- 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
- $28M
Highlights
- Avg. Volume (1M)
- 239K
- Avg. Volume Value (1M)
- $14.17M
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
SMST Performance Chart
Defiance Daily Target 2X Short MSTR ETF (SMST) is down 41.5% since the beginning of the year. SMST is currently trading at $54 per share.
Loading charts...
Compare this symbol against anything
Returns By Period
Defiance Daily Target 2X Short MSTR ETF (SMST) has returned -41.52% so far this year and 136.79% over the past 12 months.
Defiance Daily Target 2X Short MSTR ETF
- 1D
- -6.10%
- 1M
- -3.96%
- 6M
- -47.95%
- YTD
- -41.52%
- 1Y
- 136.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -84.29%
Benchmark (S&P 500 Index)
- 1D
- 1.79%
- 1M
- 3.38%
- 6M
- 11.83%
- YTD
- 13.02%
- 1Y
- 22.22%
- 3Y*
- 19.99%
- 5Y*
- 11.80%
- 10Y*
- 13.49%
- ALL TIME*
- 8.15%
SMST Monthly Returns History
Based on dividend-adjusted daily data since Aug 21, 2024, SMST's average daily return is -0.14%, while the average monthly return is -1.72%.
Historically, 32% of months were positive and 68% were negative. The best month was Jun 2026 with a return of +155.3%, 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% | 155.32% | -24.79% | -8.94% | -41.52% | ||||
| 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 | -3.68% | -37.62% | -49.88% | -79.83% | 36.50% | -91.71% |
Benchmark Metrics
Defiance Daily Target 2X Short MSTR ETF has an annualized alpha of 71.38%, beta of -4.91, and R2 of 0.23 versus S&P 500 Index. Calculated based on daily prices since August 21, 2024.
- This ETF participated in 338.65% of S&P 500 Index downside but only -172.85% of its upside - more exposed to losses than it benefited from rallies.
- Beta of -4.91 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
- 71.38%
- Beta
- -4.91
- R²
- 0.23
- Upside Capture
- -172.85%
- Downside Capture
- 338.65%
Expense Ratio
SMST has a high expense ratio of 1.29%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
SMST ranks 40 for risk / return — above 40% of ETFs peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SMST | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.31 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 2.45 | -0.84 |
| Martin ratioReturn relative to average drawdown | 2.94 | 10.40 | -7.46 |
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.
Loading charts...
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 97.70%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-99.25%Jul 2025 | 10mo 10d | — | 1y 11moSep 2024 - now | — |
-19.55%Aug 2024 | 2d | 11d | 13dAug 2024 - Sep 2024 | — |
-3.13%Sep 2024 | 1d | 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 | -97.70% | 0.00% | -97.70% |
Average DrawdownAverage peak-to-trough decline | -91.11% | -10.70% | -80.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.64% | 2.14% | +44.50% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with SMST
Add Defiance Daily Target 2X Short MSTR ETF to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with SMST