{
 "ticker": "SMST",
 "name": "Defiance Daily Target 2X Short MSTR ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/SMST",
 "html": "https://etfiq.com/funds/SMST",
 "markdown": "https://etfiq.com/funds/SMST.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: SMST returned \u221253.5% where its own daily promise gave \u221251.1%, 2.3 points short.",
 "key_facts": [
  {
   "key": "what_mstr_did",
   "label": "What MSTR did",
   "value": "+5.7%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SMST, what MSTR did: +5.7%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221251.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SMST, what \u22122 times a day gives: \u221251.1%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221253.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SMST, what the fund returned: \u221253.5%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22122.3 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SMST, the fund itself cost: \u22122.3 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$31m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "SMST, net assets: $31m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.38%",
   "source": "485BPOS XBRL, Aug 26, 2026",
   "as_of": "2026-09-11",
   "sentence": "SMST, expense ratio: 1.38% (485BPOS XBRL, Aug 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of MSTR, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-9.46 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "MSTR",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$31m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.38%",
   "source": "485BPOS XBRL, Aug 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Aug 21, 2024",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "88% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221262.1%",
   "MSTR": "+38.1%",
   "-2x the move": "\u221276.2%",
   "Difference": "+14.1 pts",
   "MSTR moved about": "104%"
  },
  {
   "window": "3 months",
   "Fund": "\u221253.5%",
   "MSTR": "+5.7%",
   "-2x the move": "\u221211.3%",
   "Difference": "\u221242.2 pts",
   "MSTR moved about": "88%"
  },
  {
   "window": "6 months",
   "Fund": "\u221261.2%",
   "MSTR": "\u22126.2%",
   "-2x the move": "+12.5%",
   "Difference": "\u221273.7 pts",
   "MSTR moved about": "80%"
  },
  {
   "window": "1 year",
   "Fund": "\u221228.3%",
   "MSTR": "\u221259.8%",
   "-2x the move": "+119.7%",
   "Difference": "\u2212148.0 pts",
   "MSTR moved about": "80%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221298.8%",
   "MSTR": "\u22127.4%",
   "-2x the move": "+14.8%",
   "Difference": "\u2212113.6 pts",
   "MSTR moved about": "86%"
  }
 ],
 "questions": [
  {
   "q": "Did SMST return -2 times MSTR?",
   "a": "Over the window to Sep 11, 2026, MSTR moved +5.7% and SMST returned \u221253.5%. 2 times that move is \u221211.3%, so the fund came out 42.2 points short of it."
  },
  {
   "q": "Why does SMST not return -2 times over a year?",
   "a": "Because it resets daily. SMST aims at -2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  },
  {
   "q": "Which -2x MSTR ETF tracked its stated multiple most closely?",
   "a": "2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}