ETF Evaluator:
T-REX 2X Inverse MSTR Daily Target ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Trading--Inverse Equity Over the Last Year
| 204.3% | T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) |
| 169.7% | Defiance Daily Target 2X Short MSTR ETF (SMST) |
| 53.1% | Direxion Daily NFLX Bear 1X Shares (NFXS) |
| 39.2% | -1x Short VIX Futures ETF (SVIX) |
| 39.1% | GraniteShares 2x Short COIN Daily ETF (CONI) |
Risk
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Risk
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ETF Details
T-REX 2X Inverse MSTR Daily Target ETF Overview
T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) is an actively managed Miscellaneous Trading--Inverse Equity exchange-traded fund (ETF). Rex launched the ETF in 2024.
The investment seeks daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the daily performance of MSTR.
The fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% inverse (opposite) exposure to the price performance of MSTR on a daily basis. The fund is non-diversified.
About T-REX 2X Inverse MSTR Daily Target ETF (MSTZ)
There are 1 members of the management team with an average tenure of 1.87 years: Matthew Tuttle (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
T-REX 2X Inverse MSTR Daily Target ETF has 8 securities in its portfolio. The top 10 holdings constitute 100.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
T-REX 2X Inverse MSTR Daily Target ETF is part of the Other global asset class and is within the Miscellaneous ETF group. T-REX 2X Inverse MSTR Daily Target ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). T-REX 2X Inverse MSTR Daily Target ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $106 million in total assets, which is above the $75 million average for the Trading--Inverse Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MSTZ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T-REX 2X Inverse MSTR Daily Target ETF expense ratio is high compared to funds in the Trading--Inverse Equity category. T-REX 2X Inverse MSTR Daily Target ETF has an expense ratio of 1.05%, which is 8% lower than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. T-REX 2X Inverse MSTR Daily Target ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 1085% for the Trading--Inverse Equity category.
Recently, in the month of July 2026, T-REX 2X Inverse MSTR Daily Target ETF returned -23.3%, which earned it a grade of F, as the Trading--Inverse Equity category had an average return of 7.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
T-REX 2X Inverse MSTR Daily Target ETF has a trailing yield of 0.00%, which is below the 5.32% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
T-REX 2X Inverse MSTR Daily Target ETF Grades
Year to date, the ETF has returned -30.5%, 4.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 204.3% over the past year (grade of A).
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MSTZ Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MSTZ Return (NAV) | -23.3% | 94.0% | 204.3% | na | na | na |
| MSTZ Return (Price) | -23.2% | 94.0% | 205.9% | na | na | na |
| NAV +/- Price Return | -0.099% | 0.000% | -1.561% | na | na | na |
| Trading--Inverse Equity Avg | 7.3% | -12.0% | -29.4% | -28.2% | -22.9% | -29.6% |
| MSTZ Grade (NAV) | F | A | A | na | na | na |
| +/- Category (NAV) | -30.6% | 106.0% | 233.7% | na | na | na |
| MSTZ Tax-Cost Ratio | na | na | 0.0% | na | na | na |
MSTZ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MSTZ Return (NAV) | -30.5% | -39.1% | na | na | na | na | na | na | na | na | na |
| MSTZ Return (Price) | -30.4% | -38.9% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.001% | -0.003% | na | na | na | na | na | na | na | na | na |
| Trading--Inverse Equity Avg | -25.8% | -35.3% | -26.4% | -26.2% | 15.2% | -33.5% | -52.3% | -39.8% | 9.5% | -34.8% | -33.2% |
| MSTZ Grade (NAV) | D | C | na | na | na | na | na | na | na | na | na |
| +/- Category | -4.6% | -3.8% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 106 Mil |
| Share Class Assets: | $ 106 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 1.05% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | -200% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 1.9 years | |||
| Average Tenure: 1.9 years | |||
| Managers (Year): Tuttle Matthew (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 8 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 100.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Rex |
| Phone Number: | 833-759-6110 |
| Website: | |
| Inception Date: | September 17, 2024 |
Expenses and Fees
| Expense Ratio (%): | 1.05% (Rating: High) |
| Category Average Expense Ratio (%): | 1.15% |
