- ISIN
- US88636V7694
- CUSIP
- 88636V769
- Issuer
- Defiance
- Inception Date
- Aug 20, 2024
- Region
- North America (U.S.)
- Category
- Inverse Equities
- Leveraged
- -2x
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Growth
- Assets Under Management
- $31M
Share Price Chart
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Performance
SMST Performance Chart
Defiance Daily Target 2X Short MSTR ETF (SMST) is down 55.7% since the beginning of the year. SMST is currently trading at $41 per share.
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Returns By Period
Defiance Daily Target 2X Short MSTR ETF (SMST) has returned -55.68% so far this year and 40.09% over the past 12 months.
Defiance Daily Target 2X Short MSTR ETF
- 1D
- 17.75%
- 1M
- 49.84%
- YTD
- -55.68%
- 6M
- -41.65%
- 1Y
- 40.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.13%
- 1M
- 5.25%
- YTD
- 11.16%
- 6M
- 11.43%
- 1Y
- 28.20%
- 3Y*
- 21.12%
- 5Y*
- 12.66%
- 10Y*
- 13.75%
SMST Monthly Returns History
Based on dividend-adjusted daily data since Aug 21, 2024, SMST's average daily return is -0.25%, while the average monthly return is -5.33%.
Historically, 39% of months were positive and 61% were negative. The best month was Nov 2025 with a return of +102.9%, while the worst month was Nov 2024 at -79.8%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 5 months.
On a daily basis, SMST closed higher 53% of trading days. The best single day was Feb 5, 2026 with a return of +35.2%, while the worst single day was Feb 6, 2026 at -52.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -9.08% | -18.06% | -5.14% | -51.11% | -3.18% | 32.51% | -55.68% | ||||||
| 2025 | -38.97% | 47.74% | -45.61% | -63.08% | -1.03% | -19.94% | -7.65% | 30.86% | 1.28% | 25.67% | 102.93% | 24.23% | -44.36% |
| 2024 | 5.78% | -37.62% | -49.88% | -79.83% | 36.50% | -90.90% |
Benchmark Metrics
Defiance Daily Target 2X Short MSTR ETF has an annualized alpha of 32.40%, beta of -4.87, and R2 of 0.23 versus S&P 500 Index. Calculated based on daily prices since August 22, 2024.
- This ETF participated in 389.68% of S&P 500 Index downside but only -175.44% of its upside - more exposed to losses than it benefited from rallies.
- Beta of -4.87 may look defensive, but with R2 of 0.23 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.23 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 32.40%
- Beta
- -4.87
- R²
- 0.23
- Upside Capture
- -175.44%
- Downside Capture
- 389.68%
Expense Ratio
SMST has a high expense ratio of 1.29%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
SMST ranks 18 for risk / return — in the bottom 18% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Defiance Daily Target 2X Short MSTR ETF (SMST) and compare them to S&P 500 Index.
| SMST | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.29 | 2.39 | -2.10 |
Sortino ratioReturn per unit of downside risk | 1.40 | 3.25 | -1.85 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.43 | -0.25 |
Calmar ratioReturn relative to maximum drawdown | 0.47 | 3.11 | -2.64 |
Martin ratioReturn relative to average drawdown | 0.99 | 14.38 | -13.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Defiance Daily Target 2X Short MSTR ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Defiance Daily Target 2X Short MSTR ETF was 99.25%, occurring on Jul 16, 2025. The portfolio has not yet recovered.
The current Defiance Daily Target 2X Short MSTR ETF drawdown is 98.26%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 bear market2025 | -99.25%Jul 2025 | 10mo 10d | — | 1y 8moSep 2024 - now |
2024 correction2024 | -18.07%Aug 2024 | 0s | 11d | 11dAug 2024 - Sep 2024 |
2024 pullback2024 | -3.13%Sep 2024 | 0s | 1d | 1dSep 2024 - Sep 2024 |
Drawdown Indicators
| SMST | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.25% | -56.78% | -42.47% |
Max Drawdown (1Y)Largest decline over 1 year | -85.39% | -9.10% | -76.29% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -98.26% | 0.00% | -98.26% |
Average DrawdownAverage peak-to-trough decline | -90.65% | -10.72% | -79.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.51% | 1.97% | +38.54% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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