1D
- -5.05%
- 1M
- -56.60%
- YTD
- -67.74%
- 6M
- -72.76%
- 1Y
- -96.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
MSTX Monthly Returns History
Based on dividend-adjusted daily data since Aug 15, 2024, MSTX's average daily return is 0.00%, while the average monthly return is -1.66%.
Historically, 35% of months were positive and 65% were negative. The best month was Nov 2024 with a return of +90.8%, while the worst month was Nov 2025 at -60.1%. The longest winning streak lasted 3 consecutive months, and the longest losing streak was 9 months.
On a daily basis, MSTX closed higher 46% of trading days. The best single day was Feb 6, 2026 with a return of +52.1%, while the worst single day was Feb 5, 2026 at -34.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -9.87% | -35.16% | -13.11% | 64.25% | -12.36% | -55.86% | -67.74% | ||||||
| 2025 | 23.39% | -45.98% | 10.02% | 51.32% | -10.17% | 15.08% | -6.52% | -35.73% | -11.84% | -35.13% | -60.13% | -30.38% | -89.06% |
| 2024 | -3.24% | 45.20% | 78.25% | 90.81% | -51.02% | 134.05% |
Benchmark Metrics
Defiance Daily Target 2X Long MSTR ETF has an annualized alpha of -59.62%, beta of 4.93, and R2 of 0.24 versus S&P 500 Index. Calculated based on daily prices since August 15, 2024.
- This ETF participated in 411.29% of S&P 500 Index downside but only -63.82% of its upside - more exposed to losses than it benefited from rallies.
- R2 of 0.24 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
- -59.62%
- Beta
- 4.93
- R²
- 0.24
- Upside Capture
- -63.82%
- Downside Capture
- 411.29%
Expense Ratio
MSTX has a high expense ratio of 1.29%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MSTX 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 Daily Target 2X Long MSTR ETF (MSTX) 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.
| MSTX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.70 | ||
| Sortino ratioReturn per unit of downside risk | -4.94 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.37 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 2.78 | -3.77 |
| Martin ratioReturn relative to average drawdown | -1.23 | 12.44 | -13.67 |
Dividends
Dividend History
Defiance Daily Target 2X Long MSTR ETF provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.
| Period | TTM | 2025 | 2024 |
|---|---|---|---|
| Dividend | $0.00 | $0.00 | $144.28 |
Dividend yield | 0.00% | 0.00% | 41.01% |
Monthly Dividends
The table displays the monthly dividend distributions for Defiance Daily Target 2X Long 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 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2024 | $144.28 | $144.28 |
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 Daily Target 2X Long 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 Daily Target 2X Long MSTR ETF was 99.01%, occurring on Jun 22, 2026. The portfolio has not yet recovered.
The current Defiance Daily Target 2X Long MSTR ETF drawdown is 99.01%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -99.01%Jun 2026 | 1y 7mo | — | 1y 7moNov 2024 - now |
2024 bear market2024 | -38.90%Sep 2024 | 11d | 20d | 1mo 1dAug 2024 - Sep 2024 |
2024 bear market2024 | -26.07%Nov 2024 | 5d | 3d | 8dOct 2024 - Nov 2024 |
2024 correction2024 | -16.43%Nov 2024 | 1d | 4d | 5dNov 2024 - Nov 2024 |
2024 correction2024 | -15.43%Oct 2024 | 3d | 1d | 4dOct 2024 - Oct 2024 |
Drawdown Indicators
| MSTX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.01% | -56.78% | -42.23% |
Max Drawdown (1Y)Largest decline over 1 year | -97.49% | -9.10% | -88.39% |
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 | -99.01% | -1.80% | -97.21% |
Average DrawdownAverage peak-to-trough decline | -70.54% | -10.71% | -59.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 78.15% | 2.03% | +76.12% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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