SMST Defiance Daily Target 2x Short MSTR ETF
Quote as of Aug 26, 2026 20:00 UTC · Market data delayed approximately 15–20 minutes unless otherwise indicated.
| Previous Close | 28.28 | Day Range | 28.88 – 30.94 |
| 52-Week Range | 21.68 – 154.16 | Volume | 819.52K |
| Avg Volume | 401.48K | AUM | $21.6M (Aug 27, 2026) |
| Expense Ratio | 1.31% | Yield (TTM) | — |
| NAV | 28.34 | Premium/Discount | +5.36% indicative |
| Inception | Aug 20, 2024 | Holdings | 8 |
| Issuer | Defiance | Exchange | NASDAQ |
| Category | International | 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 Aug 27, 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 | -56.15% | -9.55% | -63.53% | -69.54% | +2.37% | — | — | — | -87.45% |
| Total return | -56.16% | -9.57% | -63.54% | -69.55% | +2.35% | — | — | — | -87.46% |
* Annualized. Total return uses the dividend-adjusted price series (distributions reinvested); price return uses unadjusted closes. Performance through Aug 25, 2026. Past performance does not guarantee future results.
Fees
| Net expense ratio | 1.31% | Annual cost of a $10,000 investment | $131.00 |
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 Aug 22, 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 | — | 289.78% | 65.72M | $65.7M |
| 2 | United States Treasury Bill 08/27/2026 | — | 9.68% | 2.20M | $2.2M |
| 3 | First American Government Obligations Fund… | — | 0.60% | 136.04K | $136.0K |
| 4 | STRATEGY INC SWAP BMO-S | — | -26.29% | -50.00K | -$6.0M |
| 5 | MICROSTRATEGY INC SWAP - S- CANTOR | — | -36.98% | -70.33K | -$8.4M |
| 6 | STRATEGY INC SWAP JNST-S | — | -44.69% | -85.00K | -$10.1M |
| 7 | STRATEGY INC CS-S | — | -44.78% | -85.18K | -$10.2M |
| 8 | STRATEGY INC SWAP MAREX-S | — | -47.32% | -90.00K | -$10.7M |
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Sector Exposure
Geographic Exposure
Country weights as reported by the data provider. Developed/emerging/frontier labels follow the classification on the Methodology page. Currency hedged: No hedging indicated in the fund name.
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 | 152.75% / — | Sharpe 1Y / 3Y | 1.66 / — |
| Max drawdown 1Y / 3Y | -85.39% / — | Sortino 1Y | 2.29 |
| Beta vs S&P 500 (3Y) | -4.60 | Correlation vs S&P 500 (1Y) | -0.504 |
| Downside deviation 1Y | 110.20% | Risk-free rate used | 3.72% (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 Aug 26, 2026. Formulas →
Liquidity
| Volume today | 819.52K | Average volume | 401.48K |
| AUM | $21.6M | Premium/Discount | +5.36% |
| 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 | $1.9M | +9.93% | $19.5M → $21.4M |
| 1 Week | $2.6M | +8.94% | $29.0M → $21.4M |
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.