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The T-Rex 2X Long MicroStrategy Daily Target ETF (MSTU) is an exchange-traded fund designed to provide approximately two times the daily return of MicroStrategy Incorporated (MSTR) shares. The ETF is managed by T-Rex ETFs and trades under the ticker MSTU on Cboe BZX.
Classified as a leveraged equity strategy ETF, MSTU follows an active management approach. The fund seeks to deliver approximately 2x the daily performance of MicroStrategy stock, before fees and expenses.
To achieve this objective, the ETF utilizes financial instruments such as swaps and other derivatives designed to amplify the daily movement of the underlying security. Because exposure is reset daily, performance over periods longer than one day may differ from exactly twice the cumulative return of the stock.
MSTU does not track a traditional index. Its reference is the daily performance of MicroStrategy Incorporated shares, a U.S.-listed company. Exposure is achieved through structured financial instruments intended to provide leveraged returns rather than direct full replication of the stock.
Diversification and sector exposure
MSTU provides concentrated exposure, including:
- Shares of MicroStrategy.
- Derivative instruments linked to the stock’s performance.
- Cash or cash equivalents supporting operational structure.
The strategy does not offer broad sector diversification, as exposure is predominantly tied to a single company.
Structure and costs
MSTU shares trade on the secondary market throughout the trading session. Creation and redemption occur through authorized participants.
The fund charges a management fee and does not apply a performance fee. MSTU does not primarily focus on income distribution, as its objective is to provide leveraged exposure to daily stock movements.
History and evolution of the ETF
MSTU was launched in 2024 amid growing investor demand for single-stock leveraged ETFs.
Since inception, the fund has reflected the high volatility associated with MicroStrategy shares, whose market behavior is closely linked to the company’s significant exposure to bitcoin.
The ETF’s performance has been characterized by amplified daily movements relative to its underlying security.
