- What are the top holdings of SMST?
- Defiance Daily Target 2x Short MSTR ETF holds 8 securities in total. The largest positions and their portfolio weights are listed on the Holdings tab.
- How many holdings does SMST have?
- SMST holds 8 positions as reported by the fund's most recent disclosure.
- What sectors does SMST invest in?
- Defiance Daily Target 2x Short MSTR ETF (SMST) allocates across the sectors shown above. The largest exposure tops the list; the rest follow in descending weight order.
- What sector is SMST most exposed to?
- SMST's full sector breakdown is on the Sectors tab. The largest sector weight is shown there along with the rest of the allocation.
- Is SMST a US-only fund?
- The country allocation card on this page shows SMST's geographic exposure. Funds with > 95% US weight are effectively US-only; international or global funds will show meaningful weights across multiple countries.
- What does SMST invest in?
- 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.
