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

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

Three months to Sep 30, 2026: STSM returned −13.9% where its own daily promise gave −13.8%, 0.1 points short.

## Key facts

- STSM, what TSM did: +3.0%, as of Sep 30, 2026.
- STSM, what −2 times a day gives: −13.8%, as of Sep 30, 2026.
- STSM, what the fund returned: −13.9%, as of Sep 30, 2026.
- STSM, the fund itself cost: −0.1 pts, as of Sep 30, 2026.
- STSM, net assets: $1m (the issuer’s own daily fund list, as of Sep 30, 2026).
- STSM, expense ratio: 1.30% (485BPOS XBRL, Aug 25, 2026).

## STSM over each window to Sep 30, 2026

| Window | Fund | TSM | -2x the move | Difference | TSM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −18.9% | +10.1% | −20.3% | +1.3 pts | 25% |
| 3 months | −13.9% | +3.0% | −5.9% | −8.0 pts | 34% |
| 6 months | −57.5% | +34.3% | −68.5% | +10.9 pts | 42% |
| Since launch | −76.1% | +65.8% | −131.7% | +55.6 pts | 40% |

## 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 +3.0% over this window, too little to read a multiple from | ETFIQ |
| Underlying | TSM | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $1m | the issuer’s own daily fund list, as of Sep 30, 2026 |
| Expense ratio | 1.30% | 485BPOS XBRL, Aug 25, 2026 |
| Launched | Nov 18, 2025 | ETFIQ |
| Underlying volatility over the window | 34% annualized | ETFIQ |

## Questions

### Did STSM return -2 times TSM?

Over the window to Sep 30, 2026, TSM moved +3.0% and STSM returned −13.9%. −2 times that move is −5.9%, so the fund came out 8.0 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 30, 2026. https://etfiq.com/funds/stsm
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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