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SMST ETF — Defiance Daily Target 2X Short MSTR ETF
Defiance Daily Target 2X Short MSTR ETF (SMST)
Updated October 16, 2026.
SMST is an ETF linked to Strategy (MSTR). its expense ratio is 1.38%. Total return is -99.2% over the past 2.2 years, 96.0 points behind MSTR at -3.2%.
This ETF seeks to deliver approximately twice the inverse daily performance of Microstrategy (MSTR) stock through leveraged short exposure, making it designed for traders seeking to profit from declines in MSTR on a daily basis. The fund does not distribute income and carries an expense ratio of 1.38%. It appeals to sophisticated, short-term traders using tactical hedging or directional bets rather than buy-and-hold income investors, and involves substantial leverage and tracking risk inherent in daily reset strategies.
SMST holdings and sector exposure
Holdings are not available for this snapshot.
Economic / reference exposure: MSTR (physical holdings below may be collateral and options, not the reference asset itself).
SMST performance versus MSTR
Price and return data through 2026-10-16.
Total return is -99.2% over the past 2.2 years, 96.0 points behind MSTR at -3.2%. Over the past year its total return — price change plus distributions reinvested — is -56.1%. Its deepest 1-year drawdown was 92.5%.
| Window | Total return | CAGR |
|---|---|---|
| 1M | -32.1% | — |
| 3M | -75.5% | — |
| 6M | -64.7% | — |
| YTD | -83.3% | — |
| 1Y | -56.1% | — |
| 2Y CAGR | — | -86.80% |
| Since inception (2.2 years) | -99.2% | -89.10% |
SMST key facts
- Issuer
- Defiance ETFs
- Asset type
- ETF
- Asset class
- Equity
- Inception date
- 08/20/2024
- Expense ratio
- 1.38%
- Distribution frequency
- None
- Last close
- $15.51 (as of 2026-10-16)
- AUM
- $12,377,397
- Average volume
- 1571886.0
- Beta
- -6.053
How Dividend Vision calculates yield and returns
Distribution rate (the posted rate) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.
Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology
Sources and review
Primary sources: Defiance ETFs or company page; Index: Strategy (MSTR); prices and distributions from Dividend Vision, derived from vendor EOD data.
Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.
SMST risks and drawbacks
Total return has trailed MSTR over the available window. The deepest 1-year drawdown on record here is 92.5%.
Who may consider SMST — and who may not
It is a weaker fit for investors who need monthly cash flow (SMST does not currently distribute); investors whose main goal is matching MSTR total return. This is educational context, not a recommendation to buy or sell.
More on SMST
Frequently asked questions
Does SMST pay monthly?
No. SMST does not currently distribute.
What is SMST linked to?
SMST is linked to Strategy (MSTR), not a broad market index.
What is SMST's expense ratio?
SMST's expense ratio is 1.38%.
When does SMST pay a dividend?
SMST does not currently distribute.
How has SMST performed?
Total return is -99.2% over the past 2.2 years, 96.0 points behind MSTR at -3.2%. Over the past year its total return — price change plus distributions reinvested — is -56.1%. Its deepest 1-year drawdown was 92.5%.
More securities from Defiance ETFs.
Tickers
Holdings as-of date unavailable.
| Ticker | Name | Weight |
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