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MST

Defiance Leveraged Long + Income MSTR ETF

Leveraged / InverseNASDAQ-GMDefiance ETF
$11.50
$0.05 (+0.44%)
Real-time · Sep 1, 2026 7:47 PM ET

Key Statistics

Net Assets (AUM)
$21.14M
Expense Ratio
See prospectus
Previous Close
$12.80
Day Range
$11.30 – $12.18
52-Week Range
$6.53 – $315.28
Volume
138.96K
Avg Vol (50D)
-
Beta
5.25

Historical Performance

1M
+50.08%
3M
-33.54%
6M
-40.84%
YTD
-58.79%
1Y
-91.71%
3Y
—
5Y
—

Total return including reinvested distributions, from adjusted closing prices.

Price History

Price history is being compiled for this fund.

Top Holdings

MSTR 4 C85 N/A 11.84%
DGCXX Dreyfus Government Cash Manage 7.59%
FGXXX First American Government Obli 5.99%
TREASURY BILL 5.96%
TREASURY BILL 3.91%
N/A 3.60%
N/A 3.15%
MSTR 4 C136 N/A 0.28%
MSTR 4 C128 N/A -1.56%
N/A -3.15%

Top 10 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About MST

The Fund is an actively-managed exchange-tradedfund (“ETF”) that seeks to achieve its investment objective through a combination of a Leveraged Strategy and an IncomeGeneration Strategy. The Leveraged Strategy aims to amplify returns by employing derivatives to achieve exposure to MicroStrategyIncorporated (“MSTR,” or the “Underlying Security”) at daily levels ranging from 150% to 200% ofthe Fund’s net assets. The Income Generation Strategy complements the Leveraged Strategy by utilizing credit call spreadsto seek to generate premium income and manage risk associated with the Fund’s leveraged exposure. While these strategiesare designed to enhance potential returns and mitigate certain risks, the Income Generation Strategy may limit the upside performanceof the Leveraged Strategy on the portion of exposure covered by the credit call spreads.  ● Leveraged Strategy: The Fund seeks to achieveits investment objective by entering into derivatives transactions (i.e., swap agreements and options contracts) to gain longexposure to MSTR. The Fund uses leverage to seek to provide daily returns of approximately 150% to 200% of the performanceof MSTR, before fees and expenses. Although the Fund’s leverage will vary, its base, daily target leverage level will beapproximately 200%. The Fund’s investment adviser will determine the Fund’s actual leverage level based on marketconditions and other factors described below. For example, if volatility in MSTR increases significantly, the Fund may adjustits leverage level to seek to manage risk. Leverage adjustments may also be influenced by operational considerations, such asthe availability and cost of derivatives, regulatory constraints, or the overall liquidity of the Underlying Security and associatedderivatives markets. The Fund’s dynamic approachto leverage allows it to remain responsive to market conditions while striving to achieve its stated investment objective. If the Fund encounters limitationsin implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors,the Fund may not achieve daily investment results, before fees and expenses, that correspond to 150% to 200% the performanceof the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actualleverage levels may differ substantially from its intended leverage target range, both intraday and at the close of trading, potentiallyresulting in significantly lower returns. The Fund employs leverageto enhance the total return of its long exposure to the Underlying Security. Under normal market conditions, the Fund’sdaily exposure to the Underlying Security is expected to range from approximately 150% to 200% of the Fund’s net assets.This means that for each dollar invested in the Fund, the investor’s exposure to the performance of the Underlying Securitywill be equivalent to approximately one and a half to two dollars, magnifying the potential gains or losses associated with fluctuationsin the price of the Underlying Security. The term “exposure”refers to the extent to which the Fund’s performance is influenced by changes in the Underlying Security’s value. Asa result of the Fund’s leveraged strategy, an investment in the Fund is effectively amplified, allowing investors to potentiallybenefit from (or incur losses related to) the price movements of the Underlying Security. This approach seeks to provide enhancedreturns, though it also carries commensurate risks, including the possibility of amplified losses. The Fund may utilize swapagreements (bilateral contracts in which the Fund agrees to exchange cash flows or returns with a counterparty based on the performanceof the Underlying Security over a specified period) and/or listed options contracts (standardized financial derivatives that givethe Fund the right, but not the obligation, to buy or sell the Underlying Security at a predetermined price within a specifiedtimeframe) to achieve leveraged exposure. Swap agreements may be entered into with financial institutions for periods rangingfrom one day to over a year. These agreements involve exchanging the return (or rate-of-return differentials) on the UnderlyingSecurity’s share price. The return to be exchanged is calculated with respect to a notional amount (the face value of theinstrument), such as the return on or change in value of a specific dollar amount representing the Underlying Security. The swapagreements the Fund may utilize will typically reset on a monthly basis or upon the occurrence of mutually agreed-upon conditions,such as when receivable or payable amounts reach predetermined thresholds relative to the principal. These resets effectivelylock in the accumulated performance of the swap agreement up to that point. The Fund may also employ listedoptions, such as short-dated (a month or less) in-the-money call options (options with strike prices below the current market priceof the underlying security, offering immediate intrinsic value), to