Leveraged ETF that has holding of MSTR

As of the most recent fund-holding disclosures (September 2025), no U.S.–listed leveraged or inverse ETF (bull or bear, 1.5×/2×/3×) reports a **direct, physical position in MicroStrategy Inc. (MSTR)**. Why this is the case 1. Size & liquidity: Leveraged ETFs generally restrict their portfolios to the largest, most liquid names in their benchmark index to control tracking error. MSTR’s market-cap and average daily dollar volume fall below the typical thresholds used by sponsors such as Direxion or ProShares. 2. Index composition: The major sector indices that underlie leveraged tech ETFs (e.g., S&P Technology Select Sector, NASDAQ-100, Dow Jones Internet) do not currently include MSTR. 3. Single-stock leverage rules: Although the SEC has approved a handful of single-stock leveraged ETFs, MicroStrategy is not on that list. Close—but not the same • AXS 2× Innovation ETF (TARK) delivers 2× the daily return of the ARK Innovation ETF (ARKK) via swap contracts. Because ARKK itself holds MSTR (≈3-4 % weight this year), TARK provides an *indirect* leveraged exposure to MicroStrategy’s price moves. Note, however, that TARK does **not** physically own MSTR; the exposure is synthetic. • Options or margin: Traders seeking levered exposure to MSTR itself typically use listed options or regulated margin rather than an ETF wrapper. Recommendation If your goal is specifically to obtain leveraged exposure **directly** through an ETF that physically owns MSTR, you will not currently find one on the market. For indirect exposure, TARK (2× ARKK) is the closest approximation, but be aware of the structural differences and additional layers of tracking error inherent in swap-based products. Always confirm current holdings on the issuer’s website or through a reliable data service, as ETF portfolios can change and new products may launch in the future.