# SMZ (Tradr 2X Short SMR Daily ETF)

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

Three months to Sep 11, 2026: SMZ returned −34.0% where its own daily promise gave −31.5%, 2.5 points short.

## Key facts

- SMZ, what SMR did: −12.9%, as of Sep 11, 2026.
- SMZ, what −2 times a day gives: −31.5%, as of Sep 11, 2026.
- SMZ, what the fund returned: −34.0%, as of Sep 11, 2026.
- SMZ, the fund itself cost: −2.5 pts, as of Sep 11, 2026.
- SMZ, net assets: $2m (source, as filed for Jun 30, 2026).
- SMZ, expense ratio: 1.49% (485BPOS XBRL, Jan 20, 2026).

## SMZ over each window to Sep 11, 2026

| Window | Fund | SMR | -2x the move | Difference | SMR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −4.7% | −10.2% | +20.4% | −25.1 pts | 101% |
| 3 months | −34.0% | −12.9% | +25.9% | −59.9 pts | 93% |
| 6 months | −60.5% | −27.0% | +54.1% | −114.5 pts | 97% |
| Since launch | −38.8% | −44.7% | +89.4% | −128.2 pts | 93% |

## 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 | +2.63 times, against -2 stated | ETFIQ |
| Underlying | SMR | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $2m | source, as filed for Jun 30, 2026 |
| Expense ratio | 1.49% | 485BPOS XBRL, Jan 20, 2026 |
| Launched | Feb 11, 2026 | ETFIQ |
| Underlying volatility over the window | 93% annualized | ETFIQ |

## Questions

### Did SMZ return -2 times SMR?

Over the window to Sep 11, 2026, SMR moved −12.9% and SMZ returned −34.0%. 2 times that move is +25.9%, so the fund came out 59.9 points short of it.

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

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

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