MSTM — Defiance Leveraged Long MSTR ETF

Data updated: 2026-07-27

MSTM — Defiance Leveraged Long MSTR ETF. Leveraged · 1.31% expense ratio. Holdings, fees, performance and SEC filings.

MSTM Fund Overview

MSTM — Defiance Leveraged Long MSTR ETF is a US ETF managed by Tidal Trust II, categorised as Leveraged. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

  • Type: US ETF
  • Manager: Tidal Trust II
  • Category: Leveraged
  • Ticker: MSTM
  • SEC CIK: 0001924868
  • SEC series ID: S000090831
  • Share class ID: C000258200

MSTM Investment Objective and Strategy

Defiance Leveraged Long MSTR ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Tidal Trust II.

Investment objective

Defiance Leveraged Long MSTR ETF (the “Fund”) seeks long-term capital appreciation.

Principal investment strategy

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by entering into derivatives transactions (i.e., swap agreements and options contracts) to gain long exposure to MicroStrategy Incorporated (“MSTR,” or the “Underlying Security”). The Fund uses leverage to seek to provide daily returns of approximately 150% to 200% of the performance of MSTR, before fees and expenses. Although the Fund’s leverage will vary, its base, daily target leverage level will be approximately 200%. The Fund’s investment adviser will determine the Fund’s actual leverage level based on market conditions and other factors described below. For example, if volatility in MSTR increases significantly, the Fund may adjust its leverage level to seek to manage risk. Leverage adjustments may also be influenced by operational considerations, such as the availability and cost of derivatives, regulatory constraints, or the overall liquidity of the Underlying Security and associated derivatives markets.

The Fund’s dynamic approach to leverage allows it to remain responsive to market conditions while striving to achieve its stated investment objective. If the Fund encounters limitations in 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 performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended leverage target range, both intraday and at the close of trading, potentially resulting in significantly lower returns. The Fund employs leverage to enhance the total return of its long exposure to the Underlying Security.

Under normal market conditions, the Fund’s daily exposure to the Underlying Security is expected to range from approximat

MSTM Costs and Fees

MSTM costs about $131 per $10,000 invested per year in fund expenses.

  • Net expense ratio: 1.31%
  • Gross expense ratio: 1.31%

MSTM Debt Constituents

No individual debt constituents are reported in Defiance Leveraged Long MSTR ETF's latest SEC N-PORT filing.

MSTM Prospectus and SEC Filings

Official Defiance Leveraged Long MSTR ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Leveraged funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.