MST

The Defiance Daily Target 2X Long MSTR ETF (MST) is an exchange-traded fund designed to provide leveraged daily exposure to shares of Strategy Inc. (ticker MSTR), a company associated with the technology sector and corporate adoption of digital assets. The ETF is managed by Defiance ETFs and trades under the ticker MST on Nasdaq.

Classified as a leveraged equity ETF based on a single U.S. stock strategy, MST seeks to reflect, before fees and expenses, approximately 200% (2x) of the daily performance of Strategy (MSTR) shares.

The fund follows an active strategy using financial derivatives, including swaps and other structured instruments, to maintain leveraged daily exposure to the underlying asset. The portfolio undergoes frequent rebalancing to preserve its daily leverage objective.

Diversification and sector exposure

MST provides concentrated exposure to a single underlying asset and segments associated with Strategy’s operations, including:

• Information technology
• Enterprise software
• Digital assets
• Financial derivative instruments
• Leveraged strategies

This structure does not seek broad sector diversification, but rather amplified daily exposure to the behavior of MSTR shares.

Structure and costs

MST shares trade on the secondary market on Nasdaq during regular trading hours. Creation and redemption occur exclusively through authorized participants, helping maintain alignment between market price and the fund’s net asset value (NAV).

The ETF charges a management fee as outlined in its prospectus and does not apply a performance fee. MST is not primarily focused on recurring income generation, as its structure is designed around leveraged daily exposure to the reference asset.

History and evolution of the ETF

The Defiance Daily Target 2X Long MSTR ETF was launched in 2024, during a period of expansion in leveraged single-stock ETFs and growing investor interest in products tied to companies associated with digital asset markets.

Since inception, the fund has reflected fluctuations in Strategy shares, cryptocurrency market volatility, and movements associated with Bitcoin and the technology sector.

In recent years, MST has reflected changes in the macroeconomic environment, volatility across equity and digital asset markets, and the growing use of leveraged ETFs tied to individual stocks.

Additional Information

Defiance Daily Target 2X Long MSTR ETF (United States) is an exchange-traded fund (ETF), with assets under management totaling $25.00 Millions.

Over the past 12 months, Defiance Daily Target 2X Long MSTR ETF recorded a return of -91.27%, with its price trading between $2.04 and $39.12 during the same period.

The ETF is traded under the ticker MST.