Which came closer to its stated multiple, SMCL or SMCX?

Over the window to Sep 30, 2026, SMCL finished 19.5 points from what its multiple implies and SMCX finished 24.1 points from its own, so SMCL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are SMCL and SMCX levered on the same thing?

Yes. Both are levered on Super Micro Computer, SMCL at +2 times and SMCX at +2 times the daily move.

Which one decays faster, SMCL or SMCX?

Decay follows how much the underlying moves about. Over this window SMCL’s moved at 86% annualized and SMCX’s at 86%, so SMCL has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold SMCL or SMCX for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, SMCL or SMCX?

SMCL charges 1.50% a year and SMCX charges 1.32%, so SMCX is cheaper. Fees come from each fund's prospectus.

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SMCL vs SMCX: which held to its multiple?

Over the days both have traded, SMCL finished 19.5 points from its stated multiple and SMCX 24.1. GraniteShares 2x Long SMCI Daily ETF and Defiance Daily Target 2X Long SMCI ETF.

+77.5%

SMCL returned, 3 months

+73.0%

SMCX returned, 3 months

−19.5 pts

SMCL from its stated multiple

−24.1 pts

SMCX from its stated multiple

SMCL · 3 months to Sep 30, 202619.5 pts short of its stated multiple

SMCL returned +77.5% while 2 times SMCI's move would have been +97.1%

SMCX · 3 months to Sep 30, 202624.1 pts short of its stated multiple

SMCX returned +73.0% while 2 times SMCI's move would have been +97.1%

ETFIQ Decay Resistance Score · SMCL scores higherDid it keep up with its own daily multiple, compounded day by day?

SMCL 2.4

SMCX 1

0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	SMCL	SMCX	SMCL	SMCX	SMCL	SMCX
1 month	+15.2%	+14.4%	+20.3%	+20.3%	−5.1 pts	−5.9 pts
3 months	+77.5%	+73.0%	+97.1%	+97.1%	−19.5 pts	−24.1 pts
6 months	+72.5%	+64.3%	+164.9%	+164.9%	−92.4 pts	−100.6 pts
1 year	−80.3%	−81.6%	−28.7%	−28.7%	−51.6 pts	−53.0 pts
Since launch SMCL Dec 2024 · SMCX Aug 2024	−88.2%	−98.1%	+16.6%	−64.2%	−104.8 pts	−33.9 pts

SMCL and SMCX over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

SMCL

GraniteShares 2x Long SMCI Daily ETF · Aims to return twice the daily move of Super Micro Computer (SMCI)

SMCX

Defiance Daily Target 2X Long SMCI ETF · Aims to return twice the daily move of Super Micro Computer (SMCI)

Issuer GraniteShares Defiance

Sets out to return +2x +2x

Underlying asset SMCI SMCI

Segment company company

Fund returned, 3 months or since launch +77.5% +73.0%

Underlying returned, over that window +48.5% +48.5%

What the stated multiple implies, over that window +97.1% +97.1%

Difference from stated, over that window −19.5 pts −24.1 pts

Fund returned, 1 year or since launch −80.3% −81.6%

Difference from stated, over that window −51.6 pts −53.0 pts

Underlying volatility 86% 86%

Difference over the days both have traded −19.5 pts −24.1 pts

Expense ratio 1.50% 1.32%

Launched Dec 12, 2024 Aug 22, 2024

Net assets $49m $192m

SMCL and SMCX on the same fields, as of Sep 30, 2026. Source: ETFIQ.

SMCL in plain words

Three months to Sep 30, 2026: SMCL returned +77.5% where its own daily promise gave +86.9%, 9.4 points short. Read the multiple against the whole window instead and 2 times SMCI's 48.5% implies +97.1%, which makes SMCL look 19.5 points short. 10.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. SMCL aims to return +2 times SMCI's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. SMCI moved at 86% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

SMCX in plain words

Three months to Sep 30, 2026: SMCX returned +73.0% where its own daily promise gave +86.9%, 13.9 points short. Read the multiple against the whole window instead and 2 times SMCI's 48.5% implies +97.1%, which makes SMCX look 24.1 points short. SMCX aims to return +2 times SMCI's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, SMCL or SMCX?: Over the window to Sep 30, 2026, SMCL finished 19.5 points from what its multiple implies and SMCX finished 24.1 points from its own, so SMCL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are SMCL and SMCX levered on the same thing?: Yes. Both are levered on Super Micro Computer, SMCL at +2 times and SMCX at +2 times the daily move.
Which one decays faster, SMCL or SMCX?: Decay follows how much the underlying moves about. Over this window SMCL’s moved at 86% annualized and SMCX’s at 86%, so SMCL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold SMCL or SMCX for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, SMCL or SMCX?: SMCL charges 1.50% a year and SMCX charges 1.32%, so SMCX is cheaper. Fees come from each fund's prospectus.

Other comparisons

SMCL vs SMCC SMCL vs SMCZ SMCX vs SMCC SMCX vs SMCZ

SMCL on its own →SMCX on its own →How every figure is computed →Standards and sources →

Where these figures came from

SMCL filings on SEC EDGAR ↗SMCL prospectus with the expense ratio (SEC) ↗GraniteShares page for SMCL ↗SMCX filings on SEC EDGAR ↗SMCX prospectus with the expense ratio (SEC) ↗Defiance page for SMCX ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, SMCL against SMCX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/smcl-vs-smcx

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.