{"url":"https://etfiq.com/compare/leverage/mstz-vs-smst","section":"compare","title":"MSTZ vs SMST: which held to its multiple? | ETFIQ","description":"MSTZ sets out to return -2 times MSTR each day and SMST -2 times. Over the three months to Sep 30, 2026 they finished +48.5 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, MSTZ or SMST?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, MSTZ finished 48.5 points from what its multiple implies and SMST finished 47.9 points from its own, so SMST came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are MSTZ and SMST levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on Strategy, MSTZ at -2 times and SMST at -2 times the daily move."}},{"@type":"Question","name":"Which one decays faster, MSTZ or SMST?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window MSTZ\u2019s moved at 83% annualized and SMST\u2019s at 83%, so MSTZ has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold MSTZ 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, MSTZ or SMST?","acceptedAnswer":{"@type":"Answer","text":"MSTZ charges 1.05% a year and SMST charges 1.38%, so MSTZ 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":"MSTZ vs SMST","item":"https://etfiq.com/compare/leverage/mstz-vs-smst"}]},{"@type":"WebPage","name":"MSTZ vs SMST: which held to its multiple?","description":"MSTZ sets out to return -2 times MSTR each day and SMST -2 times. Over the three months to Sep 30, 2026 they finished +48.5 pts and +47.9 pts away.","url":"https://etfiq.com/compare/leverage/mstz-vs-smst","dateModified":"2026-09-30","abstract":"Over the days both have traded, MSTZ finished 48.5 points from its stated multiple and SMST 47.9.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of MSTZ and SMST","description":"MSTZ sets out to return -2 times MSTR each day and SMST -2 times. Over the three months to Sep 30, 2026 they finished +48.5 pts and +47.9 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/mstz-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":6623,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / MSTZ vs SMST \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n MSTZ vs SMST: which held to its multiple?\n\n Over the days both have traded, MSTZ finished 48.5 points from its stated multiple and SMST 47.9.\n Copy this for sharing \n \n T-REX 2X INVERSE MSTR DAILY TARGET ETF and Defiance Daily Target 2X Short MSTR ETF.\n\n Download as PDF \n\n \u221279.3% MSTZ returned, 3 months \n \u221280.0% SMST returned, 3 months \n +48.5 pts MSTZ from its stated multiple \n +47.9 pts SMST from its stated multiple \n\n ETFIQ Decay Resistance Score: MSTZ scores higher\n ","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/mstz-vs-smst","a":{"ticker":"MSTZ","name":"T-REX 2X INVERSE MSTR DAILY TARGET ETF","issuer":"T-REX","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: MSTZ returned \u221279.3% where its own daily promise gave \u221279.2%, 0.1 points short.","url":"https://etfiq.com/funds/mstz","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":"\u221279.3%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22120.1 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$99m","as_of":"2026-09-30","source":"issuer page, as of Sep 29, 2026"},{"label":"Expense ratio","value":"1.05%","as_of":"2026-09-30","source":"485BPOS XBRL, Dec 29, 2025"}]},"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/mstz-vs-smst"}