achieve or supplement its leveraged exposure. These optionsallow the Fund to dynamically adjust its leverage strategy based on market conditions, liquidity constraints, or pricing considerationsfor swaps. The ability to incorporate options provides additional flexibility in pursuing the Fund’s daily investment objective,enhancing the Fund’s capacity to respond to various market dynamics. At the end of each trading day,the Fund’s swaps and options are marked to market (valued based on current market prices), and the Fund’s investmentadviser rebalances the portfolio to maintain leveraged exposure of approximately 150% to 200% of the Underlying Security’sshare price. This rebalancing ensures alignment with the Fund’s investment objective. The performance of the Fundover periods exceeding a single day is influenced by several factors, including: a) the volatility of the UnderlyingSecurity; b) the Underlying Security’soverall performance; c) the duration of the investmentperiod; d) financing rates associatedwith leveraged exposure; and e) other Fund expenses.  ● Income Generation Strategy: The Fund will write (sell)credit call spreads (described below) to generate premium income and manage risk associated with its leveraged exposure to theUnderlying Security’s share price. A credit call spread involves selling a call option while simultaneously buying a calloption with a higher strike price, both with the same expiration date. By writing credit call spreads, the Fund can potentiallyoffset losses incurred from its short call positions if the Underlying Security’s share price rises above the upper strikeprice. The Fund’s credit callspreads are generally implemented on approximately 100% of the Fund’s net notional exposure to the Underlying Security. Forinstance, if the Fund employs leverage of 200%, half of the Fund’s effective exposure to MSTR will be offset by the callspread, limiting upside participation for that portion of the exposure. While the strategy reduces the potential for gains fromleveraged increases in the Underlying Security’s price, it generates premium income and mitigates risk through predefinedlimits on losses. Portfolio Attributes The Fund will seek to provide at leastmonthly income distributions in the form of cash. The Fund will hold assets to serve as collateralfor the Fund’s derivatives investments. For those collateral holdings, the Fund may invest in (1) U.S. Government securities,such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporatedebt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investmentgrade or of comparable quality. The Fund has adopted a policy to have atleast 80% of its net assets, plus any borrowings for investment purposes, in financial instruments that provide financial exposureto the Underlying Security. For purposes of compliance with this 80% policy, derivatives will be valued at notional value. TheFund is expected to have a high annual portfolio turnover rate. The Fund is classified as “non-diversified” underthe 1940 Act. Due to the Fund’s investment strategy,the Fund’s investment exposure is concentrated in (or substantially exposed to) the same industry or industries as that assignedto MSTR. As of the date of the Prospectus, MSTR is assigned to the software industry. MicroStrategy Incorporated MSTR has two main strategiesfor its business operations. One is to acquire and hold bitcoin, while the other is to grow its enterprise analytics softwarebusiness. MSTR is listed on Nasdaq. Per MSTR’s most recent Form 10-K filing, the aggregate market value of the voting andnon-voting common equity held by non-affiliates of MSTR (based on the last reported sale price of its class A common stock onJune 28, 2024 on the Nasdaq Global Select Market) was approximately $23.499 billion. MSTR is registered under theSecurities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC byMSTR pursuant to the Exchange Act can be located by reference to the SEC file number 0-24435 through the SEC’s website atwww.sec.gov. In addition, information regarding MSTR may be obtained from other sources including, but not limited to, press releases,newspaper articles and other publicly disseminated documents. This document relatesonly to the securities offered hereby and does not relate to MSTR or other securities of MicroStrategy Incorporated. The Fundhas derived all disclosures contained in this document regarding MicroStrategy Incorporated from publicly available documents.None of the Fund, the Trust or the Adviser, or their respective affiliates has participated in the preparation of such publiclyavailable offering documents or made any due diligence inquiry regarding such documents with respect to MicroStrategy Incorporated.None of the Fund, the Trust or the Adviser, or their respective affiliates makes any representation that such publicly availabledocuments or any other publicly available information regarding MicroStrategy Incorporated is accurate or complete. Furthermore,the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect theaccuracy or completeness of the publicly available documents described above) that would affect the trading price of MicroStrategyIncorporated (and therefore the price of MSTR at the time we price the securities) have been publicly disclosed. Subsequent disclosureof any such events or the disclosure of or failure to disclose material future events concerning MicroStrategy Incorporated couldaffect the value received with respect to the securities and therefore the value of the securities. None of the Fund, theTrust, the Adviser, or their respective affiliates makes any representation to you as to the performance of MSTR. THE FUND, TRUST, AND THEADVISER ARE NOT AFFILIATED WITH MICROSTRATEGY INCORPORATED.

Prospectus & SEC filings ↗

MST News

Data for MST is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.