Share-split context: A reverse split was recorded on Mar 23, 2026 with coefficient 0.142857. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

What this ETF is trying to do

The DEFIANCE LEVERAGED LONG + INCOME MSTR ETF (ticker: MST) is designed to provide investors with leveraged exposure to MicroStrategy (MSTR) while also offering an income component. Because it is a "leveraged" fund, it uses financial strategies to try and increase the size of its movements compared to the underlying asset. It is also categorized as a crypto-related single-stock ETF that uses options for income.

What the numbers show

The data shows significant changes in the share price over the last year. The one-year price return was -94.15%. When you include distributions, the one-year total return was -87.90%. For the current year to date (YTD), the price return is -64.37%, while the YTD total return is -44.85%.

MST has a history of reverse splits. In a reverse split, multiple old shares are combined into fewer new shares. This causes the quoted per-share price to rise mechanically. It is important to know that this mechanical increase did not restore any lost investment value. The most recent reverse split occurred on March 23, 2026.

Income and distribution explanation

This ETF provides a high distribution yield of approximately 45.37%. These distributions are paid out frequently, with a "weekly-like" frequency (52 payouts in the last 12 months). While these payments provide cash to investors, it is important to remember that a high distribution yield does not mean the investor earned that percentage as a total return. The share price can still go down even when distributions are paid out.

NAV erosion explanation

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion. However, StockValueFinder has assigned this ETF an erosion score of 10, which is labeled as "Severe price erosion." Additionally, the fund has a severe erosion-risk flag. These measurements indicate that the share price has experienced substantial deterioration.

Pros

• High Distribution Yield: The fund offers a very high distribution yield of over 45%.

• Frequent Payouts: Investors receive distributions on a frequent, weekly-like basis.

• Specific Exposure: It provides targeted exposure to MSTR and crypto-related assets for those seeking that specific market.

Cons

• Significant Price Decline: The fund has seen a very large share-price decline over the last year (-94.15%).

• Severe Erosion Risk: The fund carries a severe erosion-risk flag due to its price history and erosion score.

• Leveraged Risk: Because it is leveraged, the fund may experience much larger swings in value than non-leveraged funds.

Beginner takeaway

MST is an ETF that seeks to combine high income with exposure to MicroStrategy. While it offers a very high distribution yield paid out frequently, these payments have been accompanied by a significant decline in the share price. Investors should look closely at the difference between the "price return" (the change in share value) and the "total return" (which includes those cash distributions). Because of its leveraged nature and severe erosion-risk flag, this ETF shows high volatility and significant price deterioration.