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AMZD vs SMST

Direxion Daily AMZN Bear 1X ETF

AMZDANasdaq

Defiance Daily Target 2x Short MSTR ETF

SMSTBNasdaq

Overlap

Expense ratio

AMZD −0.36pt a year

AMZD1.02%SMST1.38%

Avg volume · 30D

AMZD 12.4×the volume

AMZD12.2MSMST984K

AMZD vs SMST Performance

Oct 31, 2025 – Nov 2, 2026

−5.6%AMZD−57.2%SMST

Oct 31, 2025 to Nov 2, 2026. AMZD −5.6%. SMST −57.2%. Use the arrow keys to read each point.100%200%300%Oct 2025May 2026Nov 2026
Expense ratio
AMZD 1.02%, better
SMST 1.38%
Fund size
AMZD $18M
SMST $8M
1Y total return
AMZD −5.6%, better
SMST −57.2%
Yield (12M)
AMZD 2.71%
SMST No data
Holdings
AMZD 3
SMST 2
Avg volume (30D)
AMZD 12.2M sh, better
SMST 984K sh
NAV per share
AMZD $9.03
SMST $15.94
52W range

ETF.net Grade

AMZD: Cost 78, Risk 72, Mission 96, Tradability 74, Holdings not scored, Durability 70. SMST: Cost 46, Risk 47, Mission 97, Tradability 46, Holdings not scored, Durability 52.
Pillar letters and Scores for AMZD, SMST, with each pillar’s weight
PillarAMZDSMST
Cost30% weightA78HigherC46
Mission25% weightA96A97Higher
Risk15% weightA72HigherC47
Tradability15% weightA74HigherC46
Holdings10% weightNot scoredNot scored
Durability5% weightA70HigherC52

Rank among Single-Stock Inverse funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. AMZD and SMST are both graded against the same 43 Single-Stock Inverse funds, so their Grades compare head to head.

Single-Stock Inverse⁠

Category · 43 funds
See all 43 ›

AMZD ranks 4th and SMST 19th of 43 funds in the Single-Stock Inverse Category.

  1. Rank 1AAAPDDirexion Daily AAPL Bear 1X ETFScore 86
  2. Rank 2ATSDDGraniteShares 2x Short TSLA Daily ETFScore 84
  3. Rank 3ATSLSDirexion Daily TSLA Bear 1X ETFScore 81
  4. Rank 4AAMZDDirexion Daily AMZN Bear 1X ETFScore 80
  5. Rank 4APLTDDirexion Daily PLTR Bear 1X ETFScore 80
  6. Rank 19BMUDDirexion Daily MU Bear 1X ETFScore 60
  7. Rank 19BSMSTDefiance Daily Target 2x Short MSTR ETFScore 60
  8. Rank 21BAMDDDirexion Daily AMD Bear 1X ETFScore 56

Our read on each fund

ETF.net Research

AMZDADirexion Daily AMZN Bear 1X ETF

SMSTBDefiance Daily Target 2x Short MSTR ETF

In short

AMZD Most single-stock bear funds reach for leverage. AMZD skips it: one dollar down for every dollar Amazon rises, for a single trading day, through swaps you buy like any share. 1.02% net of a waiver through September 1, 2027.

SMST The 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

AMZD The fund seeks daily inverse investment results tied to AMZN and is materially different from ordinary exchange-traded funds.

SMST 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

  • AMZD Minus one, not minus two. The fund targets 100% of the inverse of Amazon's daily move, so a 3% pop in the stock is roughly a 3% hit here, not 6%.sec.gov
  • Bearish exposure comes from swap agreements and options, not borrowed stock, so the position is a regular buy order in a regular brokerage account.sec.gov
  • Fee lands below the category median: 1.02% net of a waiver through September 1, 2027, against a 1.26% gross rate.
  • Trading since September 2022 and among the more active names in its category, and it has stayed tight to its stated daily target, one of the stronger implementations among inverse single-stock funds.
  • SMST 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

  • AMZD The exposure resets daily. Held across a choppy stretch, compounding can leave the result with little resemblance to minus one times Amazon's move over that stretch.sec.gov
  • That 1.02% rests on a waiver running through September 1, 2027. Without it the fee reverts to the 1.26% gross figure.
  • Assets are modest for the category, and a fund wired to one stock depends on ongoing appetite for that one trade.
  • SMST 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

Full AMZD profile⁠

Full SMST profile⁠

AMZD vs SMST Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AMZD vs SMST Cost

Overpaying SMST vs AMZD

$5,542

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

  • AMZD 1.02%

    $19,012

  • SMST 1.38%

    $24,554

$10,000
30 years

Cost over time

  • AMZD 1.02%
  • SMST 1.38%
  • 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 $24,554AMZD $19,012

Year by year

YearAMZDSMSTOverpaying
10$1,797$2,395$598
20$6,746$8,848$2,102
30$19,012$24,554$5,542

Expense ratio

  • 1.02%AMZD, cheaper
  • 1.38%SMST
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

AMZD 12th cheapest of 43 funds

SMST 29th cheapest of 43 funds

AMZD vs SMST Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
AMZD 2.71%
SMST No data
Payout (12M)
AMZD $0.24
SMST None
Last payment
AMZD $0.05
SMST No data
Ex-dividend
AMZD Sep 22, 2026
SMST No data
Paid on
AMZD Sep 29, 2026
SMST No data
Frequency
AMZD Quarterly
SMST No data

Distribution history

Per share, 2022 to 2026, same scale for both

AMZDQuarterly · 18 paymentsAll AMZD payments⁠
One bar per payment. 18 payments from 2022 to 2026 YTD. Sep 20, 2022 $0.0084; Dec 8, 2022 $0.69; Dec 20, 2022 $0.14; Mar 21, 2023 $0.24; Jun 21, 2023 $0.29; Sep 19, 2023 $0.45; Dec 21, 2023 $0.21; Mar 19, 2024 $0.17; Jun 25, 2024 $0.17; Sep 24, 2024 $0.14; Dec 23, 2024 $0.11; Mar 25, 2025 $0.10; Jun 24, 2025 $0.07; Sep 23, 2025 $0.11; Dec 23, 2025 $0.08; Mar 24, 2026 $0.05; Jun 23, 2026 $0.06; Sep 22, 2026 $0.05. Use the arrow keys to read each point.$0$0.5020232026YTD
SMSTAll SMST payments⁠

No distribution history available.

AMZD vs SMST Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
AMZD 27.4%SMST 180.5%since Sep 2024
Return per unit of riskSharpe ratio, 3 years
AMZD −0.86SMST −0.32since Sep 2024
Worst fallMax drawdown, 5 years
AMZD −74.7%since Sep 2022SMST −99.5%since Aug 2024
Market sensitivityBeta, 5 years
AMZD −1.26SMST −3.50

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