{
 "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": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: SMST returned \u221280.0% where its own daily promise gave \u221279.2%, 0.8 points short.",
 "key_facts": [
  {
   "key": "what_mstr_did",
   "label": "What MSTR did",
   "value": "+63.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMST, what MSTR did: +63.9%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221279.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMST, what \u22122 times a day gives: \u221279.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221280.0%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMST, what the fund returned: \u221280.0%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22120.8 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMST, the fund itself cost: \u22120.8 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$32m",
   "source": "the issuer\u2019s own daily fund list, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "SMST, net assets: $32m (the issuer\u2019s own daily fund list, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.38%",
   "source": "485BPOS XBRL, Aug 26, 2026",
   "as_of": "2026-09-30",
   "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": "-1.25 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": "$32m",
   "source": "the issuer\u2019s own daily fund list, as of Sep 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": "83% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221244.0%",
   "MSTR": "+15.2%",
   "-2x the move": "\u221230.3%",
   "Difference": "\u221213.7 pts",
   "MSTR moved about": "100%"
  },
  {
   "window": "3 months",
   "Fund": "\u221280.0%",
   "MSTR": "+63.9%",
   "-2x the move": "\u2212127.9%",
   "Difference": "+47.9 pts",
   "MSTR moved about": "83%"
  },
  {
   "window": "6 months",
   "Fund": "\u221280.1%",
   "MSTR": "+24.7%",
   "-2x the move": "\u221249.4%",
   "Difference": "\u221230.7 pts",
   "MSTR moved about": "83%"
  },
  {
   "window": "1 year",
   "Fund": "\u221254.1%",
   "MSTR": "\u221252.5%",
   "-2x the move": "+105.0%",
   "Difference": "\u2212159.1 pts",
   "MSTR moved about": "82%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221299.3%",
   "MSTR": "+8.3%",
   "-2x the move": "\u221216.5%",
   "Difference": "\u221282.8 pts",
   "MSTR moved about": "86%"
  }
 ],
 "questions": [
  {
   "q": "Did SMST return -2 times MSTR?",
   "a": "Over the window to Sep 30, 2026, MSTR moved +63.9% and SMST returned \u221280.0%. \u22122 times that move is \u2212127.9%, so the fund came out 47.9 points ahead 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 \u22122 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}