An actively managed ETF that aims for twice MicroStrategy's daily share price return, using swaps and listed options. Because it resets daily, longer-term returns can differ a lot from twice MicroStrategy's.
MSTX, the Defiance Daily Target 2X Long MSTR ETF, is a $348 million ETF whose main story is crypto conviction. Over the past year it returned −92.2%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
Crypto conviction →
Bitcoin, ether and the companies around them, held through ETFs.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | IBIT | 49.5% | $67.06bn | −30.6% | 0.25% |
| 2 | FBTC | 11.4% | $15.45bn | −30.5% | 0.25% |
| 3 | GBTC | 7.8% | $10.61bn | −31.4% | 1.50% |
| 4 | ETHA | 7.2% | $9.83bn | −40.9% | 0.25% |
| 5 | BTC | 3.9% | $5.27bn | −30.5% | 0.15% |
| 171 other ETFs | 20.2% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 176 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| MSTX | +54.4% | +101.6% | −48.5% | −92.2% | – | – |
| Crypto convictionits narrative | +9.5% | +39.0% | −2.9% | −29.5% | +50.5% | +10.3% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on August 15, 2024: −60.6% a year.
$10,000 invested August 31, 2024
Year by year
Total return in each calendar year; this year is year to date. A year appears only if MSTX traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
MSTX moves largely apart from the market. When the market has moved 1%, MSTX has tended to move 3.39%.
MSTX moves closely with crypto conviction. When crypto conviction has moved 1%, MSTX has tended to move 2.58%.
Weekly returns over 111 weeks. The narrative is measured without MSTX in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in Crypto conviction
Each dot is one of 62 unlevered ETFs whose main narrative is crypto conviction, placed by its return (up) and how much it swung (right) over the last year. MSTX is levered or inverse, so it is shown against them but not counted among them.
Risk
Cost against its peers
MSTX is levered or inverse, so it is shown against the unlevered ETFs but not ranked among them.
How it is built
Seeks 2x the daily return of its exposure, and gets its exposure through swaps. It carries the narrative but does not count toward Share of Narrative, because only unlevered long exposure does.
Narrative exposure
Common questions
What story is MSTX selling?
MSTX’s main story is crypto conviction, which covers bitcoin, ether and the companies around them, held through ETFs.
Which ETFs compete with MSTX?
The ETFs whose weekly returns move most like MSTX’s over the past 3 years are MSTY (0.98), BCOR (0.84) and BTCW (0.79).
How has MSTX performed against its story?
Over the past year MSTX returned −92.2%, the ETFs carrying crypto conviction −29.5% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.78 with the story. Past performance only.
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