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

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

Three months to Sep 30, 2026: SMCZ returned −76.8% where its own daily promise gave −75.8%, 1.1 points short.

## Key facts

- SMCZ, what SMCI did: +48.5%, as of Sep 30, 2026.
- SMCZ, what −2 times a day gives: −75.8%, as of Sep 30, 2026.
- SMCZ, what the fund returned: −76.8%, as of Sep 30, 2026.
- SMCZ, the fund itself cost: −1.1 pts, as of Sep 30, 2026.
- SMCZ, net assets: $10m (the issuer’s own daily fund list, as of Sep 30, 2026).
- SMCZ, expense ratio: 1.55% (485BPOS XBRL, Aug 26, 2026).

## SMCZ over each window to Sep 30, 2026

| Window | Fund | SMCI | -2x the move | Difference | SMCI moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −26.9% | +10.2% | −20.3% | −6.6 pts | 66% |
| 3 months | −76.8% | +48.5% | −97.1% | +20.3 pts | 86% |
| 6 months | −95.0% | +82.5% | −164.9% | +69.9 pts | 101% |
| 1 year | −92.6% | −14.3% | +28.7% | −121.3 pts | 93% |
| Since launch | −98.5% | +17.2% | −34.4% | −64.1 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 | -1.58 times, against -2 stated | ETFIQ |
| Underlying | SMCI | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $10m | the issuer’s own daily fund list, as of Sep 30, 2026 |
| Expense ratio | 1.55% | 485BPOS XBRL, Aug 26, 2026 |
| Launched | Apr 1, 2025 | ETFIQ |
| Underlying volatility over the window | 86% annualized | ETFIQ |

## Questions

### Did SMCZ return -2 times SMCI?

Over the window to Sep 30, 2026, SMCI moved +48.5% and SMCZ returned −76.8%. −2 times that move is −97.1%, so the fund came out 20.2 points ahead 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 30, 2026. https://etfiq.com/funds/smcz
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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