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SMST

GradeBNASDAQ Global Market

Defiance Daily Target 2x Short MSTR ETF

Leveraged · Single-Stock Leveraged · Defiance · Inception 2024-08-20 · SEC filings

This 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.

$11.99+0.62 (+5.45%)

As of Sep 23, 2026, 2:20 PM EDT

History starts Aug 21, 2024.
Intraday session: up, 59 prints from 11.37 to 11.99. Range 11.16 to 12.04. Use the arrow keys to read each point.$11.20$11.40$11.60$11.8010 AM12 PM2 PM4 PM
Expense ratio
1.38%
Fund size
$23M
1Y return
−59.1%
Yield · Last 12 months
—
Holdings
7
Volume · 30D
0.6M sh
NAV per share
$11.21
52W range
low $10.88high $154.16

The ETF.net SMST Grade

B

62/ 100

Rank 19 of 58 in Single-Stock Inverse⁠

Confidence High

Six-pillar profile for SMST. Scores out of 100: Cost 54, Risk 52, Mission 97, Tradability 33, Holdings not scored, Durability 62. Strongest: Mission (97). Weakest: Tradability (33). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 62 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 54
    Category rank27/58 · top 47%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 97
    Category rank9/31 · top 29%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 52
    Category rank20/48 · top 42%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 33
    Category rank41/58 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 62
    Category rank16/58 · top 28%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on SMST

ETF.net Research

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.

Stated mandate

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

  1. 01One 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
  2. 02Bearish 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
  3. 03The 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.
  4. 04It 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

  1. 01The 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
  2. 02Rival 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.
  3. 03The 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

As of Sep 20, 2026, 5:08 AM
Asset class
Other
Holdings
7
Top-10 weight
300%
Largest holding
Cash & Other299.9%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Cash & Other299.92%86,853,182$87M674
002—First American Government Obligations Fund 12/01/20310.11%30,654$31K625

Showing 1–2 of 2 holdings

SMST Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

SMST$4,086
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. SMST $4,086. SPY $11,723. Use the arrow keys to read each point.$1,165$21,921$42,676Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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.

Trailing total return for SMST. Periods over one year show the average yearly return.
PeriodSMST
Year to date−87.7%
1 month−64.7%
3 months−80.1%
1 year−59.1%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for SMST
YearReturn barSMST
2026 YTD−87.7%
2025−44.4%
2024−90.9%

History from Aug 21, 2024

SMST in the news

ETF.net Research hasn’t filed on SMST yet — coverage lands here as it’s written.

SMST Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

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.

How much the fund’s monthly returns vary, scaled to a year.
185.2%
Annualised · 24 months to Aug 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
−0.27
vs 3-month T-bills · 24 months to Aug 2026
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.

The largest fall from a peak to the low that followed.
−99.5%
25 months · trough Sep 2026
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.

How strongly the fund’s returns move with its asset-class index.
−3.77
vs its asset-class index
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

Expense ratio1.38%
  • The middle half of Single-Stock Inverse funds
  • Median 1.35%

22 of the 43 Single-Stock Inverse funds charge less.

SMST costs $138.00 a year on $10,000. The median Single-Stock Inverse fund costs $135.00.