The T-REX 2X Long MSTR Daily Target ETF (MSTU), a leveraged exchange-traded fund designed to double the daily returns of the MicroStrategy (MSTR) stock, soared by an impressive 21.05% on October 28th, 2024. This remarkable surge can be attributed to the exceptional performance of the underlying MSTR stock, which has been bolstered by the company's significant Bitcoin holdings and the digital asset's recent price appreciation.
According to reputed analyst Eric Balchunas, MSTU has already delivered an astounding 225% return since its launch just six weeks ago. The fund has rapidly accumulated over $1 billion in assets under management, a testament to its popularity among investors seeking leveraged exposure to MicroStrategy's Bitcoin-fueled gains.
Balchunas suggests treating MSTU as a "4X Bitcoin ETF," given the high volatility of the fund (168% 30-day volatility) compared to a traditional Bitcoin ETF (41% volatility). This volatility stems from the leveraged nature of MSTU and its direct correlation with the performance of MicroStrategy, a company that has heavily invested in Bitcoin and whose fortunes are inextricably linked to the cryptocurrency's price movements.
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