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SMST vs TSDD

Defiance Daily Target 2x Short MSTR ETF

SMSTBNasdaq

GraniteShares 2x Short TSLA Daily ETF

TSDDANasdaq

Overlap

Expense ratio

TSDD −0.40pt a year

SMST1.38%TSDD0.98%

Avg volume · 30D

TSDD 11.2×the volume

SMST984KTSDD11M

SMST vs TSDD Performance

Oct 31, 2025 – Nov 2, 2026

−57.2%SMST−26.1%TSDD

Oct 31, 2025 to Nov 2, 2026. SMST −57.2%. TSDD −26.1%. Use the arrow keys to read each point.100%200%300%Oct 2025May 2026Nov 2026
Expense ratio
SMST 1.38%
TSDD 0.98%, better
Fund size
SMST $8M
TSDD $30M
1Y total return
SMST −57.2%
TSDD −26.1%, better
Yield (12M)
SMST No data
TSDD 10.76%
Holdings
SMST 2
TSDD 1
Avg volume (30D)
SMST 984K sh
TSDD 11M sh, better
NAV per share
SMST $15.94
TSDD $6.18
52W range

ETF.net Grade

SMST: Cost 46, Risk 47, Mission 97, Tradability 46, Holdings not scored, Durability 52. TSDD: Cost 94, Risk 49, Mission 98, Tradability 81, Holdings not scored, Durability 72.
Pillar letters and Scores for SMST, TSDD, with each pillar’s weight
PillarSMSTTSDD
Cost30% weightC46A94Higher
Mission25% weightA97A98Higher
Risk15% weightC47C49Higher
Tradability15% weightC46A81Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC52A72Higher

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. SMST and TSDD 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 ›

TSDD ranks 2nd 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 19BMUDDirexion Daily MU Bear 1X ETFScore 60
  5. Rank 19BSMSTDefiance Daily Target 2x Short MSTR ETFScore 60
  6. Rank 21BAMDDDirexion Daily AMD Bear 1X ETFScore 56

Our read on each fund

ETF.net Research

SMSTBDefiance Daily Target 2x Short MSTR ETF

TSDDAGraniteShares 2x Short TSLA Daily ETF

In short

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.

TSDD Tesla bears pick their dosage; this is the double. TSDD aims for -2x TSLA's move each day, reset daily, at 0.95% net of a waiver through December 31, 2026. Designed as a short-term tool, not a buy-and-forget holding.

Stated mandate

SMST The Fund seeks daily investment results equal to negative two times the daily percentage change in MicroStrategy Incorporated's share price.

TSDD The fund seeks daily results before fees and expenses equal to negative 200% of the daily percentage change in Tesla's common stock. It is designed as a short-term inverse leveraged vehicle.

Why people hold it

  • 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.
  • TSDD 0.95% net of a waiver through December 31, 2026 (1.13% gross) undercuts fellow 2x short Tesla fund TSLZ at 1.05% and matches 1x bear TSLS at 0.95%, for double the daily exposure.
  • Hews closely to its stated -2x daily target, one of the tighter implementations among single-stock bear funds.
  • Heavily traded for an inverse single-stock fund, so getting in and out is rarely a chore.
  • A 1940 Act ETF that uses swaps and options on TSLA to sit near 200% short at each close: no margin account or stock borrow on your end.graniteshares.com

Worth knowing

  • 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
  • TSDD The -2x target resets every day. Hold longer and compounding pulls results away from -2x TSLA's cumulative move, in either direction.graniteshares.com
  • One stock, geared twice: a sharp TSLA rally bites just as hard in reverse. Risk is the highest-octane part of this package.
  • A small fund, and the fee waiver runs through December 31, 2026; after that costs can step up toward the 1.13% gross level.

Full SMST profile⁠

Full TSDD profile⁠

SMST vs TSDD 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.

SMST vs TSDD Cost

Overpaying SMST vs TSDD

$6,192

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

  • SMST 1.38%

    $24,554

  • TSDD 0.98%

    $18,362

$10,000
30 years

Cost over time

  • SMST 1.38%
  • TSDD 0.98%
  • 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 $24,554TSDD $18,362

Year by year

YearSMSTTSDDOverpaying
10$2,395$1,729$666
20$8,848$6,504$2,344
30$24,554$18,362$6,192

Expense ratio

  • 1.38%SMST
  • 0.98%TSDD, cheaper
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

TSDD 5th cheapest of 43 funds

SMST 29th cheapest of 43 funds

SMST vs TSDD Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
SMST No data
TSDD 10.76%
Payout (12M)
SMST None
TSDD $0.65
Last payment
SMST No data
TSDD $0.65
Ex-dividend
SMST No data
TSDD Dec 29, 2025
Paid on
SMST No data
TSDD Dec 31, 2025
Frequency
SMST No data
TSDD Irregular

Distribution history

Per share, 2023 to 2026, same scale for both

SMSTAll SMST payments⁠

No distribution history available.

TSDDIrregular · 2 paymentsAll TSDD payments⁠
One bar per payment. 2 payments from 2023 to 2026 YTD. Dec 27, 2023 $77.34; Dec 29, 2025 $0.65. Use the arrow keys to read each point.$0$5020232026YTD

SMST vs TSDD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
SMST 180.5%since Sep 2024TSDD 100.6%
Return per unit of riskSharpe ratio, 3 years
SMST −0.32since Sep 2024TSDD −0.87
Worst fallMax drawdown, 5 years
SMST −99.5%since Aug 2024TSDD −99.1%since Aug 2023
Market sensitivityBeta, 5 years
SMST −3.50TSDD −2.40

Popular comparisons

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    Defiance Daily Target 2x Short MSTR ETF · Direxion Daily AAPL Bear 1X ETF

    Expense ratio
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  • TSDDAvsAAPDA

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  • TSDDAvsTSLSA

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