SMST Defiance Daily Target 2x Short MSTR ETF
Quote as of Oct 09, 2026 20:00 UTC · Market data delayed approximately 15–20 minutes unless otherwise indicated.
| Previous Close | 13.40 | Day Range | 12.19 – 13.50 |
| 52-Week Range | 10.70 – 154.16 | Volume | 1.18M |
| Avg Volume | 788.15K | AUM | $19.4M (Oct 10, 2026) |
| Expense Ratio | 1.38% | Yield (TTM) | — |
| NAV | 13.38 | Premium/Discount | -4.04% indicative |
| Inception | Aug 20, 2024 | Holdings | 8 |
| Issuer | Defiance | Exchange | NASDAQ |
| Category | Leveraged | Index Tracked | Not stated in source data |
| CUSIP | 88636V769 | ISIN | US88636V7698 |
| Structure | Leveraged -2x Inverse | ||
| Management | Not stated in source data | ||
About this ETF
SMST uses swap agreements to make bearish bets on MicroStrategy Incorporated's (NYSE: MSTR) share price. MSTR was originally known for its enterprise analytics software. It has then pivoted to include acquiring and holding Bitcoin (BTC) as another operational business. The fund maintains a daily leveraged exposure equivalent to -200% of the fund's net assets through daily rebalancing. As a geared product, the fund is intended as a short-term tactical tool, rather than as a long-term investment vehicle. As a result, returns may deviate from the expected -2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process. Additionally, the fund could potentially lose money over time, even if MSTR's performance strengthens. The fund is expected to invest in cash-like instruments as collateral. Following October 29, 2024, the fund adjusted its leverage ratio from 1.5x to 2x.
Description from the fund data provider · profile as of Oct 10, 2026.
Price Chart
Daily closing prices (price return, not total return). Comparison lines are normalized to percent change from the range start. Source: Financial Modeling Prep.
Performance
| 1M | 3M | 6M | YTD | 1Y | 3Y* | 5Y* | 10Y* | Incep.* | |
|---|---|---|---|---|---|---|---|---|---|
| Price return | -39.09% | -79.78% | -78.62% | -86.16% | -54.82% | — | — | — | -90.23% |
| Total return | -39.09% | -79.78% | -78.62% | -86.16% | -54.82% | — | — | — | -90.23% |
* Annualized. Total return uses the dividend-adjusted price series (distributions reinvested); price return uses unadjusted closes. Performance through Oct 09, 2026. Past performance does not guarantee future results.
Fees
| Net expense ratio | 1.38% | Annual cost of a $10,000 investment | $138.00 |
Illustrative calculation only: expense ratio × $10,000. It excludes trading costs, bid/ask spreads, taxes and changes in investment value. Gross vs. net expense details and any fee waivers are in the prospectus.
Holdings
Holdings as of Oct 10, 2026 · portfolio reporting date from the data provider; holdings are not live positions. 8 rows in database.
| # | Holding | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|---|
| 1 | Cash & Other | — | 227.57% | 26.39M | $26.4M |
| 2 | United States Treasury Bill 11/19/2026 | — | 69.55% | 8.10M | $8.1M |
| 3 | First American Government Obligations Fund… | — | 2.93% | 339.42K | $339.4K |
| 4 | STRATEGY INC CS-S | — | -20.07% | -15.08K | -$2.3M |
| 5 | STRATEGY INC SWAP MAREX-S | — | -23.46% | -17.63K | -$2.7M |
| 6 | STRATEGY INC SWAP JNST-S | — | -26.22% | -19.71K | -$3.0M |
| 7 | MICROSTRATEGY INC SWAP - S- CANTOR | — | -34.49% | -25.92K | -$4.0M |
| 8 | STRATEGY INC SWAP BMO-S | — | -95.81% | -72.00K | -$11.1M |
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Sector Exposure
Distributions
| Yield (TTM) | — | Paid (last 12 months) | — |
| Frequency | — | SEC yield | Not provided by our data source; see the issuer page |
| Last ex-date | — | Last payment | — |
| Growth 1Y | — | Growth 3Y / 5Y (ann.) | — / — |
No distributions in our database for this fund; it may not pay them, or history has not loaded yet.
Risk Statistics
| Volatility 1Y / 3Y | 163.23% / — | Sharpe 1Y / 3Y | 0.437 / — |
| Max drawdown 1Y / 3Y | -92.52% / — | Sortino 1Y | 0.577 |
| Beta vs S&P 500 (3Y) | -4.74 | Correlation vs S&P 500 (1Y) | -0.496 |
| Downside deviation 1Y | 123.42% | Risk-free rate used | 4.05% (3M T-bill, FRED) |
Computed by ETF Explorer from daily dividend-adjusted closes; volatility and drawdown are annualized/period figures; S&P 500 exposure proxied by SPY. As of Oct 11, 2026. Formulas →
Liquidity
| Volume today | 1.18M | Average volume | 788.15K |
| AUM | $19.4M | Premium/Discount | -4.04% |
| Bid/Ask spread | Not provided by our data source. Check your broker's quote screen; spreads are widest at the open and close. | ||
Premium/discount compares the delayed market price with the last reported NAV: an indicative figure, not the official closing premium/discount. How ETF liquidity works →
Fund Flows (estimated)
| Period | Est. net flow | % of starting AUM | AUM start → end |
|---|---|---|---|
| 1 Day | -$12.9M | -39.83% | $32.3M → $19.4M |
| 1 Month | -$3.3M | -8.55% | $38.1M → $19.4M |
| 1 Week | -$7.0M | -28.04% | $25.1M → $19.4M |
ETF Explorer estimate: change in reported AUM minus the market-move effect, from our own daily snapshots. Not official issuer creation/redemption data.
Official Fund Resources
External links open the issuer's site or SEC EDGAR in a new tab. The prospectus and official documents are always the authoritative source; review them before investing.
Latest News for SMST
No articles mention this fund directly in the last 7 days; showing general ETF coverage.
Guided help: AUM is fund size. The expense ratio is the yearly cost baked into returns. NAV is the value of what the fund owns per share; the market price can sit slightly above (premium) or below (discount) it. Total return assumes distributions were reinvested. Every dataset shows its own as-of date because holdings, assets and quotes update on different schedules.