Which came closer to its stated multiple, MSTX or SMST?

Over the window to Sep 30, 2026, MSTX finished 13.6 points from what its multiple implies and SMST finished 47.9 points from its own, so MSTX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are MSTX and SMST levered on the same thing?

Yes. Both are levered on Strategy, MSTX at +2 times and SMST at -2 times the daily move.

Which one decays faster, MSTX or SMST?

Decay follows how much the underlying moves about. Over this window MSTX’s moved at 83% annualized and SMST’s at 83%, so MSTX has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold MSTX 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, MSTX or SMST?

MSTX charges 1.31% a year and SMST charges 1.38%, so MSTX is cheaper. Fees come from each fund's prospectus.

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MSTX vs SMST: which held to its multiple?

Over three months against its own daily promise, MSTX finished 15.7 points short and SMST 0.8 points short. Defiance Daily Target 2X Long MSTR ETF and Defiance Daily Target 2X Short MSTR ETF.

+114.3%

MSTX returned, 3 months

−80.0%

SMST returned, 3 months

−13.6 pts

MSTX from its stated multiple

+47.9 pts

SMST from its stated multiple

MSTX · 3 months to Sep 30, 202613.6 pts short of its stated multiple

MSTX returned +114.3% while 2 times MSTR's move would have been +127.9%

SMST · 3 months to Sep 30, 202647.9 pts ahead of its stated multiple

SMST returned −80.0% while −2 times MSTR's move would have been −127.9%

ETFIQ Decay Resistance Score · SMST scores higherDid it keep up with its own daily multiple, compounded day by day?

MSTX among the 470 leveraged ETFs, long, over three months

MSTX 0.7

0.1, the lowest in this set99.9, the highest

SMST among the 125 inverse ETFs over three months

SMST 10

0.4, the lowest in this set99.6, the highest

A percentile among the 470 leveraged ETFs, long, over three months. SMST is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	MSTX	SMST	MSTX	SMST	MSTX	SMST
1 month	+21.3%	−44.0%	+30.3%	−30.3%	−9.0 pts	−13.7 pts
3 months	+114.3%	−80.0%	+127.9%	−127.9%	−13.6 pts	+47.9 pts
6 months	−3.0%	−80.1%	+49.4%	−49.4%	−52.4 pts	−30.7 pts
1 year	−91.5%	−54.1%	−105.0%	+105.0%	+13.5 pts	−159.1 pts
Since launch MSTX Aug 2024 · SMST Aug 2024	−87.3%	−99.3%	+32.1%	−16.5%	−119.4 pts	−82.8 pts

MSTX and SMST over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

MSTX

Defiance Daily Target 2X Long MSTR 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 Defiance Defiance

Sets out to return +2x -2x

Underlying asset MSTR MSTR

Segment company company

Fund returned, 3 months or since launch +114.3% −80.0%

Underlying returned, over that window +63.9% +63.9%

What the stated multiple implies, over that window +127.9% −127.9%

Difference from stated, over that window −13.6 pts +47.9 pts

Fund returned, 1 year or since launch −91.5% −54.1%

Difference from stated, over that window +13.5 pts −159.1 pts

Underlying volatility 83% 83%

Difference over the days both have traded −13.6 pts +47.9 pts

Expense ratio 1.31% 1.38%

Launched Aug 15, 2024 Aug 21, 2024

Net assets $348m $32m

MSTX and SMST on the same fields, as of Sep 30, 2026. Source: ETFIQ.

MSTX in plain words

Three months to Sep 30, 2026: MSTX returned +114.3% where its own daily promise gave +130.0%, 15.7 points short. Read the multiple against the whole window instead and 2 times MSTR's 63.9% implies +127.9%, which makes MSTX look 13.6 points short. 2.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. MSTX 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 83% 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 30, 2026: SMST returned −80.0% where its own daily promise gave −79.2%, 0.8 points short. Read the multiple against the whole window instead and −2 times MSTR's 63.9% implies −127.9%, which makes SMST look 47.9 points over. 48.7 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.

Questions people ask

Which came closer to its stated multiple, MSTX or SMST?: Over the window to Sep 30, 2026, MSTX finished 13.6 points from what its multiple implies and SMST finished 47.9 points from its own, so MSTX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are MSTX and SMST levered on the same thing?: Yes. Both are levered on Strategy, MSTX at +2 times and SMST at -2 times the daily move.
Which one decays faster, MSTX or SMST?: Decay follows how much the underlying moves about. Over this window MSTX’s moved at 83% annualized and SMST’s at 83%, so MSTX has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold MSTX 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, MSTX or SMST?: MSTX charges 1.31% a year and SMST charges 1.38%, so MSTX is cheaper. Fees come from each fund's prospectus.

Other comparisons

MSTX vs MSTZ MSTX vs MSTC MSTX vs MSTP MSTX vs MSTU SMST vs MSTC SMST vs MSTP SMST vs MSTU SMST vs MSTZ

MSTX on its own →SMST on its own →How every figure is computed →Standards and sources →

Where these figures came from

MSTX and SMST filings on SEC EDGAR ↗MSTX prospectus with the expense ratio (SEC) ↗Defiance page for MSTX ↗SMST prospectus with the expense ratio (SEC) ↗Defiance page for SMST ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, MSTX against SMST, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/mstx-vs-smst

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.