SMST Performance — Defiance Daily Target 2X Short MSTR ETF
Data updated: 2026-09-28
SMST returned −35.45% year to date and +169.70% over one year to Jul 2026. Over one year the fund beat its Trading - Leveraged category average: $100 grew to $270, against $105 for the category. Volatility over the past 12 months was 197.57% a year. In the 12 months to Jul 2026 the fund lost a net $58.8M, and assets reached $28.39M.
SMST Growth of $100
What $100 invested in Defiance Daily Target 2X Short MSTR ETF grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Trading - Leveraged category average over the same months.
| Period | SMST | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $270 | $105 |
| Since data start (Aug 2024 – Jul 2026) | $3 | $123 |
SMST Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | −35.45% |
| 1 year | +169.70% |
| 3 years (annualised) | −82.67% |
SMST Annual Returns
Calendar-year total returns of Defiance Daily Target 2X Short MSTR ETF, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | −35.45% |
| 2025 | −44.26% |
| 2024 (Aug–Dec) | −91.66% |
SMST Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | −9.1% | −17.5% | −5.6% | −51.3% | −2.7% | +154.3% | −24.4% | — | — | — | — | — |
| 2025 | −39.1% | +47.9% | −45.4% | −63.2% | −0.8% | −20.1% | −7.0% | +30.0% | +1.3% | +25.9% | +102.3% | +24.6% |
| 2024 | — | — | — | — | — | — | — | −3.5% | −37.5% | −49.7% | −79.9% | +36.7% |
SMST Risk
Risk measures from monthly returns over Aug 2025 – Jul 2026.
- 1-year volatility (annualised): 197.57%
- Best month: +154.33% (Jun 2026)
- Worst month: −51.30% (Apr 2026)
SMST Fund Flows
Monthly money in and out of Defiance Daily Target 2X Short MSTR ETF, from SEC Form N-PORT.
- 12-month net flow: −$58.8M
- 12-month gross sales (incl. reinvestments): $382.5M
- Sales ÷ redemptions: 0.87×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $27.4M | $39.1M | −$11.7M |
| Jun 2026 | $48.9M | $71.5M | −$22.7M |
| May 2026 | $32.6M | $33.5M | −$888K |
| Apr 2026 | $35.9M | $27.1M | $8.8M |
| Mar 2026 | $40.3M | $34.1M | $6.2M |
| Feb 2026 | $78.3M | $65.0M | $13.3M |
| Jan 2026 | $28.7M | $34.7M | −$6.0M |
| Dec 2025 | $34.0M | $29.7M | $4.3M |
| Nov 2025 | $15.3M | $33.3M | −$18.0M |
| Oct 2025 | $27.3M | $29.6M | −$2.3M |
| Sep 2025 | $6.9M | $22.4M | −$15.5M |
| Aug 2025 | $7.0M | $21.3M | −$14.4M |
SMST Assets Under Management
Net assets of Defiance Daily Target 2X Short MSTR ETF by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $28.39M |
| 2026-04-30 | $30.88M |
| 2026-01-31 | $30.69M |
| 2025-10-31 | $22.61M |
| 2025-07-31 | $37.45M |
| 2025-04-30 | $36.17M |
| 2025-01-31 | $44.77M |
| 2024-10-31 | $9.10M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.