The T-Rex 2X Long MSTR Daily Target ETF (MSTU), which aims to deliver twice the daily returns of MicroStrategy stock, soared 5.15% in after-hours trading on Tuesday.
The surge in MSTU can be attributed to the continued frenzy around MicroStrategy and its CEO Michael Saylor, who is considered a "Bitcoin guru" by crypto enthusiasts. MicroStrategy holds over $37 billion worth of Bitcoin, making it the largest corporate holder of the cryptocurrency.
As MicroStrategy's stock has skyrocketed over 500% this year, outpacing even Bitcoin's gains, leveraged ETFs like MSTU that track the stock have seen astronomical returns. However, due to the effects of compounding and path dependency, these leveraged ETFs can deviate significantly from their stated multiples over longer periods.
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