{
 "ticker": "SMCZ",
 "name": "Defiance Daily Target 2X Short SMCI ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/smcz",
 "html": "https://etfiq.com/funds/smcz",
 "markdown": "https://etfiq.com/funds/smcz.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: SMCZ returned \u221276.8% where its own daily promise gave \u221275.8%, 1.1 points short.",
 "key_facts": [
  {
   "key": "what_smci_did",
   "label": "What SMCI did",
   "value": "+48.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMCZ, what SMCI did: +48.5%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221275.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMCZ, what \u22122 times a day gives: \u221275.8%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221276.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMCZ, what the fund returned: \u221276.8%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22121.1 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMCZ, the fund itself cost: \u22121.1 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$10m",
   "source": "the issuer\u2019s own daily fund list, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "SMCZ, net assets: $10m (the issuer\u2019s own daily fund list, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.55%",
   "source": "485BPOS XBRL, Aug 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "SMCZ, expense ratio: 1.55% (485BPOS XBRL, Aug 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of SMCI, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-1.58 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "SMCI",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$10m",
   "source": "the issuer\u2019s own daily fund list, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.55%",
   "source": "485BPOS XBRL, Aug 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Apr 1, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "86% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221226.9%",
   "SMCI": "+10.2%",
   "-2x the move": "\u221220.3%",
   "Difference": "\u22126.6 pts",
   "SMCI moved about": "66%"
  },
  {
   "window": "3 months",
   "Fund": "\u221276.8%",
   "SMCI": "+48.5%",
   "-2x the move": "\u221297.1%",
   "Difference": "+20.3 pts",
   "SMCI moved about": "86%"
  },
  {
   "window": "6 months",
   "Fund": "\u221295.0%",
   "SMCI": "+82.5%",
   "-2x the move": "\u2212164.9%",
   "Difference": "+69.9 pts",
   "SMCI moved about": "101%"
  },
  {
   "window": "1 year",
   "Fund": "\u221292.6%",
   "SMCI": "\u221214.3%",
   "-2x the move": "+28.7%",
   "Difference": "\u2212121.3 pts",
   "SMCI moved about": "93%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221298.5%",
   "SMCI": "+17.2%",
   "-2x the move": "\u221234.4%",
   "Difference": "\u221264.1 pts",
   "SMCI moved about": "88%"
  }
 ],
 "questions": [
  {
   "q": "Did SMCZ return -2 times SMCI?",
   "a": "Over the window to Sep 30, 2026, SMCI moved +48.5% and SMCZ returned \u221276.8%. \u22122 times that move is \u221297.1%, so the fund came out 20.2 points ahead of it."
  },
  {
   "q": "Why does SMCZ not return -2 times over a year?",
   "a": "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."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}