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SKHZ vs SMST

Leverage Shares 1X Short SK Hynix Daily ETF

SKHZACboe

Defiance Daily Target 2x Short MSTR ETF

SMSTBNasdaq

Overlap

0.0%by weight

Expense ratio

SKHZ −0.63pt a year

SKHZ0.75%SMST1.38%

Avg volume · 30D

SKHZ 1.9×the volume

SKHZ1.9MSMST984K

SKHZ vs SMST Performance

Jul 31, 2026 – Nov 2, 2026

−14.7%SKHZ−73.6%SMST

Jul 31, 2026 to Nov 2, 2026. SKHZ −14.7%. SMST −73.6%. Use the arrow keys to read each point.−60%−40%0%Jul 2026Sep 2026Nov 2026
Expense ratio
SKHZ 0.75%, better
SMST 1.38%
Fund size
SKHZ $4M
SMST $8M
1Y total return
SKHZ No data
SMST −57.2%
Holdings
SKHZ 2
SMST 2
Avg volume (30D)
SKHZ 1.9M sh, better
SMST 984K sh
NAV per share
SKHZ $11.21
SMST $15.94
52W range

ETF.net Grade

SKHZ: Cost 100, Risk 75, Mission not scored, Tradability 71, Holdings not scored, Durability 20. SMST: Cost 46, Risk 47, Mission 97, Tradability 46, Holdings not scored, Durability 52.
Pillar letters and Scores for SKHZ, SMST, with each pillar’s weight
PillarSKHZSMST
Cost30% weightA100HigherC46
Mission25% weightNot scoredA97
Risk15% weightA75HigherC47
Tradability15% weightA71HigherC46
Holdings10% weightNot scoredNot scored
Durability5% weightF20C52Higher

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. SKHZ 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 ›

SMST ranks 19th and SKHZ 27th of 43 funds in the Single-Stock Inverse Category.

  1. Rank 19BMUDDirexion Daily MU Bear 1X ETFScore 60
  2. Rank 19BSMSTDefiance Daily Target 2x Short MSTR ETFScore 60
  3. Rank 21BAMDDDirexion Daily AMD Bear 1X ETFScore 56
  4. Rank 27CRKLZDefiance Daily Target 2X Short RKLB ETFScore 40
  5. Rank 27ASKHZLeverage Shares 1X Short SK Hynix Daily ETFScore 40
  6. Rank 27CTSMZDirexion Daily TSM Bear 1X ETFScore 40

Our read on each fund

ETF.net Research

SKHZALeverage Shares 1X Short SK Hynix Daily ETF

SMSTBDefiance Daily Target 2x Short MSTR ETF

In short

SKHZ No data

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

SKHZ No data

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

SKHZ No data

  • 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

SKHZ No data

  • 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 SKHZ profile⁠

Full SMST profile⁠

SKHZ vs SMST Holdings

How SKHZ and SMST differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of SKHZ and 0.0% of SMST.

Level by level

  • Asset classEquity, Leveraged/Inverse0.0%
  • Holdings0 in both0.0%
  • Countryby domicile100%

Sector

No Sector split for SKHZ and SMST.

Country, concentration and asset class

Country by domicile

Country weights in SKHZ and SMST, widest gap first
CountryMore in SKHZMore in SMST
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • SKHZ200.0%
  • SMST320.6%

Securities held

  • SKHZ1
  • SMST2

Asset class

SKHZ
Equity
SMST
Leveraged/Inverse

Holdings

  • Only in SKHZ1
  • In both0
  • Only in SMST2

Only in SKHZ

1 security, 46.4% of SKHZ by weight

  • First American Treasury Obligations Fund 01/01/204046.40%

Only in SMST

2 securities, 100% of SMST by weight

  • First American Government Obligations Fund 12/01/2031165.92%
  • United States Treasury Bill 11/19/2026154.66%

Weight gaps

SKHZ and SMST share no securities.

All 4 SKHZ holdings⁠All 7 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.

SKHZ vs SMST Cost

Overpaying SMST vs SKHZ

$10,072

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

  • SKHZ 0.75%

    $14,482

  • SMST 1.38%

    $24,554

$10,000
30 years

Cost over time

  • SKHZ 0.75%
  • 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 $24,554SKHZ $14,482

Year by year

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

Expense ratio

  • 0.75%SKHZ, cheaper
  • 1.38%SMST
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

SKHZ cheapest of 43 funds

SMST 29th cheapest of 43 funds

SKHZ vs SMST Dividends

Last 12 months to Nov 2, 2026
Payout (12M)
SKHZ None
SMST None

Distribution history

SKHZAll SKHZ payments⁠

No distribution history available.

SMSTAll SMST payments⁠

No distribution history available.

SKHZ vs SMST Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
SKHZ No dataSMST 180.5%since Sep 2024
Return per unit of riskSharpe ratio, 3 years
SKHZ No dataSMST −0.32since Sep 2024
Worst fallMax drawdown, 5 years
SKHZ No dataSMST −99.5%since Aug 2024
Market sensitivityBeta, 5 years
SKHZ 0.00SMST −3.50

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