Strategy (MSTR) Leveraged and Inverse ETFs
REX offers two T-REX ETFs providing daily leveraged exposure to Strategy, formerly MicroStrategy. MSTU seeks 200% of the daily performance of MSTR. MSTZ seeks 200% of the inverse (or opposite) of the daily performance of MSTR. Both reset exposure daily at each market close and seek their stated objective over a single trading day only.
These are complex products that use derivatives, carry the risk of total loss, and are not suitable for all investors. Investing in MSTU and MSTZ is not equivalent to investing directly in MSTR.
MSTU · MSTZ
The Funds
One stock, two directions
Both funds track the same underlying and use the same daily reset mechanics. The only difference is which way the exposure points.
T-REX 2X Long MSTR Daily Target ETF
Seeks daily investment results, before fees and expenses, of 200% of the daily performance of MSTR common stock. The first 2X leveraged MSTR ETF listed in the United States.
| Daily Performance Objective | 200% |
| Expense Ratio | 1.05% |
| CUSIP | 26923N173 |
T-REX 2X Inverse MSTR Daily Target ETF
Seeks daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the daily performance of MSTR common stock. The first 2X inverse MSTR ETF listed in the United States.
| Daily Performance Objective | 200% inverse |
| Expense Ratio | 1.05% |
| CUSIP | 26923N413 |
The Funds do not seek to achieve the stated investment objective for a period of time different than a trading day. Investing in the Funds is not equivalent to investing directly in MSTR.
MSTU and MSTZ are two of more than 30 leveraged and inverse single stock ETFs in the T-REX suite. See the full T-REX lineup.
Compare
MSTU vs MSTZ side by side
Fund data as of August 14, 2026.
| MSTU | MSTZ | |
|---|---|---|
| Fund name | T-REX 2X Long MSTR Daily Target ETF | T-REX 2X Inverse MSTR Daily Target ETF |
| Daily performance objective | 200% of the daily performance of MSTR | 200% of the inverse (or opposite) of the daily performance of MSTR |
| Seeks to rise when MSTR | Rises | Falls |
| Expense ratio | 1.05% | 1.05% |
| Exposure reset | Daily, at every market close | Daily, at every market close |
| Objective measured over | A single trading day | A single trading day |
| CUSIP | 26923N173 | 26923N413 |
Expense ratios are stated in each fund’s prospectus and are subject to change. Neither fund seeks to achieve its stated objective over a period greater than a single trading day.
The Underlying
Why MSTR moves the way it does
Strategy, formerly MicroStrategy, is a publicly traded company that holds bitcoin on its balance sheet alongside its enterprise software business. Because a substantial share of the company’s asset base is bitcoin, and because it has at times funded those purchases with debt and equity issuance, the common stock has tended to move with bitcoin rather than independently of it, and to move further in each direction than bitcoin itself.
That structure is the reason MSTR has historically carried implied volatility well above a typical large capitalization stock. It is also the reason the daily compounding effects described below tend to be larger in MSTU and MSTZ than they would be in a fund tracking a diversified index. Everything about how these two funds behave over multiple days scales with the volatility of the underlying.
A holder of MSTU or MSTZ is therefore taking on three layers at once: the price of bitcoin, the corporate and financing decisions of a single company, and the daily reset mechanics of a leveraged fund. Each layer can move independently of the others. REX Shares is not affiliated with Strategy, and nothing on this page is a view on the merits of the stock.
For more on the company itself, see how to read Strategy’s key metrics.
How 2X Daily Works
The objective is daily, and that word does the work
Both funds seek their stated multiple of MSTR’s return on any single trading day. At each market close, exposure is reset daily so the next session begins at exactly that multiple of the fund’s new net asset value.
Because each day’s return compounds on the one before it, performance over any period longer than a single day is very likely to differ from the stated multiple of MSTR’s performance for that period, before fees and expenses. The size of that difference grows with both the holding period and the volatility of the underlying.
That second point matters here more than it would elsewhere. MSTR, the common stock of Strategy, has historically been a highly volatile single stock, so the compounding effects in these funds tend to be larger than in a fund tracking a diversified index. In a choppy market, a 2X fund can lose value even when the underlying finishes flat over the period. In a sustained trend, the same compounding can push cumulative returns past the stated multiple.
