An exchange-traded fund (ETF) offering leveraged long exposure to shares of Strategy, formerly MicroStrategy, has experienced a significant downturn. The T-REX 2X Long MSTR Daily Target ETF (MSTU) has lost around 81% of its value since reaching its peak on November 20th, according to The Kobeissi Letter. This decline comes as investors face losses from the rapid reduction in the ETF’s market value over the past three trading sessions alone, with a drop of roughly 40%. Shares of MSTR, Strategy’s stock, also declined around 20% during the same period, according to data from Google Finance. The investment researcher suggests that leveraged ETFs are experiencing widespread losses.