{"url":"https://etfiq.com/compare/leverage/smcl-vs-smcx","section":"compare","title":"SMCL vs SMCX: which held to its multiple? | ETFIQ","description":"SMCL sets out to return +2 times SMCI each day and SMCX +2 times. Over the three months to Sep 30, 2026 they finished \u221219.5 pts and \u221224.1 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, SMCL or SMCX?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Are SMCL and SMCX levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on Super Micro Computer, SMCL at +2 times and SMCX at +2 times the daily move."}},{"@type":"Question","name":"Which one decays faster, SMCL or SMCX?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window SMCL\u2019s moved at 86% annualized and SMCX\u2019s at 86%, so SMCL has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold SMCL or SMCX for a year?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, SMCL or SMCX?","acceptedAnswer":{"@type":"Answer","text":"SMCL charges 1.50% a year and SMCX charges 1.32%, so SMCX is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"SMCL vs SMCX","item":"https://etfiq.com/compare/leverage/smcl-vs-smcx"}]},{"@type":"WebPage","name":"SMCL vs SMCX: which held to its multiple?","description":"SMCL sets out to return +2 times SMCI each day and SMCX +2 times. Over the three months to Sep 30, 2026 they finished \u221219.5 pts and \u221224.1 pts away.","url":"https://etfiq.com/compare/leverage/smcl-vs-smcx","dateModified":"2026-09-30","abstract":"Over the days both have traded, SMCL finished 19.5 points from its stated multiple and SMCX 24.1.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of SMCL and SMCX","description":"SMCL sets out to return +2 times SMCI each day and SMCX +2 times. Over the three months to Sep 30, 2026 they finished \u221219.5 pts and \u221224.1 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/smcl-vs-smcx","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":6575,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / SMCL vs SMCX \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n SMCL vs SMCX: which held to its multiple?\n\n Over the days both have traded, SMCL finished 19.5 points from its stated multiple and SMCX 24.1.\n Copy this for sharing \n \n GraniteShares 2x Long SMCI Daily ETF and Defiance Daily Target 2X Long SMCI ETF.\n\n Download as PDF \n\n +77.5% SMCL returned, 3 months \n +73.0% SMCX returned, 3 months \n \u221219.5 pts SMCL from its stated multiple \n \u221224.1 pts SMCX from its stated multiple \n\n ETFIQ Decay Resistance Score: SMCL scores higher\n Did","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/smcl-vs-smcx","a":{"ticker":"SMCL","name":"GraniteShares 2x Long SMCI Daily ETF","issuer":"GraniteShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SMCL returned +77.5% where its own daily promise gave +86.9%, 9.4 points short.","url":"https://etfiq.com/funds/smcl","key_facts":[{"label":"What SMCI did","value":"+48.5%","as_of":"2026-09-30","source":null},{"label":"What 2 times a day gives","value":"+86.9%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+77.5%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22129.4 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$49m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.50%","as_of":"2026-09-30","source":"485BPOS XBRL, Oct 24, 2025"}]},"b":{"ticker":"SMCX","name":"Defiance Daily Target 2X Long SMCI ETF","issuer":"Defiance","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SMCX returned +73.0% where its own daily promise gave +86.9%, 13.9 points short.","url":"https://etfiq.com/funds/smcx","key_facts":[{"label":"What SMCI did","value":"+48.5%","as_of":"2026-09-30","source":null},{"label":"What 2 times a day gives","value":"+86.9%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+73.0%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u221213.9 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$192m","as_of":"2026-09-30","source":"the issuer\u2019s own daily fund list, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.32%","as_of":"2026-09-30","source":"485BPOS XBRL, Aug 24, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/smcl-vs-smcx"}