# SMCL (GraniteShares 2x Long SMCI Daily ETF)

GraniteShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: SMCL returned +77.5% where its own daily promise gave +86.9%, 9.4 points short.

## Key facts

- SMCL, what SMCI did: +48.5%, as of Sep 30, 2026.
- SMCL, what 2 times a day gives: +86.9%, as of Sep 30, 2026.
- SMCL, what the fund returned: +77.5%, as of Sep 30, 2026.
- SMCL, the fund itself cost: −9.4 pts, as of Sep 30, 2026.
- SMCL, net assets: $49m (issuer page, as of Sep 30, 2026).
- SMCL, expense ratio: 1.50% (485BPOS XBRL, Oct 24, 2025).

## SMCL over each window to Sep 30, 2026

| Window | Fund | SMCI | +2x the move | Difference | SMCI moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +15.2% | +10.2% | +20.3% | −5.1 pts | 66% |
| 3 months | +77.5% | +48.5% | +97.1% | −19.5 pts | 86% |
| 6 months | +72.5% | +82.5% | +164.9% | −92.4 pts | 101% |
| 1 year | −80.3% | −14.3% | −28.7% | −51.6 pts | 93% |
| Since launch | −88.2% | +8.3% | +16.6% | −104.8 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 | +1.6 times, against +2 stated | ETFIQ |
| Underlying | SMCI | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $49m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.50% | 485BPOS XBRL, Oct 24, 2025 |
| Launched | Dec 12, 2024 | ETFIQ |
| Underlying volatility over the window | 86% annualized | ETFIQ |

## Questions

### Did SMCL return +2 times SMCI?

Over the window to Sep 30, 2026, SMCI moved +48.5% and SMCL returned +77.5%. 2 times that move is +97.1%, so the fund came out 19.5 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 figure itself.


## Cite this page

ETFIQ, SMCL, data as of Sep 30, 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