DefianceSingle-Stock Leverage#187 of 228 by YTD

Defiance Daily Target 2x Short MSTR ETFSMST

1D 1M 3M YTD 1Y3Y5YMAX

S&P 500 Compare

$15.66+0.9%

+$0.14 · Nov 6 close

Buy

AUM: $14M
Fee: 1.38%
Yield: 0.0%

Bumpy · 1Y: 12.1×S&P
Volume: 775K
NAV: $15.65

52-week range90% below the high

$10.70$154

Returns	1D	1M	3M	YTD	1Y	3Y	5Y	MAX
Total return	+0.9%	+16.9%	−71.1%	−83.1%	−61.2%	—	—	−99.1%
Peer average	+5.9%	−25.5%	−30.4%	−34.4%	−41.8%	+18.5%	—	—
S&P 500 · VOO	+0.3%	−5.0%	−4.6%	+8.7%	+9.8%	+80.8%	+71.8%	—

SMST in One Breath

SMST Among Single-Stock Leverage ETFs

YTD

#1PBRGLeverageShares+316.4%$2.0M

#2DLLLGraniteShares+279.1%$75.3M

#3MUUDirexion+176.7%$1.4B

#4MULLGraniteShares+166.9%$206M

#5OSCXDefiance+157.0%$7.2M

#6AMUUDirexion+146.1%$41.3M

#7AMDLGraniteShares+142.1%$537M

#8AMDGLeverageShares+141.3%$16.3M

#187SMSTDefiance−83.1%$13.8M

End-of-day Nov 8, 2026 · 228 Single-Stock Leverage ETFs by YTD

$10,000 in SMST

$10,000 in SMST became

$85

In the S&P 500 (VOO)

$13,480

Total return, dividends in · Aug 21, 2024 – Nov 6, 2026 · S&P 500 uses VOO

SMST Returns by Period

Today

YTD

MAX

SMST

+0.9%

+16.9%

−71.1%

−83.1%

−61.2%

—

−99.1%

Peer average

+5.9%

−25.5%

−30.4%

−34.4%

−41.8%

+18.5%

—

S&P 500 · VOO

+0.3%

−5.0%

−4.6%

+8.7%

+9.8%

+80.8%

+71.8%

—

End-of-day Nov 8, 2026 · total return, dividends in · peers = 390 Single-Stock Leverage ETFs

SMST’s Single-Stock Leverage Rank

YTD

#187of 228
single-stock leverage ETFs

Best · PBRG+316.4%

Average−34.4%

SMST−83.1%

Worst · SMUP−99.5%

Single-Stock Leverage ETFs by YTD return · Nov 8, 2026

SMST Price and 52-Week Range

From the 52-week high

−89.8%

From the 52-week low

+46.4%

Today $15.26 – $16.41

Previous close $15.52

$15.66 now

52-week low$10.7052-week high$154.16

End-of-day Nov 8, 2026 · box = today’s range, dashed = previous close

SMST’s Size vs Its Peers

Today

$13.8M#150 by size of 391 single-stock leverage ETFs

AUM · SMST and the 5 largest peers · Nov 8, 2026

SMST Fee per $100 vs Peers

Today

$1.38a year
per $100

$138 a year on $10,000

TSLL$0.95

GGLL$0.96

MUU$1.01

SMST$1.38

SNXX$1.49

NVDL$1.65

Expense ratio · Single-Stock Leverage peers · Nov 8, 2026

Inside SMST

8 holdings

SMST

Defiance Daily Target 2x Short MSTR ETF

Today

SMST gets its 2× exposure through swaps and futures, so a list of holdings would not show what you own: […]

Defiance SMST · holdings

How It Compares

SMST

Defiance Daily Target 2x Short MSTR ETF’s Peers

Today

		Trend
TSLL	DirexionRead Desk		0.95%	+8.6%	−57.5%	$2.6B
NVDL	GraniteSharesRead Desk		1.65%	+5.4%	−28.9%	$2.3B
MUU	DirexionRead Desk		1.01%	+9.2%	+267.5%	$1.4B
GGLL	DirexionRead Desk		0.96%	+1.4%	−19.0%	$998M
SNXX	TradrRead Desk	New fund	1.49%	+6.8%	new	$574M
SMST	DefianceThis fundRead Desk		1.38%	+0.9%	−61.2%	$14M

Single-Stock Leverage peers · Today’s and past-year returns · as of Nov 9, 2026 · sorted by AUM

Head to Head

Put SMST head to head with TSLL →

TSLL vs SMST

YTD

TSLLDirexionSMSTDefiance

Year to date

−52.9%

−83.1%

TSLL wins+30.2 pts

Past year

−57.5%

−61.2%

TSLL wins+3.8 pts

Fee

0.95%

1.38%

TSLL winslower fee

Yield

11.0%

0.0%

TSLL wins+11.0 pts

AUM

$2.6B

$13.8M

TSLL191.3× more

4–0TSLL wins

Direxion TSLL and Defiance SMST · year-to-date · as of Nov 9, 2026 · AUM not scored

SMST vs VOO

YTD

SMST · Defiance Daily Target 2x Short MSTR

−83.1%

VOO · S&P 500

+8.7%

Gap

91.9 pts

Defiance SMST and Vanguard VOO · Today total return · as of Nov 9, 2026

SMST vs Its Peer Average

YTD

SMSTAvsBPeer average

1D+0.9%+5.9%

1M+16.9%−25.5%

3M−71.1%−30.4%

YTD−83.1%−34.4%

1Y−61.2%−41.8%

3Y[…]+18.5%

1–4Peer average wins

390 Single-Stock Leverage peers · each row scaled to its leader

How Bumpy Is SMST?

