SMSTDefiance Daily Target 2X Short MSTR ETF
Seeks daily inverse investment results of -2 times the daily percentage change in the share price of MicroStrategy Incorporated.
By Defiance ETFs LLC · Launched 2024
1.31%
#5,603 of 5,854 · expensive
$49M
#3,658 of 5,854 · mid-size
+158.8%
1 year
#3,658 of 5,854 · seasoned
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
What's inside
How Beacon categorizes this fundAsset class
EquityStrategy
Inverse
What it actually holds
By weightConcentration
single-stock bet — holdings shown are derivatives collateral, not diversification
Asset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Needs 3+ years of history
Needs 3+ years of history
Listing
- Exchange
- NASDAQ Global Select Market
Full fund details
- Objective
- Seeks daily inverse investment results of -2 times the daily percentage change in the share price of MicroStrategy Incorporated.
- Strategy
- Actively managed ETF aiming for -200% of the daily performance of MicroStrategy Incorporated using derivatives like swaps and options. Focused on achieving this result for a single trading day only.
- Inception date
- August 20, 2024
- Fund family
- Defiance ETFs LLC
Similar funds
Same asset class, closest by strategy & exposureOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Most of these lose money
These funds amplify one stock's daily move, then reset every day. More than half of them have lost money outright, and the daily reset plus financing costs drag roughly 9.5% a year off the return. The longer you hold, the more that compounding works against you.
You can be right and still lose
This fund returns the opposite of its benchmark's daily move, then resets. Hold it longer and the daily compounding takes over: the market can move your way over a week and you still finish down. It works as a one-day hedge and nothing beyond that.
Sources: Bessembinder, 'Leveraged Single-Stock ETFs' (SSRN 2025) · Cheng & Madhavan, 'The Dynamics of Leveraged and Inverse ETFs' (2009)
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
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Data updated on 2026-08-03