# STSM (Defiance Daily Target 2X Short TSM ETF)

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

Three months to Sep 11, 2026: STSM returned −17.7% where its own daily promise gave −17.4%, 0.3 points short.

## Key facts

- STSM, what TSM did: +2.2%, as of Sep 11, 2026.
- STSM, what −2 times a day gives: −17.4%, as of Sep 11, 2026.
- STSM, what the fund returned: −17.7%, as of Sep 11, 2026.
- STSM, the fund itself cost: −0.3 pts, as of Sep 11, 2026.
- STSM, net assets: $1m (source, as filed for Apr 30, 2026).
- STSM, expense ratio: 1.30% (485BPOS XBRL, Aug 25, 2026).

## STSM over each window to Sep 11, 2026

| Window | Fund | TSM | -2x the move | Difference | TSM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −3.9% | +0.9% | −1.9% | −2.0 pts | 26% |
| 3 months | −17.7% | +2.2% | −4.4% | −13.3 pts | 45% |
| 6 months | −54.9% | +28.7% | −57.4% | +2.6 pts | 44% |
| Since launch | −73.0% | +57.1% | −114.2% | +41.2 pts | 41% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of TSM, reset daily | ETFIQ |
| Multiple a holder actually got over the window | TSM moved +2.2% over this window, too little to read a multiple from | ETFIQ |
| Underlying | TSM | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $1m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.30% | 485BPOS XBRL, Aug 25, 2026 |
| Launched | Nov 18, 2025 | ETFIQ |
| Underlying volatility over the window | 45% annualized | ETFIQ |

## Questions

### Did STSM return -2 times TSM?

Over the window to Sep 11, 2026, TSM moved +2.2% and STSM returned −17.7%. 2 times that move is −4.4%, so the fund came out 13.3 points short of it.

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

Because it resets daily. STSM 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.


## Cite this page

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

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