Launch Roundup
Subversive ETFs listed S&P 500 and Nasdaq-100 funds that exclude Elon Musk's companies
Daily Target 2X Long SMCI ETF
CThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.
$12.18−0.62 (−4.84%)
- 1.32%
- $181M
- −39.3%
- 6.4M sh
- $14.04
- low $5.46high $102.92
The ETF.net SMCX Grade
C
Score 50 out of 100
- 77 of 380
Score 50 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.D27 out of 100Rank 265 of 380Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C43 out of 100Rank 211 of 363Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A94 out of 100Rank 7 of 380Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A82 out of 100Rank 13 of 380
Our read on SMCX
CA one-stock amplifier: SMCX aims to deliver 200% of Super Micro's daily move in a plain brokerage ticker. No margin account, no options chain, just a very sharp instrument on a very jumpy stock.
The fund seeks daily leveraged investment results equal to 200% of the daily percentage change in Super Micro Computer, Inc.'s share price.
Why people hold it
- Does one thing clearly: targets 200% of SMCI's daily percentage change, so the exposure you signed up for is spelled out in the prospectus, not implied.defianceetfs.com
- Leverage without the plumbing. No margin agreement, no options approval, no borrow to arrange, and losses are capped at what you put in.defianceetfs.com
- One of the more actively traded names in the single-stock leveraged crowd, which matters when you are trading a product designed to be held in short stretches.
- Live since 2024, it has run through some violent stretches in Super Micro's share price, so the wrapper has been stress-tested in the wild.
Worth knowing
- The leverage resets daily. Hold longer than a day and choppy markets can pull results away from 2x the stock's move over that period, sometimes sharply.
- Costs more than the pack: 1.43% a year, against 0.96% at Direxion's GGLL and 0.75% at Leverage Shares funds like UNHG and AMDG.
- One stock, doubled. There is no diversification here, and Super Micro has been among the more turbulent large caps in the AI hardware trade.
SMCX Holdings
- Other
- 11
- 233%
- Super Micro Computer Inc Swap Ms
Geography
- United States100.00%
SMCX Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
SMCX$6,066
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | SMCX |
|---|---|
| Year to date | +12.3% |
| 1 month | −5.7% |
| 3 months | +56.9% |
| 1 year | −39.3% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | SMCX |
|---|---|---|
| 2026 YTD | +12.3% | |
| 2025 | −37.0% | |
| 2024 | −82.5% |
SMCX in the news
SMCX Dividends
- $1.00 per share
- Irregular
Distribution data unavailable.
Distribution history
SMCX Risk
This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.
- 175.6%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.31
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −96.8%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 7.80
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SMCX Cost
1.32%
SMCX1.32%
- The middle half of Single-Stock Long Leveraged funds
- Median 0.98%
254 of the 333 Single-Stock Long Leveraged funds charge less.
Other funds in Single-Stock Long Leveraged
- CMRNXDaily Target 2X Long MRNA ETFExpense ratio 1.34%1 year return —
- CMSFXT-Rex 2X Long Microsoft Daily Target ETFExpense ratio 1.05%1 year return −9.8%
- CSOFADirexion Daily SOFI Bull 2X ETFExpense ratio 0.99%1 year return —
- CCRCAProShares Trust - ProShares Ultra CRCLExpense ratio 1.08%1 year return −87.0%
- CHODUDirexion Daily HOOD Bull 2X ETFExpense ratio 0.99%1 year return —