{
 "ticker": "SMZ",
 "name": "Tradr 2X Short SMR Daily ETF",
 "issuer": "Tradr",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/smz",
 "html": "https://etfiq.com/funds/smz",
 "markdown": "https://etfiq.com/funds/smz.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: SMZ returned \u221215.9% where its own daily promise gave \u221210.2%, 5.6 points short.",
 "key_facts": [
  {
   "key": "what_smr_did",
   "label": "What SMR did",
   "value": "\u221222.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMZ, what SMR did: \u221222.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221210.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMZ, what \u22122 times a day gives: \u221210.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221215.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMZ, what the fund returned: \u221215.9%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22125.6 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMZ, the fund itself cost: \u22125.6 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$752,915",
   "source": "the issuer\u2019s own daily fund list, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "SMZ, net assets: $752,915 (the issuer\u2019s own daily fund list, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.49%",
   "source": "485BPOS XBRL, Jan 20, 2026",
   "as_of": "2026-09-30",
   "sentence": "SMZ, expense ratio: 1.49% (485BPOS XBRL, Jan 20, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of SMR, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+0.72 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "SMR",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$752,915",
   "source": "the issuer\u2019s own daily fund list, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.49%",
   "source": "485BPOS XBRL, Jan 20, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Feb 11, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "89% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+5.9%",
   "SMR": "\u221214.8%",
   "-2x the move": "+29.6%",
   "Difference": "\u221223.7 pts",
   "SMR moved about": "97%"
  },
  {
   "window": "3 months",
   "Fund": "\u221215.9%",
   "SMR": "\u221222.2%",
   "-2x the move": "+44.3%",
   "Difference": "\u221260.2 pts",
   "SMR moved about": "89%"
  },
  {
   "window": "6 months",
   "Fund": "\u221265.4%",
   "SMR": "\u221223.0%",
   "-2x the move": "+46.0%",
   "Difference": "\u2212111.4 pts",
   "SMR moved about": "98%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221234.2%",
   "SMR": "\u221249.3%",
   "-2x the move": "+98.5%",
   "Difference": "\u2212132.7 pts",
   "SMR moved about": "92%"
  }
 ],
 "questions": [
  {
   "q": "Did SMZ return -2 times SMR?",
   "a": "Over the window to Sep 30, 2026, SMR moved \u221222.2% and SMZ returned \u221215.9%. \u22122 times that move is +44.3%, so the fund came out 60.2 points short of it."
  },
  {
   "q": "Why does SMZ not return -2 times over a year?",
   "a": "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."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}