# SMST (Defiance Daily Target 2X Short MSTR ETF)

Defiance · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: SMST returned −53.5% where its own daily promise gave −51.1%, 2.3 points short.

## Key facts

- SMST, what MSTR did: +5.7%, as of Sep 11, 2026.
- SMST, what −2 times a day gives: −51.1%, as of Sep 11, 2026.
- SMST, what the fund returned: −53.5%, as of Sep 11, 2026.
- SMST, the fund itself cost: −2.3 pts, as of Sep 11, 2026.
- SMST, net assets: $31m (source, as filed for Apr 30, 2026).
- SMST, expense ratio: 1.38% (485BPOS XBRL, Aug 26, 2026).

## SMST over each window to Sep 11, 2026

| Window | Fund | MSTR | -2x the move | Difference | MSTR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −62.1% | +38.1% | −76.2% | +14.1 pts | 104% |
| 3 months | −53.5% | +5.7% | −11.3% | −42.2 pts | 88% |
| 6 months | −61.2% | −6.2% | +12.5% | −73.7 pts | 80% |
| 1 year | −28.3% | −59.8% | +119.7% | −148.0 pts | 80% |
| Since launch | −98.8% | −7.4% | +14.8% | −113.6 pts | 86% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of MSTR, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -9.46 times, against -2 stated | ETFIQ |
| Underlying | MSTR | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $31m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.38% | 485BPOS XBRL, Aug 26, 2026 |
| Launched | Aug 21, 2024 | ETFIQ |
| Underlying volatility over the window | 88% annualized | ETFIQ |

## Questions

### Did SMST return -2 times MSTR?

Over the window to Sep 11, 2026, MSTR moved +5.7% and SMST returned −53.5%. 2 times that move is −11.3%, so the fund came out 42.2 points short of it.

### Why does SMST not return -2 times over a year?

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.

### Which -2x MSTR ETF tracked its stated multiple most closely?

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.


## Cite this page

ETFIQ, SMST, data as of Sep 11, 2026. https://etfiq.com/funds/SMST
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/SMST  ·  JSON: https://etfiq.com/funds/SMST.json