# SMCZ (Defiance Daily Target 2X Short SMCI ETF)

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

Three months to Sep 11, 2026: SMCZ returned −73.9% where its own daily promise gave −72.3%, 1.6 points short.

## Key facts

- SMCZ, what SMCI did: +31.6%, as of Sep 11, 2026.
- SMCZ, what −2 times a day gives: −72.3%, as of Sep 11, 2026.
- SMCZ, what the fund returned: −73.9%, as of Sep 11, 2026.
- SMCZ, the fund itself cost: −1.6 pts, as of Sep 11, 2026.
- SMCZ, net assets: $5m (source, as filed for Apr 30, 2026).
- SMCZ, expense ratio: 1.55% (485BPOS XBRL, Aug 26, 2026).

## SMCZ over each window to Sep 11, 2026

| Window | Fund | SMCI | -2x the move | Difference | SMCI moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −21.3% | +6.6% | −13.2% | −8.1 pts | 61% |
| 3 months | −73.9% | +31.6% | −63.3% | −10.6 pts | 95% |
| 6 months | −92.9% | +30.4% | −60.8% | −32.1 pts | 112% |
| 1 year | −93.0% | −8.8% | +17.5% | −110.5 pts | 91% |
| Since launch | −98.2% | +14.4% | −28.8% | −69.4 pts | 88% |

## 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 | -2.34 times, against -2 stated | ETFIQ |
| Underlying | SMCI | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $5m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.55% | 485BPOS XBRL, Aug 26, 2026 |
| Launched | Apr 1, 2025 | ETFIQ |
| Underlying volatility over the window | 95% annualized | ETFIQ |

## Questions

### Did SMCZ return -2 times SMCI?

Over the window to Sep 11, 2026, SMCI moved +31.6% and SMCZ returned −73.9%. 2 times that move is −63.3%, so the fund came out 10.6 points short of it.

### Why does SMCZ not return -2 times over a year?

Because it resets daily. SMCZ 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.


## Cite this page

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

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