Tidal Trust II Defiance Daily Target 2x Short MSTR ETF (SMST)

• Market cap: $39.3M
• 1 day: 2.47%
• 5 days: 8.03%
• 1 month: 6.30%
• 3 months: -68.06%
• 6 months: -71.98%
• Year to date: -81.96%
• 1 year: -98.48%
• 5 years: -98.48%
• 10 years: -98.48%

Fund manager confidence

Based on 2025 Q1 regulatory disclosures by fund managers ($100M+ AUM)

167% more repeat investments, than reductions

Existing positions increased: 8 | Existing positions reduced: 3

1% less call options, than puts

Call options by funds: $2.59M | Put options by funds: $2.62M

6% less funds holding

Funds holding: 16 [Q4 2024] → 15 (-1) [Q1 2025]

15.98% less ownership

Funds ownership: 26.8% [Q4 2024] → 10.81% (-15.98%) [Q1 2025]

20% less first-time investments, than exits

New positions opened: 4 | Existing positions closed: 5

50% less capital invested

Capital invested by funds: $16.7M [Q4 2024] → $8.3M (-$8.44M) [Q1 2025]