Defiance ETFs LLCInverse EquitySMST · Nasdaq

Defiance Daily Target 2x Short MSTR ETF (SMST)

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Price: $12.58; —25 Sept 2026
Assets: $13.8M; Total net assets
Expense ratio: 1.38%; Category 0.00%
Yield: 0.00%; Trailing distributions

1Y return: -63.1%-29.5%; Category -33.6%
3Y CAGR: —; Category -35.1%
5Y CAGR: —; Category -25.4%

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Defiance Daily Target 2x Short MSTR ETF

Calendar-year returns

Fund only: no comparison series covers this fund's history.

Risk statistics

Five years of daily closes. Risk-free rate 4% a year.

Standard deviation: —
Maximum drawdown: —
Sharpe ratio: —
Sortino ratio: —
Beta: —
Alpha: —
R²: —
Information ratio: —
Upside capture: —
Downside capture: —
Tracking error: —

Trailing returns compared with benchmark
Period	1M	3M	6M	YTD	1Y	3YCAGR	5YCAGR	10YCAGR	LaunchCAGR
ETF	-57.9%	-86.7%	-80.6%	-86.4%	-63.1%	—	—	—	-80.0%
Inverse Equity average	-6.2%	-18.4%	-38.8%	-34.4%	-33.6%	-35.1%	-25.4%	-29.6%	-41.7%
Difference	-51.7%	-68.3%	-41.8%	-52.1%	-29.5%	—	—	—	-38.3%

Holdings

The 1 largest positions make up 3.3% of the fund.

Top holdings

Largest holdings by weight
Ticker	Holding	Weight
FGXXX	First American Government Obligs X	3.30%

Asset mix

What the fund is invested in.

Cash377.8%

ETF details

Issuer: Defiance ETFs LLC
Category: Equity · Inverse Equity
Ticker: SMST
Exchange: Nasdaq
Inception: 20 Aug 2024 (2.1 years)
Structure: Exchange Traded Fund
Expense ratio: 1.38% (category 0.00%)
Holdings turnover: 0%
Distribution yield: 0.00%
Beta, 3 years: 0.00
Total net assets: $13.8M

Prices and returns as of 25 Sept 2026; total return with distributions reinvested, before brokerage and taxes. Not investment advice.

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