# SMU (Tradr 2X Long SMR Daily ETF)

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

Three months to Sep 11, 2026: SMU returned −42.7% where its own daily promise gave −38.7%, 4.0 points short.

## Key facts

- SMU, what SMR did: −12.9%, as of Sep 11, 2026.
- SMU, what +2 times a day gives: −38.7%, as of Sep 11, 2026.
- SMU, what the fund returned: −42.7%, as of Sep 11, 2026.
- SMU, the fund itself cost: −4.0 pts, as of Sep 11, 2026.
- SMU, net assets: $64m (source, as filed for Jun 30, 2026).
- SMU, expense ratio: 1.30% (485BPOS XBRL, Jul 23, 2026).

## SMU over each window to Sep 11, 2026

| Window | Fund | SMR | +2x the move | Difference | SMR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −27.6% | −10.2% | −20.4% | −7.2 pts | 101% |
| 3 months | −42.7% | −12.9% | −25.9% | −16.8 pts | 93% |
| 6 months | −70.8% | −27.0% | −54.1% | −16.7 pts | 97% |
| 1 year | −98.4% | −75.5% | −151.1% | +52.7 pts | 103% |
| Since launch | −98.8% | −77.0% | −154.1% | +55.3 pts | 101% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of SMR, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +3.3 times, against +2 stated | ETFIQ |
| Underlying | SMR | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $64m | source, as filed for Jun 30, 2026 |
| Expense ratio | 1.30% | 485BPOS XBRL, Jul 23, 2026 |
| Launched | Jul 11, 2025 | ETFIQ |
| Underlying volatility over the window | 93% annualized | ETFIQ |

## Questions

### Did SMU return +2 times SMR?

Over the window to Sep 11, 2026, SMR moved −12.9% and SMU returned −42.7%. 2 times that move is −25.9%, so the fund came out 16.8 points short of it.

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

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

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