Defiance Daily Target 2X Short TSM ETF
STSM
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ROIC.AI
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- Defiance Daily Target 2X Short TSM ETF is an actively managed exchange-traded fund sponsored by Defiance and organized under Tidal Trust II that seeks daily inverse investment results equal to -2 times the daily percentage change in the share price of Taiwan Semiconductor Manufacturing Company Limited’s ADR, using swaps and listed options to maintain its leveraged short exposure. The fund is designed for short-term tactical trading rather than long-term holding, is classified as non-diversified, and charges a gross expense ratio of 1.31%; it was launched on November 17, 2025, is listed on NYSE Arca under the ticker STSM, and is based in the United States with portfolio exposure tied to TSM’s semiconductor business and global technology markets. In recent developments, the fund updated its public summary prospectus on August 27, 2026, and its website disclosure as of September 4, 2026 showed net assets of $962,888.28, shares outstanding of 56,657, NAV of $17.00, closing price of $16.98, and holdings concentrated in cash, government money market instruments, and multiple TSM total return swap positions.