View

SMST

How Bumpy

12.1×the S&P 500’s swings

CalmerBumpierS&P 1×SMST

S&P 500 swings · 1Y13.6%

Defiance SMST · daily swings over the past year vs the S&P 500

SMST

Worst Drop

−92.5%from its Feb 5 high

Still below the high−89.5%

$10,000 at the high is now$1,050

Defiance SMST · fall from the highest close, past year

SMST

On a Bad Day

−7.5×rose, on average, when the S&P 500 fell

SMST’s worst day: Friday, Feb 6

SMST

−52.3%

S&P 500

1.9%

Up days56 of every 100

S&P 500 up days52 of every 100

Defiance SMST · average move on days the S&P 500 fell

SMST

Return for the Bumps

1Y#4 of 6 single-Stock Leverage funds

#1MUUDirexion · 2×

most for the bumps

#2AMDLGraniteShares · 2×

#3GGLLDirexion · 2×

lost money

#4SMSTDefiance · −2×

lost money

#5NVDLGraniteShares · 2×

lost money

#6TSLLDirexion · 2×

lost money

Ranked by return above cash for each unit of bumpiness (Sharpe ratio) · cash = 3.8%

SMST

Cost

Today

$138a year per $10,000

TSLL

$95

GGLL

$96

MUU

$101

SMST

$138

SNXX

$149

NVDL

$165

AMDL

$189

Expense ratio 1.38%, taken from the fund’s value

SMST

Volatility & Beta

164.9%annual volatility

S&P 500 volatility13.6%

Downside volatility123.9%

Beta vs SPY−6.17

Correlation vs SPY−0.51

Lowest beta of 6 single-Stock Leverage fundsSMST

Daily total returns × √252 · past 254 trading days

SMST

Max Drawdown

−92.5%peak to trough

Peak closeFeb 5, 2026

Current drawdown−89.5%

Worst day−52.35% · Feb 6

Closing prices, dividends in

SMST

Up / Down Capture

−751%down capture vs SPY

Down days

−751%

Up days

−600%

S&P 500

100%

Up ÷ down capture[…]

Up days55.9% (S&P 52.0%)

Average daily move on SPY up days and down days

SMST

Sharpe & Sortino vs Peers

Fund	Sharpe	Sortino	Volatility	Max DD	Beta	Fee / $10k
MUU 2×	1.60	2.54	167.1%	−79.4%	6.73	$101
AMDL 2×	0.35	0.53	144.7%	−65.3%	6.78	$189
GGLL 2×	−0.33	−0.47	67.8%	−57.1%	2.67	$96
SMST −2×	−0.38	−0.51	164.9%	−92.5%	−6.17	$138
NVDL 2×	−0.53	−0.75	76.5%	−47.7%	3.77	$165
TSLL 2×	−0.68	−0.92	91.9%	−70.1%	4.27	$95

Sharpe = (return − 3.8% cash) ÷ volatility · Sortino uses downside volatility only

SMST

Trading

Today

+0.06%above its holdings’ value

Close$15.66

NAV$15.65

Fee per $10,000$138 a year

Avg. volume 30D1.5M shares

Premium / discount history starts once daily NAV is saved

Close vs net asset value, Nov 6

The Details

SMST

Fund Facts

Today

2024launched Aug 20

Tracks[…]

Exchange · CUSIPNASDAQ · 88636V769

StructureETF

Leverage-2x

Cost on $10,000$138 a year

Go deeper

Prospectus & documents Trading & liquidity Fees & costs Distributions

Defiance SMST · fund facts · as of Nov 9, 2026

SMST

Payouts by Year

Today

$0no payouts on record

SMST does not pay a distribution.

Distribution yield0.0%

Paid[…]

Latest ex-date · paid[…]

12 payouts added up[…]

Defiance SMST · distributions by ex-date

All Fund FactsDocuments · trading · fees · every payout

Prospectus & Documents

SEC reported portfolio · 2026-07-31 ↗summary prospectus · SEC 497K ↗SEC reported portfolio · 2026-04-30 ↗SEC reported portfolio · 2026-01-31 ↗SEC reported portfolio · 2025-10-31 ↗

Trading & Liquidity

Net asset value$15.65

Premium / discount[…]

Median spread · 30D[…]

Volume today775K

Average volume · 30D1.5M

Shares outstanding[…]

Options[…]

Fees & Costs

Net expense ratio1.38%

Gross expense ratio[…]

Management fee[…]

Cost on $10,000 a year$138.00

Our risk indicator5/5

Estimated yearly cost excludes trading costs and assumes constant assets.

Distributions

No payouts on record: […]

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