$SMST

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SMST

$

Daily Target 1.5X Short MSTR ETF

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SMST, Daily Target 1.5X Short MSTR (MicroStrategy) ETF

The Defiance Daily Target 1.5X Short MSTR ETF (the “Fund”) seeks daily leveraged investment results of -1.5X (-150%) 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 -1.5X times the cumulative return of MSTR for periods greater than a 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”).

Fund Details

 Data as of 10/02/2024
Net Assets $4.36M
Premium/discount 0.03%
NAV $12.45
Closing Price $12.46
Shares Outstanding 350,000
Median 30 Day Spread 0.39%
Fund inception 08/20/2024
Ticker SMST
Primary Exchange NASDAQ
CUSIP 88636J188
Fund Holdings 2
NAV Symbol SMST.NV
Expense Ratio 1.29%
30 Day SEC Yield* 1.00%
* Yield as of 09/30/2024
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 150% daily inverse (-1.5X) 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.

SMSTMarket Price

Performance

YTD 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years Since Inception
Total Return NAV (%) xx.xx% -37.55% xx.xx% xx.xx% xx.xx% xx.xx% xx.xx% -39.75%
Market Price (%) xx.xx% -37.62% xx.xx% xx.xx% xx.xx% xx.xx% xx.xx% -39.55%
1 Year Since Inception
Total Return (%) xx.xx% xx.xx%
Market Price (%) xx.xx% xx.xx%
YTD 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years Since Inception
Total Return NAV (%) xx.xx% xx.xx% xx.xx% xx.xx% xx.xx% xx.xx% xx.xx% -3.52%
Market Price (%) xx.xx% xx.xx% xx.xx% xx.xx% xx.xx% xx.xx% xx.xx% -3.10%
1 Year Since Inception
Total Return (%) xx.xx% xx.xx%
Market Price (%) xx.xx% xx.xx%
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 833.333.9383. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Market price is the price at which shares in the ETF can be brought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

Top Holdings

View full holdings
Name Symbol Stock price % Net assets Shares Held Market Value
Cash & Other Cash&Other $1.00 249.94% 10,895,086 $10,895,086
Microstrategy Swap Mar – S 594972408 TRS 092125 $164.64 -149.94% -39,700 $-6,536,208
Data as of 10/03/2024. Fund holdings are subject to change at any time and should not be considered recommendations to buy or sell any security.
View full holdings

Distribution

Declaration Date Ex-Div Date Record Date Payable Date Amount ($)
9/30/2024 10/1/2024 10/1/2024 10/3/2024 $x
10/31/2024 11/1/2024 11/1/2024 11/4/2024 $x
11/29/2024 12/2/2024 12/2/2024 12/4/2024 $x
12/30/2024 12/31/2024 12/31/2024 1/5/2025 $x
Distribution Rate *
As of —		 -%
Distribution Frequency Monthly
30-Day SEC Yield **
As of —		 -%