# SMCX (Defiance Daily Target 2X Long SMCI ETF)

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

Three months to Sep 11, 2026: SMCX returned +32.3% where its own daily promise gave +42.8%, 10.5 points short.

## Key facts

- SMCX, what SMCI did: +31.6%, as of Sep 11, 2026.
- SMCX, what +2 times a day gives: +42.8%, as of Sep 11, 2026.
- SMCX, what the fund returned: +32.3%, as of Sep 11, 2026.
- SMCX, the fund itself cost: −10.5 pts, as of Sep 11, 2026.
- SMCX, net assets: $106m (source, as filed for Apr 30, 2026).
- SMCX, expense ratio: 1.32% (485BPOS XBRL, Aug 24, 2026).

## SMCX over each window to Sep 11, 2026

| Window | Fund | SMCI | +2x the move | Difference | SMCI moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +8.1% | +6.6% | +13.2% | −5.1 pts | 61% |
| 3 months | +32.3% | +31.6% | +63.3% | −31.0 pts | 95% |
| 6 months | −37.8% | +30.4% | +60.8% | −98.6 pts | 112% |
| 1 year | −78.7% | −8.8% | −17.5% | −61.2 pts | 91% |
| Since launch | −98.1% | −33.7% | −67.4% | −30.7 pts | 102% |

## 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 | +1.02 times, against +2 stated | ETFIQ |
| Underlying | SMCI | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $106m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.32% | 485BPOS XBRL, Aug 24, 2026 |
| Launched | Aug 22, 2024 | ETFIQ |
| Underlying volatility over the window | 95% annualized | ETFIQ |

## Questions

### Did SMCX return +2 times SMCI?

Over the window to Sep 11, 2026, SMCI moved +31.6% and SMCX returned +32.3%. 2 times that move is +63.3%, so the fund came out 31.0 points short of it.

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

Because it resets daily. SMCX 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, SMCX, data as of Sep 11, 2026. https://etfiq.com/funds/SMCX
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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