{"url":"https://etfiq.com/compare/leverage/mstx-vs-smst","section":"compare","title":"MSTX vs SMST: which held to its multiple? | ETFIQ","description":"MSTX sets out to return +2 times MSTR each day and SMST -2 times. Over the three months to Sep 30, 2026 they finished \u221213.6 pts and +47.9 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, MSTX or SMST?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Are MSTX and SMST levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on Strategy, MSTX at +2 times and SMST at -2 times the daily move."}},{"@type":"Question","name":"Which one decays faster, MSTX or SMST?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window MSTX\u2019s moved at 83% annualized and SMST\u2019s at 83%, so MSTX has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold MSTX or SMST for a year?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, MSTX or SMST?","acceptedAnswer":{"@type":"Answer","text":"MSTX charges 1.31% a year and SMST charges 1.38%, so MSTX is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"MSTX vs SMST","item":"https://etfiq.com/compare/leverage/mstx-vs-smst"}]},{"@type":"WebPage","name":"MSTX vs SMST: which held to its multiple?","description":"MSTX sets out to return +2 times MSTR each day and SMST -2 times. Over the three months to Sep 30, 2026 they finished \u221213.6 pts and +47.9 pts away.","url":"https://etfiq.com/compare/leverage/mstx-vs-smst","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, MSTX finished 15.7 points short and SMST 0.8 points short.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of MSTX and SMST","description":"MSTX sets out to return +2 times MSTR each day and SMST -2 times. Over the three months to Sep 30, 2026 they finished \u221213.6 pts and +47.9 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/mstx-vs-smst","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":7173,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / MSTX vs SMST \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n MSTX vs SMST: which held to its multiple?\n\n Over three months against its own daily promise, MSTX finished 15.7 points short and SMST 0.8 points short.\n Copy this for sharing \n \n Defiance Daily Target 2X Long MSTR ETF and Defiance Daily Target 2X Short MSTR ETF.\n\n Download as PDF \n\n +114.3% MSTX returned, 3 months \n \u221280.0% SMST returned, 3 months \n \u221213.6 pts MSTX from its stated multiple \n +47.9 pts SMST from its stated multiple \n\n ETFIQ Decay Resistance Score: SMST scor","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/mstx-vs-smst","a":{"ticker":"MSTX","name":"Defiance Daily Target 2X Long MSTR ETF","issuer":"Defiance","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: MSTX returned +114.3% where its own daily promise gave +130.0%, 15.7 points short.","url":"https://etfiq.com/funds/mstx","key_facts":[{"label":"What MSTR did","value":"+63.9%","as_of":"2026-09-30","source":null},{"label":"What 2 times a day gives","value":"+130.0%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+114.3%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u221215.7 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$348m","as_of":"2026-09-30","source":"the issuer\u2019s own daily fund list, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.31%","as_of":"2026-09-30","source":"485BPOS XBRL, Aug 24, 2026"}]},"b":{"ticker":"SMST","name":"Defiance Daily Target 2X Short MSTR ETF","issuer":"Defiance","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SMST returned \u221280.0% where its own daily promise gave \u221279.2%, 0.8 points short.","url":"https://etfiq.com/funds/smst","key_facts":[{"label":"What MSTR did","value":"+63.9%","as_of":"2026-09-30","source":null},{"label":"What \u22122 times a day gives","value":"\u221279.2%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u221280.0%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22120.8 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$32m","as_of":"2026-09-30","source":"the issuer\u2019s own daily fund list, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.38%","as_of":"2026-09-30","source":"485BPOS XBRL, Aug 26, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/mstx-vs-smst"}