Key stats
About Defiance Daily Target 2x Short MSTR ETF
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Inception date
Aug 20, 2024
Structure
Open-Ended Fund
Replication method
Synthetic
Dividend treatment
Distributes
Distribution tax treatment
Ordinary income
Income tax type
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
Primary advisor
Tidal Investments LLC
Distributor
Foreside Fund Services LLC
SMST uses swap agreements to make bearish bets on MicroStrategy Incorporated's (NYSE: MSTR) share price. MSTR was originally known for its enterprise analytics software. It has then pivoted to include acquiring and holding Bitcoin (BTC) as another operational business. The fund maintains a daily leveraged exposure equivalent to -200% of the fund's net assets through daily rebalancing. As a geared product, the fund is intended as a short-term tactical tool, rather than as a long-term investment vehicle. As a result, returns may deviate from the expected -2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process. Additionally, the fund could potentially lose money over time, even if MSTR's performance strengthens. The fund is expected to invest in cash-like instruments as collateral. Following October 29, 2024, the fund adjusted its leverage ratio from 1.5x to 2x.
Classification
Returns
| 1 month | 3 months | Year to date | 1 year | 3 years | 5 years | |
|---|---|---|---|---|---|---|
| Price performance | — | — | — | — | — | — |
| NAV total return | — | — | — | — | — | — |
What's in the fund
Exposure type
Cash
Bonds, Cash & Other100.00%
Cash90.63%
Mutual fund9.37%
Top 10 holdings
Dividends
Dividend payout history
Assets under management (AUM)
Fund Flows
Frequently Asked Questions
SMST assets under management is 36.56 M USD. It's fallen 15.72% over the last month.
SMST fund flows account for 56.52 M USD (1 year). Many traders use this metric to get insight into investors' sentiment and evaluate whether it's time to buy or sell the fund.
No, SMST doesn't pay dividends to its holders.
SMST shares are issued by Toroso Investments Topco LLC under the brand Defiance. The ETF was launched on Aug 20, 2024, and its management style is Active.
SMST expense ratio is 1.29% meaning you'd have to pay 1.29% of your investment to help manage the fund.
SMST follows the No Underlying Index. ETFs usually track some benchmark seeking to replicate its performance and guide asset selection and objectives.
SMST invests in cash.
SMST price has fallen by −11.35% over the last month, and its yearly performance shows a −98.67% decrease. See more dynamics on SMST price chart.
NAV returns, another gauge of an ETF dynamics, have fallen by −10.80% over the last month, showed a −67.14% decrease in three-month performance and has decreased by −83.96% in a year.
NAV returns, another gauge of an ETF dynamics, have fallen by −10.80% over the last month, showed a −67.14% decrease in three-month performance and has decreased by −83.96% in a year.
SMST trades at a premium (0.06%) meaning the ETF is trading at a higher price than the calculated NAV.