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

Defiance · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: SMST returned −80.0% where its own daily promise gave −79.2%, 0.8 points short.

## Key facts

- SMST, what MSTR did: +63.9%, as of Sep 30, 2026.
- SMST, what −2 times a day gives: −79.2%, as of Sep 30, 2026.
- SMST, what the fund returned: −80.0%, as of Sep 30, 2026.
- SMST, the fund itself cost: −0.8 pts, as of Sep 30, 2026.
- SMST, net assets: $32m (the issuer’s own daily fund list, as of Sep 30, 2026).
- SMST, expense ratio: 1.38% (485BPOS XBRL, Aug 26, 2026).

## SMST over each window to Sep 30, 2026

| Window | Fund | MSTR | -2x the move | Difference | MSTR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −44.0% | +15.2% | −30.3% | −13.7 pts | 100% |
| 3 months | −80.0% | +63.9% | −127.9% | +47.9 pts | 83% |
| 6 months | −80.1% | +24.7% | −49.4% | −30.7 pts | 83% |
| 1 year | −54.1% | −52.5% | +105.0% | −159.1 pts | 82% |
| Since launch | −99.3% | +8.3% | −16.5% | −82.8 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 | -1.25 times, against -2 stated | ETFIQ |
| Underlying | MSTR | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $32m | the issuer’s own daily fund list, as of Sep 30, 2026 |
| Expense ratio | 1.38% | 485BPOS XBRL, Aug 26, 2026 |
| Launched | Aug 21, 2024 | ETFIQ |
| Underlying volatility over the window | 83% annualized | ETFIQ |

## Questions

### Did SMST return -2 times MSTR?

Over the window to Sep 30, 2026, MSTR moved +63.9% and SMST returned −80.0%. −2 times that move is −127.9%, so the fund came out 47.9 points ahead 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 figure itself.


## Cite this page

ETFIQ, SMST, data as of Sep 30, 2026. https://etfiq.com/funds/smst
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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