# SMZ (Tradr 2X Short SMR Daily ETF)

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

Three months to Sep 30, 2026: SMZ returned −15.9% where its own daily promise gave −10.2%, 5.6 points short.

## Key facts

- SMZ, what SMR did: −22.2%, as of Sep 30, 2026.
- SMZ, what −2 times a day gives: −10.2%, as of Sep 30, 2026.
- SMZ, what the fund returned: −15.9%, as of Sep 30, 2026.
- SMZ, the fund itself cost: −5.6 pts, as of Sep 30, 2026.
- SMZ, net assets: $752,915 (the issuer’s own daily fund list, as of Sep 30, 2026).
- SMZ, expense ratio: 1.49% (485BPOS XBRL, Jan 20, 2026).

## SMZ over each window to Sep 30, 2026

| Window | Fund | SMR | -2x the move | Difference | SMR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +5.9% | −14.8% | +29.6% | −23.7 pts | 97% |
| 3 months | −15.9% | −22.2% | +44.3% | −60.2 pts | 89% |
| 6 months | −65.4% | −23.0% | +46.0% | −111.4 pts | 98% |
| Since launch | −34.2% | −49.3% | +98.5% | −132.7 pts | 92% |

## 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 | +0.72 times, against -2 stated | ETFIQ |
| Underlying | SMR | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $752,915 | the issuer’s own daily fund list, as of Sep 30, 2026 |
| Expense ratio | 1.49% | 485BPOS XBRL, Jan 20, 2026 |
| Launched | Feb 11, 2026 | ETFIQ |
| Underlying volatility over the window | 89% annualized | ETFIQ |

## Questions

### Did SMZ return -2 times SMR?

Over the window to Sep 30, 2026, SMR moved −22.2% and SMZ returned −15.9%. −2 times that move is +44.3%, so the fund came out 60.2 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 30, 2026. https://etfiq.com/funds/smz
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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