STSM
Defiance Daily Target 2X Short TSM ETF
Distribution Rate *
Distribution Frequency
30-Day SEC Yield **
Daily Target 2X Short TSM (Taiwan Semiconductor Manufacturing) ETF
Overview
The Defiance Daily Target 2X Short TSM ETF (STSM) provides investors with amplified inverse (-2X) exposure to Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM), a leading global semiconductor manufacturer that produces advanced integrated circuits for technology companies worldwide. STSM seeks to deliver –200% of the daily performance of TSM’s stock, giving active traders a tactical way to express bearish views on one of the most influential companies in the semiconductor industry—without the need for a margin account.
Investment Objective
The Fund seeks daily inverse investment results, before fees and expenses, of –2 times (–200%) the daily percentage change in the share price of the ADR of Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM). The Fund does not seek to accomplish its stated objective over periods other than a single trading day.
Underlying Stock: Taiwan Semiconductor Manufacturing Company Limited
Taiwan Semiconductor Manufacturing Company Limited is a global leader in semiconductor manufacturing and design, providing advanced foundry services that power innovations across computing, communications, and artificial intelligence applications. The company’s performance is influenced by global demand for chips, technological advancements in semiconductor production, and broader market trends affecting the electronics and technology sectors.
An investment in the Fund is not an investment in Taiwan Semiconductor Manufacturing Company Limited.
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 daily leveraged 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. The Fund pursues daily leveraged investment objectives, which means it is riskier than alternatives that do not use leverage. The Fund magnifies the inverse performance of the Underlying Security and is designed strictly for short-term use. For periods longer than a single day, the Fund’s performance will be the result of compounded daily returns, which is very likely to differ from -200% of the return of TSM over the same period. It is possible investors could lose their entire principal within a single trading day.
STSMMarket Price
Performance
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Market Price (%) | -18.17% | -18.17% | xx.xx% | xx.xx% | -31.70% |
| Total Return NAV (%) | -18.18% | -18.18% | xx.xx% | xx.xx% | -31.66% |
| 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% | -10.15% | xx.xx% | xx.xx% | -16.47% |
| Market Price (%) | xx.xx% | -10.57% | xx.xx% | xx.xx% | -16.54% |
| 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% | -7.03% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% | -6.68% |
| 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% |
| 2025 | |
|---|---|
| Total Return NAV(%) | xx.xx% |
| Market Price (%) | xx.xx% |
Fund Details
Data as of 02/17/2026Top Holdings
| Name | Symbol | Stock price | % Net assets | Shares Held | Market Value |
|---|---|---|---|---|---|
| Cash & Other | Cash&Other | $1.00 | 277.87% | 3,085,339 | $3,085,339 |
| United States Treasury Bill 02/19/2026 | 912797PM3 | $100.00 | 11.71% | 130,000 | $130,000 |
| United States Treasury Bill 03/19/2026 | 912797PV3 | $99.72 | 9.88% | 110,000 | $109,691 |
| First American Government Obligations Fund 12/01/2031 | FGXXX | $100.00 | 0.47% | 5,221 | $5,221 |
| Taiwan Semiconductor Swap Marex | 874039100-TRS-11/18/28-S-STSM | $362.26 | -37.13% | -1,138 | $-412,252 |
| Taiwan Semiconductor Swap Cs | 874039100-TRS-01/11/28-S-STSM | $362.26 | -41.27% | -1,265 | $-458,259 |
| Taiwan Semiconductor Swap Cantor-s | 874039100-TRS-11/01/28-S-STSM | $362.26 | -53.02% | -1,625 | $-588,673 |
| Taiwan Semiconductor Corp Swap Nm | 874039100-TRS-11/20/28-S-STSM | $362.26 | -68.51% | -2,100 | $-760,746 |
| Download Fund Documents |
|---|
Distributions
Declaration Date |
Ex-Div Date |
Record Date |
Payable Date |
Amount ($) |
|---|---|---|---|---|
12/29/2026 |
12/30/2026 |
12/30/2026 |
12/31/2026 |
$– |
| Declaration Date | Ex-Div Date | Record Date | Payable Date | Amount ($) | |
|---|---|---|---|---|---|
| 12/29/2025 | 12/30/2025 | 12/30/2025 | 12/31/2025 | — |
| Distribution Rate *
Payable As of |
-% |
| Distribution Frequency | Monthly |
| 30-Day SEC Yield ** As of — |
-% |
