# Portfolio overlap — VCESX vs MST

Comparing **Virtus KAR Emerging Markets Small-Cap Fund** (2026-03-31) and **Defiance Leveraged Long Plus Income MSTR ETF** (2026-03-31).

- Shared positions: 1
- Virtus KAR Emerging Markets Small-Cap Fund covered by Defiance Leveraged Long Plus Income MSTR ETF: 0.09229688818446039114580107594
- Defiance Leveraged Long Plus Income MSTR ETF covered by Virtus KAR Emerging Markets Small-Cap Fund: 0.09229688818446039114580107594

## Virtus KAR Emerging Markets Small-Cap Fund — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| DREY-GVT CSH-I | 0.092297 | ✓ |
| CAIXA SEGURIDADE | 0.062327 |  |
| HAW PAR CORP LTD | 0.047768 |  |
| Corporacion Moctezuma S.A.B. de C.V. | 0.044317 |  |
| GPS PARTICIPACOE | 0.039421 |  |
| EPIROC AB-B | 0.038601 |  |
| HEINEKEN MALAYSI | 0.036374 |  |
| S-1 CORPORATION | 0.036087 |  |
| SPORTON INTL | 0.034936 |  |
| TEGMA GESTAO LOGISTICA SA | 0.034756 |  |
| HAITIAN INTL | 0.030796 |  |
| QUALITAS CONTROL | 0.029975 |  |
| NICE INFORMATION | 0.029786 |  |
| ALLEGRO.EU SA | 0.029306 |  |
| BBB Foods, Inc., Class A | 0.024240 |  |
| RIVERSTONE HLDGS | 0.023594 |  |
| VAT GROUP AG | 0.021222 |  |
| BRBI BR Partners S.A. | 0.020946 |  |
| OPTIMA BANK SA | 0.020413 |  |
| FERREYCORP SAA | 0.020109 |  |
| SARANA MENARA | 0.020107 |  |
| CLICKS GROUP LTD COMMON STOCK | 0.020047 |  |
| COMPUTER AGE MAN | 0.018898 |  |
| JACK TECHNOLOG-A | 0.018703 |  |
| AVIA AVIAN TBK P | 0.018170 |  |
| HD HYUNDAI MARIN | 0.018092 |  |
| CARLSBERG BREWER | 0.015789 |  |
| ESAB CORP | 0.015475 |  |
| Union Auction Public Company Limited | 0.014574 |  |
| Kaspi.Kz JSC SPONSORED ADS | 0.013774 |  |
| LUMAX INTERNATIONAL CORP LTD | 0.013663 |  |
| ADDCN TECHNOLOGY CO LTD | 0.013039 |  |
| ANHUI GUJINGD-B | 0.011115 |  |
| PRECISION TSUGAMI CHINA CORP LTD | 0.009849 |  |
| LEENO INDUSTRIAL INC COMMON STOCK | 0.009382 |  |
| ORACLE FINANCIAL | 0.009101 |  |
| KFIN TECHNOLOGIE | 0.009099 |  |
| CHONGQING BREW-A | 0.008936 |  |
| JVM CO LTD | 0.007261 |  |
| DAYAMITRA TELEKO | 0.007090 |  |
| Kerry TJ Logistics Company Limited | 0.004769 |  |
| Humanica Public Company Limited | 0.004511 |  |
| GOLDEN FRIENDS CORP | 0.001286 |  |

## Defiance Leveraged Long Plus Income MSTR ETF — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| STRG TRS MSTR EQ | 0.445864 |  |
| DREY-GVT CSH-I | 0.179412 | ✓ |
| FRST AM-GV OB-X | 0.141530 |  |
| U.S. Treasury Bills | 0.140899 |  |
| U.S. Treasury Bills | 0.092295 |  |


## Sources

- N-PORT (fund A) — accession `0000940400-26-022781` (as of 2026-03-31)
  <https://www.sec.gov/Archives/edgar/data/1005020/000094040026022781/0000940400-26-022781-index.htm>
- N-PORT (fund B) — accession `0000894189-26-016458` (as of 2026-03-31)
  <https://www.sec.gov/Archives/edgar/data/1924868/000089418926016458/0000894189-26-016458-index.htm>

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_Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC._

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