Stock fact sheet · data as of
Defiance Daily Target 2x Short MSTR ETF (SMST): fair value, margin of safety and Wheel Score
Ticker symbol SMST · Financial Services · Asset Management · United States · Fund / Note
Is SMST undervalued?
At 13.13 (close of 5 Nov 2026), SMST trades 56% below the GLS average fair value of 30.10. That average comes from 7 models run on the latest filings, and 5 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns Defiance Daily Target 2x Short MSTR ETF the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
There is a wide gap between EPV (5.80) and DCF (62.73). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
SMST looks like a fund, note or preferred share rather than an operating company, so the nightly engine files it under Fund / Note: the valuation models are not built for it, and its Wheel Score is capped at 45.
Nine valuation models for SMST
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 62.73 | +378% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 15.68 | +19% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 29.85 | +127% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 13.05 | -1% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 31.95 | +143% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | 51.66 | +293% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 5.80 | -56% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -2,273.69 | -17417% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Defiance Daily Target 2x Short MSTR ETF scores 5 of 9 on the Piotroski F-score: a middling result that falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. There is no GLS Moat score for SMST: funds, notes and second share lines get none, and so does a company with fewer than two years of accounts on file. The Moat part of the Wheel Score is zero.
Returns on capital are thin or negative - ROIC -0.7%, ROE -0.7%, ROA -0.4% - with debt at 0.00 times equity and a free-cash-flow yield of 1739.9%.
Defiance Daily Target 2x Short MSTR ETF pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Property Management 66%, Asset Management 35% (quarter Q1 FY2026).
Institutional ownership scores 1/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 5 / 9 | ROIC | -0.7% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | -0.7% |
| Debt / equity | 0.00 | ROA | -0.4% |
| Free-cash-flow yield | 1739.9% | Payout ratio | 130% |
| Institutions | 1 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 29: Weak
With a Wheel Score of 29 Defiance Daily Target 2x Short MSTR ETF sits in the Weak band. It fails filter 1, options that actually trade - options too quiet (896 open interest, 355 a day); and filter 2, a real business, not a gamble - a fund or note, not a company; and filter 4, financially healthy - Piotroski 5/9 (under 6); and filter 7, a premium worth selling - implied volatility 148% (over 80%); and filter 8, big enough - market cap $6M (under $1.0B); Premium (weak) is its weakest part.
Implied volatility is 148%, above the 80% ceiling of the Wheel Trade Filter on premium. The premium looks generous, but moves of that size can blow through any strike. Chain open interest is thin - 896 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 1.3M shares a day on a market cap of $6M, with a beta of -3.61 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (896 open interest, 355 a day) |
| 2 | A real business, not a gamble | Fails | a fund or note, not a company |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 5/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | implied volatility 148% (over 80%) |
| 8 | Big enough | Fails | market cap $6M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 56% below fair value | |
| Premium | Weak | implied volatility 148% | |
| Moat | Weak | no moat score | |
| Health | Fair | Piotroski 5/9 | |
| Red Flags | Strong | Red Flags score 90/100 | |
| Option trading | Weak | 355 contracts a day, 896 open interest | |
| Stability | Fair | beta -3.61, $6M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for SMST in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management
The 12 companies below are the closest to Defiance Daily Target 2x Short MSTR ETF by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| ALTEX Firsthand Alternative Energy | 11.26 | 1,332.47 | +99% | 24No options | $8M |
| TWAV TaoWeave, Inc. | 1.31 | - | - | 7No options | $5M |
| WNMLA Winmill & Co. Incorporated | 5.99 | 46.33 | +87% | 32No options | $8M |
| BBLS Munificent Seven ETF | 26.28 | 0.2032 | -12833% | 12No options | $8M |
| NMBL NovaTide Flexible Allocation ETF | 20.59 | 29.67 | +31% | 23No options | $9M |
| CWD CaliberCos Inc. | 0.4487 | - | - | 10No options | $5M |
| EQS Equus Total Return Inc | 0.6400 | - | - | 13No options | $9M |
| CAFRX Commonwealth Africa Fund | 12.12 | 371.53 | +97% | 28No options | $9M |
| ICMB Investcorp Credit Management BDC, Inc. | 0.6592 | 9.41 | +93% | 25Weak | $10M |
| TETAB Alpha G Investment Management, Inc. | 12.83 | 10.54 | -22% | 18No options | $4M |
| HZEN Grayscale Horizen Trust (ZEN) | 0.6000 | - | - | 9No options | $10M |
| SFES Safeguard Scientifics, Inc. | 0.6000 | 29.17 | +98% | 26No options | $10M |
⚖ Compare SMST with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about SMST
Is SMST undervalued right now?
By the GLS models, yes: at 13.13 the stock is 56% below the average fair value of 30.10 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of SMST and what does it mean?
SMST scores 29 out of 100 (Weak) - it fails Wheel Trade Filters 1, 2, 4, 7, 8. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for SMST?
30.10 per share as of 5 Nov 2026 - the simple average of the 7 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Defiance Daily Target 2x Short MSTR ETF report earnings next?
No upcoming earnings date is recorded for SMST in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does SMST have listed options, and how liquid are they?
Yes. The nightly snapshot found 72 listed contracts with 896 open interest across all expiries and implied volatility of 148% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.