Key stats
About Defiance Leveraged Long Income MSTR ETF
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Inception date
May 1, 2025
Structure
Open-Ended Fund
Replication method
Synthetic
Dividend treatment
Distributes
Distribution tax treatment
Ordinary income
Income tax type
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
Primary advisor
Tidal Investments LLC
Distributor
Foreside Fund Services LLC
MST aims to provide monthly income distributions by combining leveraged exposure to MicroStrategy Inc. (MSTR) exposure with a yield-enhancing options overlay. MSTR was known for its enterprise analytics software. It has then pivoted to acquire and hold Bitcoin (BTC) as another operational business. The fund targets 150% to 200% of MSTR’s daily returns through derivatives such as swap agreements and short-dated, in-the-money call options. The leverage range depends on market volatility, liquidity, and cost considerations. Note that the fund has no defensive position. The fund also employs an income generation strategy via writing credit call spreads, selling a call option while purchasing another at a higher strike price to generate premiums and offset the leverage risks. This approach covers about half of the exposure, which can limit upside potential but helps offset potential losses. Holdings include cash-like instruments as collateral. The fund may also hold MSTR-linked ETFs.
Classification
Returns
| 1 month | 3 months | Year to date | 1 year | 3 years | 5 years | |
|---|---|---|---|---|---|---|
| Price performance | — | — | — | — | — | — |
| NAV total return | — | — | — | — | — | — |
What's in the fund
Exposure type
Government
Rights & Warrants
Bonds, Cash & Other100.00%
Government68.53%
Rights & Warrants42.86%
Mutual fund3.99%
Miscellaneous−0.02%
Cash−15.36%
Stock breakdown by region
North America100.00%
Latin America0.00%
Europe0.00%
Asia0.00%
Africa0.00%
Middle East0.00%
Oceania0.00%
Top 10 holdings
Dividends
Dividend payout history
Assets under management (AUM)
Fund Flows
Frequently Asked Questions
MST last dividends amounted to 0.27 USD. The week before, the issuer paid 0.34 USD in dividends, which shows a 26.32% decrease.
MST assets under management is 63.96 M USD. It's risen 6.30 K% over the last month.
MST fund flows account for 74.95 M USD (1 year). Many traders use this metric to get insight into investors' sentiment and evaluate whether it's time to buy or sell the fund.
Yes, MST pays dividends to its holders with the dividend yield of 3.42%. The last dividend (May 29, 2025) amounted to 0.27 USD. The dividends are paid weekly.
MST shares are issued by Toroso Investments Topco LLC under the brand Defiance. The ETF was launched on May 1, 2025, and its management style is Active.
MST expense ratio is 1.31% meaning you'd have to pay 1.31% of your investment to help manage the fund.
MST follows the No Underlying Index. ETFs usually track some benchmark seeking to replicate its performance and guide asset selection and objectives.
MST invests in bonds.
MST trades at a premium (0.31%) meaning the ETF is trading at a higher price than the calculated NAV.