# SMCL (GraniteShares 2x Long SMCI Daily ETF)

GraniteShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: SMCL returned +35.3% where its own daily promise gave +42.8%, 7.4 points short.

## Key facts

- SMCL, what SMCI did: +31.6%, as of Sep 11, 2026.
- SMCL, what +2 times a day gives: +42.8%, as of Sep 11, 2026.
- SMCL, what the fund returned: +35.3%, as of Sep 11, 2026.
- SMCL, the fund itself cost: −7.4 pts, as of Sep 11, 2026.
- SMCL, net assets: $39m (source, as filed for Jun 30, 2026).
- SMCL, expense ratio: 1.50% (485BPOS XBRL, Oct 24, 2025).

## SMCL over each window to Sep 11, 2026

| Window | Fund | SMCI | +2x the move | Difference | SMCI moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +8.5% | +6.6% | +13.2% | −4.8 pts | 61% |
| 3 months | +35.3% | +31.6% | +63.3% | −28.0 pts | 95% |
| 6 months | −34.3% | +30.4% | +60.8% | −95.1 pts | 112% |
| 1 year | −77.4% | −8.8% | −17.5% | −59.8 pts | 91% |
| Since launch | −88.4% | +5.7% | +11.4% | −99.8 pts | 92% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of SMCI, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.12 times, against +2 stated | ETFIQ |
| Underlying | SMCI | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $39m | source, as filed for Jun 30, 2026 |
| Expense ratio | 1.50% | 485BPOS XBRL, Oct 24, 2025 |
| Launched | Dec 12, 2024 | ETFIQ |
| Underlying volatility over the window | 95% annualized | ETFIQ |

## Questions

### Did SMCL return +2 times SMCI?

Over the window to Sep 11, 2026, SMCI moved +31.6% and SMCL returned +35.3%. 2 times that move is +63.3%, so the fund came out 28.0 points short of it.

### Why does SMCL not return +2 times over a year?

Because it resets daily. SMCL aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which +2x SMCI ETF tracked its stated multiple most closely?

3 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

ETFIQ, SMCL, data as of Sep 11, 2026. https://etfiq.com/funds/SMCL
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/SMCL  ·  JSON: https://etfiq.com/funds/SMCL.json