SMST
Daily Target 2X Short MSTR ETF
Distribution Rate *
Distribution Frequency
30-Day SEC Yield **
SMST, Daily Target 2X Short MSTR (MicroStrategy) ETF
The Defiance Daily Target 2X Short MSTR ETF (the “Fund”) seeks daily leveraged investment results of -2X (-200%) the daily percentage change in the share price of MicroStrategy Incorporated (Nasdaq: MSTR) (the “Underlying Security” or “MSTR”). Because the fund seeks daily leveraged investment results, it is very different from most other exchange-traded funds. It is also riskier than alternatives that do not use leverage. There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide -2X times the cumulative return of MSTR for periods greater than a day.
The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking 200% daily inverse (-2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. An investor could lose the full principal value of his/her investment within a single day.
Underlying Stock: MicroStrategy (“MSTR”)
MSTR has two main strategies for its business operations. One is to acquire and hold bitcoin, while the other is to grow its enterprise analytics software business. MSTR is listed on the Nasdaq Global Select Market (“Nasdaq”).
While MicroStrategy my acquire and hold bitcoin, the ETF does not invest in bitcoin.
In the event the Fund is unable to achieve sufficient swap exposure, the Fund may not always achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the underlying security, and may return substantially less during such periods.
Fund Details
Data as of 01/16/2025SMSTMarket Price
Performance
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | 36.68% | -86.16% | xx.xx% | -91.66% |
| Market Price (%) | xx.xx% | 36.50% | -86.20% | xx.xx% | -91.66% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Market Price (%) | xx.xx% | -79.83% | -93.69% | xx.xx% | -93.89% |
| Total Return NAV (%) | xx.xx% | -79.87% | -93.67% | xx.xx% | -93.90% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Market Price (%) | xx.xx% | -49.88% | xx.xx% | xx.xx% | -69.70% |
| Total Return NAV (%) | xx.xx% | -49.67% | xx.xx% | xx.xx% | -69.68% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | -37.55% | xx.xx% | xx.xx% | -39.75% |
| Market Price (%) | xx.xx% | -37.62% | xx.xx% | xx.xx% | -39.55% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% | -3.52% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% | -3.10% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| 2024 | |
|---|---|
| Total Return NAV(%) | xx.xx% |
| Market Price (%) | xx.xx% |
Top Holdings
| Name | Symbol | Stock price | % Net assets | Shares Held | Market Value |
|---|---|---|---|---|---|
| Cash & Other | Cash&Other | $1.00 | 279.60% | 148,558,551 | $148,558,551 |
| First American Government Obligations Fund 12/01/2031 | FGXXX | $100.00 | 20.54% | 10,913,376 | $10,913,376 |
| Microstrategy Inc Swap – S- Cantor | 594972408-TRS-02/17/26-S | $367.00 | -27.63% | -40,000 | $-14,680,000 |
| Microstrategy Swap Mar – S | 594972408 TRS 092125 | $367.00 | -172.51% | -249,752 | $-91,658,984 |
Distribution
| Declaration Date | Ex-Div Date | Record Date | Payable Date | Amount ($) | |
|---|---|---|---|---|---|
| 9/30/2024 | 10/1/2024 | 10/1/2024 | 10/3/2024 | $0.00 | |
| 10/31/2024 | 11/1/2024 | 11/1/2024 | 11/4/2024 | $0.00 | |
| 11/29/2024 | 12/2/2024 | 12/2/2024 | 12/4/2024 | $0.00 | |
| 12/30/2024 | 12/31/2024 | 12/31/2024 | 1/5/2025 | $0.00 |
| Distribution Rate *
As of — |
-% |
| Distribution Frequency | Monthly |
| 30-Day SEC Yield ** As of — |
-% |