Homepage

Daily Target 1.5X Short MSTR ETF

SMST NASDAQ Categories PDF
Financial Services · Asset Management · United States · Updated May 11, 7:52am
$24.02
Price
$12.3M
Market Cap
—
Employees
-2.60
Beta
Business Description

The Defiance Daily Target 2X Short SMCI ETF (the “Fund”) seeks daily investment results, before fees and expenses, of two times the inverse (-200%) of the daily percentage change in the share price of Super Micro Computer, Inc. (NASDAQ: SMCI). Because the Fund seeks daily inverse leveraged investment results, it is very different from most other exchange-traded funds and there is no guarantee that the Fund will meet its stated objective. The Fund should not be expected to provide -200% of the cumulative return of SMCI for periods greater than a single trading day.

Business History
Price Overview
Last updated: May 11, 2026 1:53pm (just now)
$22.18
-1.84 (-7.65%)
Day Range
$22.12 – $24.81
52-Week Range
$17.59 – $154.16
50-Day MA
$49.05
200-Day MA
$51.62
Volume
290,711.00
Share Structure
Outstanding 513,166.00
Float 0.00
Free Float 0.0%
Very low free float — 0.0% of shares trade freely, ~100% held by insiders/institutions
Thinly traded — expect wider bid-ask spreads and sharp price swings on modest volume. Institutional investors may avoid due to liquidity constraints.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
API
Stock Price / EPS (Diluted)
132.82
Stock Price: $24.02
EPS (Diluted): -0.20
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
3.72
Stock Price: $24.02
Total Equity: $1.18B
Shares: 47,299,813
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
-0.69
Market Cap: $12.33M
Total Debt: $0.00
Cash: $54.22M
EBITDA: $73.20M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$4.3B
Market Cap: $12.33M
Total Debt: $0.00
Cash: $54.22M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
0.0%
Gross Profit: $0.00
Revenue: $281.14M
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
21.0%
Operating Income: $59.10M
Revenue: $281.14M
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
-3.1%
Net Income: -$8.76M
Revenue: $281.14M
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
0.8%
Net Income: -$8.76M
Total Equity: $1.18B
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
46.1%
Operating Income: $59.10M
Tax Rate: 17.8%
Equity: $1.18B
Total Debt: $0.00
Cash: $54.22M
Zero debt — invested capital = equity minus cash (very efficient)
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
0.00
Current Assets: $54.22M
Current Liabilities: $0.00
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
0.00
Short-Term Debt: $0.00
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $1.18B
Zero debt — this company carries no debt obligations. Strongest possible score.
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$5.94
Revenue: $281.14M
Shares: 47,299,813
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$24.96
Total Equity: $1.18B
Shares: 47,299,813
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$1.80
Operating CF: $84.97M
CapEx: $0.00
Shares: 47,299,813
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $24.02
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$8.76M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares SMST against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2022 2023 2024 2025
Revenue $212.6M $233.0M $237.0M $281.1M
Cost of Revenue $0 $0 $0 $0
Gross Profit $212.6M $233.0M $237.0M $0
Operating Expenses $162.9M $65.4M $70.7M $222.0M
Operating Income $48.4M $70.6M $69.2M $59.1M
Net Income $6.3M -$2.7M -$18.4M -$8.8M
EBITDA $95.5M $70.6M $69.2M $73.2M
EPS $75.28 $-30.95 $-0.21 $-0.20
EPS (Diluted) — — — —
Balance Sheet (Annual)
Metric 2022 2023 2024 2025
Cash & Equivalents $39.5M $45.1M $23.1M $54.2M
Total Current Assets $101.9M $45.1M $23.1M $54.2M
Total Assets $1.6B $1.9B $2.0B $2.4B
Current Liabilities $0 $0 $0 $0
Long-Term Debt $0 $0 $0 $0
Total Liabilities $1.1B $1.1B $1.4B $1.2B
Total Equity $467.4M $404.3M $325.7M $1.2B
Retained Earnings -$164.5M -$167.3M -$185.6M -$194.4M
Cash Flow (Annual)
Metric 2022 2023 2024 2025
Operating Cash Flow $87.9M $73.2M $64.0M $85.0M
Capital Expenditure $0 $0 $0 $0
Free Cash Flow $87.9M $73.2M $64.0M $85.0M
Acquisitions (net) $0 $0 $0 -$8.1M
Debt Repayment — — — —
Dividends Paid — — — —
Stock Buybacks $0 $0 $0 $0
Net Change in Cash $1.4M $7.4M -$24.1M $30.1M
Growth Trends (YoY %)
Metric 2023 2024 2025
Revenue Growth +9.6% +1.7% +18.6%
Gross Profit Growth +9.6% +1.7% -100.0%
Operating Income Growth +46.0% -2.0% -14.6%
Net Income Growth -143.4% -569.4% +52.3%
EBITDA Growth -26.1% -2.0% +5.7%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2023-06-28 Valle Gerald F-InKind 608.22 $14.30 $8,698
2023-06-28 Terjung Michael O F-InKind 810.99 $14.30 $11,597
2023-06-28 Look Nicholas F-InKind 405.48 $14.30 $5,798
2023-06-28 Barry James R. F-InKind 810.99 $14.30 $11,597
2023-06-21 Mathews Paula M. A-Award 6,016.00 $0.00 $0
2023-06-21 Perry Harold A-Award 6,016.00 $0.00 $0
2023-06-21 Morris Timothy S. A-Award 5,595.00 $0.00 $0
2023-06-21 Mueller David J A-Award 6,016.00 $0.00 $0
2023-03-02 Robinson Joseph H A-Award 6,390.60 $0.00 $0
2023-03-02 Valle Gerald A-Award 4,125.40 $0.00 $0
2023-03-02 Terjung Michael O A-Award 5,500.50 $0.00 $0
2023-03-02 Look Nicholas A-Award 2,750.30 $0.00 $0
2023-03-02 Barry James R. A-Award 5,112.40 $0.00 $0
2023-03-02 Barry James R. F-InKind 1,767.86 $0.00 $0
2023-03-02 Johnson Wayne A-Award 13,751.40 $0.00 $0
2023-03-02 Schwartz H. Michael A-Award 68,756.90 $0.00 $0
2023-02-21 Robinson Joseph H A-Award 21,410.00 $0.00 $0
2023-02-21 Robinson Joseph H A-Award 21,091.00 $0.00 $0
2023-02-21 Terjung Michael O A-Award 10,076.00 $0.00 $0
2023-02-21 Terjung Michael O A-Award 9,925.00 $0.00 $0
Community AI Feedback
Sign in to Contribute
No community reviews yet for SMST. Be the first — export the analysis to your AI and contribute back.
My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27