The Daily Reset
Underlying rises
The fund increases exposure. More notional is needed to maintain the multiple on a now larger net asset value.
Underlying falls
The fund decreases exposure. Less notional is needed to maintain the multiple on a now smaller net asset value.
The next day begins
Exposure sits at exactly the stated multiple again. Yesterday’s path is no longer in the ratio, but it is in the base.
What to understand before using either fund
These are complex products intended for sophisticated investors who understand the risks of leverage and who actively monitor and manage their positions. They are not suitable for all investors.
Returns over more than one day will very likely differ from the stated multiple.
Each fund resets exposure daily. Over longer periods, returns are the result of each day’s returns compounded, which is very likely to differ from the stated multiple of the underlying’s performance for that period, before fees and expenses.
The divergence grows with both holding period and volatility. In a volatile, range bound market, a fund may lose value even when the underlying is flat over the period.
Total loss
It is possible to lose the entire amount invested, and losses can occur in a single trading day.
Concentration
Exposure is to one company. Company specific events drive daily moves with no diversification to offset them.
Not the same as owning the stock
Investing in MSTU and MSTZ is not equivalent to investing directly in MSTR. Both use derivatives, charge fees, and confer no ownership interest in the company.
Leverage
Each fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage.
Derivatives and counterparties
Each fund uses swaps and other derivatives to seek its objective, which carries risks in addition to, and greater than, those of investing directly in securities. If a counterparty fails to meet its obligations, the value of an investment held by a fund may decline.
Shorting, MSTZ
A short position appreciates when the reference asset falls and loses value when it rises. Because most assets have historically risen in value over the long term, short positions are expected to depreciate in value and may be riskier and more speculative than traditional investments.
The SEC Office of Investor Education and Advocacy notes that leveraged and inverse products are meant to be held for a single day or less. Positions held longer should be monitored regularly. Read each fund’s prospectus in full before investing.
Common Questions
MSTR ETF questions, answered
Is there a leveraged Strategy (MSTR) ETF?
Yes. REX offers two T-REX ETFs providing daily leveraged exposure to Strategy, formerly MicroStrategy. MSTU, the T-REX 2X Long MSTR Daily Target ETF, seeks 200% of the daily performance of MSTR. MSTZ, the T-REX 2X Inverse MSTR Daily Target ETF, seeks 200% of the inverse (or opposite) of the daily performance of MSTR. Both seek their stated objective over a single trading day only. Investing in the Funds is not equivalent to investing directly in MSTR.
What is MSTU?
MSTU is the T-REX 2X Long MSTR Daily Target ETF. It seeks daily investment results, before fees and expenses, of 200% of the daily performance of the common stock of Strategy, formerly MicroStrategy. It was the first 2X leveraged MSTR ETF listed in the United States. The expense ratio is 1.05%. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.
What is MSTZ?
MSTZ is the T-REX 2X Inverse MSTR Daily Target ETF. It seeks daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the daily performance of the common stock of Strategy, formerly MicroStrategy. It was the first 2X inverse MSTR ETF listed in the United States. The expense ratio is 1.05%. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.
What is the difference between MSTU and MSTZ?
They seek opposite exposures to the same underlying stock. MSTU seeks 200% of the daily performance of MSTR, so it seeks to rise when MSTR rises. MSTZ seeks 200% of the inverse of the daily performance, so it seeks to rise when MSTR falls. Both reset exposure daily at each market close, both charge a 1.05% expense ratio, and both are designed to seek their objective over a single trading day.
Can MSTU or MSTZ be held for longer than one day?
Both funds seek their stated multiple over a single trading day. The Funds do not seek to achieve the stated investment objective for a period of time different than a trading day. Because exposure resets daily and returns compound, performance over any period longer than one day is very likely to differ from the stated multiple of MSTR’s performance for that period, and the difference grows with both holding period and volatility. The SEC notes that leveraged and inverse products are meant to be held for a single day or less. Positions held longer should be monitored regularly. These funds are not suitable for all investors.
What is the expense ratio for MSTU and MSTZ?
Both MSTU and MSTZ carry an expense ratio of 1.05%. Expense ratios are stated in each fund’s prospectus and are subject to change.
Is buying MSTU the same as buying MSTR stock?
