Skip to content
etf.net

Launched · SEC filings

Defiance Daily Target 2x Short MSTR ETF

SMSTNasdaqDefianceBThis 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.

$15.74−0.21 (−1.32%)

At close: Nov 2, 2026, 4:00 PM ET

B60/ 100

Rank 19 of 58 in Single-Stock Inverse

B60/100Rank 19 of 58inSingle-Stock Inverse
Intraday session: down, 79 prints from 15.95 to 15.74. Range 14.33 to 16.03. Use the arrow keys to read each point.14.5015.0015.5010 AM12 PM2 PM4 PM
Expense ratio
1.38%
Fund size
$8M
1Y total return
−57.2%
Yield · Last 12 months
No data
Holdings
2
Avg volume · 30D
984K sh
52W range
low $10.70high $154.16
Launched
Filings
SEC EDGAR

The ETF.net SMST Grade

Based on 5 of 6 pillars

B

Score 60 out of 100

Category
Single-Stock Inverse⁠
Rank
19 of 58
Six-pillar profile for SMST. Scores out of 100: Cost 46, Risk 47, Mission 97, Tradability 46, Holdings not scored, Durability 52. Strongest: Mission (97). Weakest: Tradability (46). Based on 5 of 6 pillars.

Score 60 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.
    C46 out of 100
    Rank 32 of 58

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A97 out of 100
    Rank 10 of 32

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C47 out of 100
    Rank 28 of 54

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C46 out of 100
    Rank 32 of 58

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C52 out of 100
    Rank 26 of 58

Our read on SMST

ETF.net Research

In short

BThe first US ETF built to short MicroStrategy (now Strategy), launched in 2024 and moved from -1.5x to -2x within weeks. It aims for twice the inverse of MSTR's daily move, one day at a time, at 1.38% a year with no fee waiver.

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

  • Day-one original: it listed in August 2024 as the first US-listed short MSTR fund, and a supplement that same month lifted its target from -1.5x to -2x daily.sec.gov
  • It has stayed close to its stated -2x daily objective, one of the stronger implementations in its single-stock bear peer group.
  • Exposure runs mainly through swaps, with listed options a documented fallback when swap capacity tightens, and Treasuries and cash-like assets posted as collateral.sec.govsec.gov 2
  • Small by assets, but it trades actively, which matters for a tool meant to be held in days rather than quarters.

Worth knowing

  • At 1.38% with no fee waiver, it costs more than the category median and more than bear peers like TSLS (0.95%) and SKHZ (0.75%).
  • The -2x target resets daily. Over longer stretches, compounding and MSTR's volatility can leave the fund down even when the stock falls.sec.gov
  • No distributions: returns come from price moves alone, and a single day's move against the position can take a large bite of principal.sec.gov

SMST Performance

Launched Aug 20, 2024

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

Not enough history yet.Not enough history yet.Not enough history yet.
SMST$4,276
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. SMST $4,276. SPY $11,146. Use the arrow keys to read each point.$10,000$20,000$30,000$40,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 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−83.0%
1 month+29.4%
3 months−73.6%
1 year−57.2%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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−83.0%
2025−44.4%
2024−90.9%

History from Aug 21, 2024

SMST in the news

SMST Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

SMST Risk

Risk pillarC47 out of 100Rank 28 of 54 in Single-Stock Inverse

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.
180.5%
Annualised · 26 months to Oct 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.
−0.32
vs 3-month T-bills · 26 months to Oct 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%
26 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.
−3.50
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.

FMP measures it over up to five years of monthly returns.

SMST Cost

Compare SMST and SKHZ

Overpaying vs SKHZ, cheapest in Single-Stock Inverse

$10,072

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SMST 1.38%

    $24,554

  • SKHZ 0.75% Cheapest

    $14,482

$10,000
30 years

Cost over time

  • SMST 1.38%
  • SKHZ 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530SMST $24,554SKHZ $14,482

Year by year

YearSMSTSKHZOverpaying
10$2,395$1,336$1,059
20$8,848$5,078$3,770
30$24,554$14,482$10,072

Other funds in Single-Stock Inverse

See others