Data as of .
MSTC vs SMST: which held to its multiple?
Over a month against its own daily promise, MSTC finished 3.6 points short and SMST 0.4 points short.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| MSTC | SMST | MSTC | SMST | MSTC | SMST | |
| 1 month | +72.0% | −62.1% | +76.2% | −76.2% | −4.2 pts | +14.1 pts |
| 3 months | not published | −53.5% | not published | −11.3% | not published | −42.2 pts |
| 6 months | not published | −61.2% | not published | +12.5% | not published | −73.7 pts |
| 1 year | not published | −28.3% | not published | +119.7% | not published | −148.0 pts |
| Since launch | +95.2% | −98.8% | +101.3% | +14.8% | −6.2 pts | −113.6 pts |
| MSTC Corgi MSTR 2x Daily ETF Aims to return twice the daily move of Strategy (MSTR) | SMST Defiance Daily Target 2X Short MSTR ETF Aims to return twice the opposite of the daily move of Strategy (MSTR) | |
|---|---|---|
| Issuer | Corgi | Defiance |
| Sets out to return | +2x | -2x |
| On | MSTR | MSTR |
| Segment | company | company |
| Fund returned, 3 months | +72.0% | −53.5% |
| Underlying returned, 3 months | +38.1% | +5.7% |
| What the stated multiple implies, 3 months | +76.2% | −11.3% |
| Difference from stated, 3 months | −4.2 pts | −42.2 pts |
| Fund returned, 1 year or since launch | +95.2% | −28.3% |
| Difference from stated, over that window | −6.2 pts | −148.0 pts |
| Underlying volatility | 104% | 88% |
| Difference over the days both have traded | −4.2 pts | −42.2 pts |
| Expense ratio | 0.45% | 1.38% |
| Launched | Jun 30, 2026 | Aug 21, 2024 |
MSTC in plain words
One month to Sep 11, 2026: MSTC returned +72.0% where its own daily promise gave +75.7%, 3.6 points short. Read the multiple against the whole window instead and +2 times MSTR's 38.1% implies +76.2%, which makes MSTC look 4.2 points short. 0.5 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. MSTC aims to return +2 times MSTR's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. MSTR moved at 104% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
SMST in plain words
Three months to Sep 11, 2026: SMST returned −53.5% where its own daily promise gave −51.1%, 2.3 points short. Read the multiple against the whole window instead and −2 times MSTR's 5.7% implies −11.3%, which makes SMST look 42.2 points short. 39.8 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. SMST aims to return -2 times MSTR's move each day, then resets. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. MSTR moved at 88% annualized over that window.
Questions people ask
- Which came closer to its stated multiple, MSTC or SMST?
- Over the window to Sep 11, 2026, MSTC finished 4.2 points from what its multiple implies and SMST finished 42.2 points from its own, so MSTC came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are MSTC and SMST levered on the same thing?
- Yes. Both are levered on Strategy, MSTC at +2 times and SMST at -2 times the daily move.
- Which one decays faster, MSTC or SMST?
- Decay follows how much the underlying moves about. Over this window MSTC’s moved at 104% annualized and SMST’s at 88%, so MSTC has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold MSTC or SMST for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, MSTC or SMST?
- MSTC charges 0.45% a year and SMST charges 1.38%, so MSTC is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, MSTC against SMST, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/MSTC-SMST Free to use with attribution; the underlying files are at Open data.