No. Investing in MSTU and MSTZ is not equivalent to investing directly in MSTR. These funds use derivatives to seek a daily multiple of MSTR’s return, they reset that exposure every trading day, they charge fees, and they confer no ownership interest in Strategy. Over periods longer than a day their returns can differ substantially from a multiple of the stock’s return.
Why is MSTR volatility important for these funds?
Because the effects of daily compounding scale with volatility. The more the underlying moves day to day, the further a leveraged fund’s cumulative return can diverge from the stated multiple, in either direction. MSTR, the common stock of Strategy, has historically been a highly volatile single stock, which makes the compounding effects in MSTU and MSTZ larger than they would be in a fund tracking a diversified index.
More than 30 leveraged and inverse single stock ETFs.
MSTU and MSTZ are part of the T-REX suite, built with Tuttle Capital Management.
Important Information
Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please visit rexshares.com or call 1-844-802-4004. Read the prospectus carefully before investing.
Investing in the Funds involves a high degree of risk. As with any investment, there is a risk that you could lose all or a portion of your investment in the Funds. The Funds are not suitable for all investors and are intended for sophisticated investors who understand the risks of leverage and who actively monitor and manage their positions.
Each Fund seeks daily leveraged or daily inverse leveraged investment results and is intended to be used as a short term trading vehicle. Each Fund attempts to provide a multiple of the daily performance of the underlying security. The Funds do not seek to achieve the stated investment objective for a period of time different than a trading day and should not be expected to provide returns which are a multiple of the return of the underlying security for periods other than a single day. Because the Funds rebalance exposure daily, performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the stated multiple of the underlying security’s performance for that period, before fees and expenses. During periods of high volatility, a Fund may lose value even if the underlying security is flat over the period. It is possible to lose the entire amount invested in a single trading day.
Investing in a Fund is not equivalent to investing directly in the underlying security. Investing in MSTU and MSTZ is not equivalent to investing directly in MSTR. Each Fund’s investment exposure is concentrated in a single issuer, and the value of the Funds may be more volatile than a more diversified pooled investment or the market as a whole. Some or all of these risks may adversely affect a Fund’s net asset value per share, trading price, yield, total return, and ability to meet its investment objective.
Principal Risks
Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage.
Derivative Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.
Important Information Regarding -2X MSTR Fund. The T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) seeks daily inverse investment results and is very different from most other exchange-traded funds. Longer holding periods and higher volatility of MSTR increase the impact of compounding on an investor’s returns. During periods of higher volatility, the volatility of MSTR may affect the fund’s return as much as, or more than, the return of MSTR.
Important Information Regarding 2X MSTR Fund. The T-REX 2X Long MSTR Daily Target ETF (MSTU) seeks 2X daily leveraged investment results and thus will have an increase of volatility relative to the MSTR performance itself. Longer holding periods, higher volatility of MSTR and leverage increase the impact of compounding on an investor’s returns. During periods of higher volatility, the volatility of MSTR may affect the fund’s performance.
Information Technology Sector Risk. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.
Shorting Risk. A short position is a financial transaction in which an investor sells an asset that the investor does not own. In such a transaction, an investor’s short position appreciates when a reference asset falls in value. By contrast, the short position loses value when the reference asset’s value increases. Because historically most assets have risen in value over the long term, short positions are expected to depreciate in value. Accordingly, short positions may be riskier and more speculative than traditional investments. In addition, any income, dividends or payments by reference assets in which the Fund has a short position will impose expenses on the Fund that reduce returns.
Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective.
Definitions
Call Option. A call option is a financial contract that gives the buyer the right, but not the obligation, to buy an underlying asset at a specified price within a certain time period.
Put Option. A put option is a financial contract that gives the buyer the right, but not the obligation, to sell an underlying asset at a specified price within a certain time period.
Swap. A swap is a financial agreement between two parties to exchange cash flows or other financial instruments over a set period.
THE FUNDS, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH THE FUNDS’ UNDERLYING SECURITIES.
Shares of the Funds are bought and sold at market price, not net asset value, and are not individually redeemed from a Fund. Brokerage commissions will reduce returns. Past performance is not indicative of future results.
Distributed by Foreside Fund Services, LLC, not affiliated with REX Shares, LLC, or its affiliates. Fund data as of August 14, 2026. Last reviewed August 2026.
