What does SMST track?

SMST is the Defiance Daily Target 2x Short MSTR ETF, a Other ETF.

What is the expense ratio of SMST?

Expense ratio data for SMST is shown on the page when available from our data provider.

What are the largest holdings in SMST?

Top holdings include Cash & Other, STRATEGY INC SWAP JNST-S, MICROSTRATEGY INC SWAP - S- CANTOR, STRATEGY INC CS-S, STRATEGY INC SWAP MAREX-S.

How can PortView analyze SMST overlap with other ETFs?

PortView computes the holdings overlap between SMST and the other ETFs and stocks you own, plus your combined sector and geographic exposure, so you can see true diversification.

Defiance Daily Target 2x Short MSTR (SMST) ETF Holdings & Analysis

ETFOther

$13.66-1.69%

1-year price historyRange $11.21 – $149.79

52-week range$13.66

$10.70$154.16

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What SMST does

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.

Fund profile

Top holdings

	Holding	Weight
	Cash & Other	59.42%
	STRATEGY INC SWAP JNST-S	11.15%
	MICROSTRATEGY INC SWAP - S- CANTOR	10.24%
	STRATEGY INC CS-S	9.97%
	STRATEGY INC SWAP MAREX-S	7.44%
	STRATEGY INC SWAP BMO-S	1.19%
	United States Treasury Bill 11/19/2026	0.47%
	First American Government Obligations Fund 12/01/2031	0.11%

Sector allocation

Cash & Others

100.00%

PortView Portfolio Insights

PortView analyzes how SMST fits your actual portfolio — position weight, ETF overlap with your other funds, sector and geographic exposure, concentration, and how this fund contributes to your portfolio risk and return. Connect a portfolio to see your personalized figures; PortView never shows another user's private holdings.

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Frequently asked questions

What does SMST track?: SMST is the Defiance Daily Target 2x Short MSTR ETF, a Other ETF.
What is the expense ratio of SMST?: Expense ratio data for SMST is shown on the page when available from our data provider.
What are the largest holdings in SMST?: Top holdings include Cash & Other, STRATEGY INC SWAP JNST-S, MICROSTRATEGY INC SWAP - S- CANTOR, STRATEGY INC CS-S, STRATEGY INC SWAP MAREX-S.
How can PortView analyze SMST overlap with other ETFs?: PortView computes the holdings overlap between SMST and the other ETFs and stocks you own, plus your combined sector and geographic exposure, so you can see true diversification.

The information provided by PortView is for informational and educational purposes only and does not constitute investment advice. Market data may be delayed. Past performance does not guarantee future results.