Defiance Daily Target 2x Short MSTR ETF
BThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.
$13.20+0.11 (+0.84%)
- 1.38%
- $12M
- −58.0%
- 0.8M sh
- $12.85
- low $10.70high $154.16
The ETF.net SMST Grade
B
Score 64 out of 100
- 19 of 58
Score 64 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C54 out of 100Rank 27 of 58Mission
Whether the fund did what it promised, tested against its stated mandate.A98 out of 100Rank 6 of 32Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C50 out of 100Rank 21 of 52Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C46 out of 100Rank 30 of 58Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B58 out of 100Rank 19 of 58
Our read on SMST
BA one-day trading tool. SMST aims to deliver -2x the daily move in MicroStrategy, the software company turned bitcoin treasury, using swaps instead of borrowed stock. The math resets every trading day.
The Fund seeks daily investment results equal to negative two times the daily percentage change in MicroStrategy Incorporated's share price.
Why people hold it
- One job, tightly executed: -2x MSTR's daily percentage move, obtained through total return swaps and reset each trading day. It has stayed close to that stated daily target.sec.gov
- Bearish MSTR exposure without a margin account, a share borrow or a locate. You buy a fund share; the fund carries the swap position inside a 1940 Act wrapper.defianceetfs.comsec.gov
- The 1.31% expense ratio sits about in line with the 1.29% median for leveraged single-stock bear funds, so the fee is not the outlier here.
- It holds derivatives on MSTR shares, not bitcoin itself, which keeps the exposure tied to one Nasdaq-listed stock rather than a crypto custody chain.defianceetfs.com
Worth knowing
- The daily reset means multi-day results can drift far from -2x the period move. In a stock as volatile as MSTR, that compounding gap gets loud fast.defianceetfs.com
- Rival MSTZ runs the same -2x daily MSTR target for 1.05% versus SMST's 1.31%, a real fee gap between two funds chasing identical exposure.
- The issuer flags that when swap capacity is constrained the fund may lean on options and may fall short of its -2x daily target during those stretches.defianceetfs.comsec.gov
SMST Holdings
- Other
- 3
- 300%
- Cash & Other
SMST Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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SMST$4,200
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | SMST |
|---|---|
| Year to date | −85.9% |
| 1 month | −39.3% |
| 3 months | −79.4% |
| 1 year | −58.0% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | SMST |
|---|---|---|
| 2026 YTD | −85.9% | |
| 2025 | −44.4% | |
| 2024 | −90.9% |
SMST in the news
SMST Dividends
No distributions in the last 12 months.
SMST Risk
This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.
- 183.4%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.37
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −99.5%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- −3.50
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SMST Cost
1.38%
SMST1.38%
- The middle half of Single-Stock Inverse funds
- Median 1.35%
22 of the 43 Single-Stock Inverse funds charge less.
Other funds in Single-Stock Inverse
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- BNVDSTradr 1.5X Short NVDA Daily ETFExpense ratio 1.45%1 year return −39.7%
- BAMDDDirexion Daily AMD Bear 1X ETFExpense ratio 1.45%1 year return −75.9%
- BIREZTradr 2X Short IREN Daily ETFExpense ratio 1.49%1 year return —
- BMUZDefiance Daily Target 2X Short MU ETFExpense ratio 1.31%1 year return —