Tidal Trust II's board of trustees has authorized a 1-for-20 reverse stock split of the Defiance Daily Target 2X Short MSTR ETF (NASDAQ:SMST), effective after the close of trading on May 22, Tidal Financial Group said on Monday.
Under the terms of the split, every twenty shares of SMST will be consolidated into one share. This adjustment will reduce the number of shares outstanding by about 95%.
As a result, both the fund’s per-share net asset value and opening market price on May 23 will adjust twenty times their pre-split values. SMST finished Monday's session at $1.22 per share.
SMST is an exchange-traded fund that aims to deliver -200% of the daily performance of Strategy's (NASDAQ:MSTR) stock price, using leverage to amplify inverse returns. Investors profit if MSTR's stock price falls.
MSTR jumped 42.75% so far this year and 186% Y/Y, leaving SMST investors deep in the red.
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