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Launched · SEC filings

Daily Target 2X Short SMCI ETF

SMCZNasdaqDefianceDThis 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.

$6.90+0.91 (+15.16%)

At close: Nov 2, 2026, 4:00 PM ET

D38/ 100

Rank 42 of 58 in Single-Stock Inverse

D38/100Rank 42 of 58inSingle-Stock Inverse
Intraday session: up, 79 prints from 5.99 to 6.90. Range 5.81 to 6.92. Use the arrow keys to read each point.5.806.206.406.6010 AM12 PM2 PM4 PM
Expense ratio
1.55%
Fund size
$2M
1Y total return
−86.9%
Yield · Last 12 months
No data
Holdings
2
Avg volume · 30D
1.96M sh
52W range
low $3.66high $133.40
Launched
Filings
SEC EDGAR

The ETF.net SMCZ Grade

Based on 5 of 6 pillars

D

Score 38 out of 100

Category
Single-Stock Inverse⁠
Rank
42 of 58
Six-pillar profile for SMCZ. Scores out of 100: Cost 9, Risk 28, Mission 89, Tradability 23, Holdings not scored, Durability 38. Strongest: Mission (89). Weakest: Cost (9). Based on 5 of 6 pillars.

Score 38 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
38
This cap took
0
Published Score
38 Grade D

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F9 out of 100
    Rank 53 of 58

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A89 out of 100
    Rank 23 of 32

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D28 out of 100
    Rank 47 of 54

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F23 out of 100
    Rank 55 of 58

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D38 out of 100
    Rank 40 of 58

Our read on SMCZ

ETF.net Research

In short

DDefiance's double-strength bear on Super Micro. SMCZ uses swaps to target -200% of SMCI's move each trading day, resetting daily: a trader's tool for taking the short side of the AI server trade without a margin account.

Stated mandate

The Fund seeks daily inverse results equal to negative 200% of the daily percentage move in Super Micro Computer, Inc.'s common stock.

Why people hold it

  • Swaps do the shorting: the fund targets -200% of SMCI's daily move, so a bearish view needs no margin account and no borrowed shares.defianceetfs.com
  • Double strength. Most single-stock bear ETFs stop at -1X (AAPD, TSLS, SKHZ); this one doubles the daily inverse on a single name.
  • Day to day, it has tracked its stated -200% target closely, which is the entire job of a daily-reset fund.
  • Busier tape than the asset base suggests: shares change hands actively for a fund this small.

Worth knowing

  • At 1.55%, the fee sits above the category norm, and no waiver trims it. The 1X bears SKHZ (0.75%) and AAPD (0.96%) charge less for unleveraged short exposure.
  • The -200% target resets every day. Hold longer and compounding takes over, so multi-day results can land well away from -2x SMCI's move, especially in choppy stretches.defianceetfs.com
  • One stock, twice the inverse, small asset base. Single-name news drives everything here, and lightly funded leveraged funds are more prone to closure.

SMCZ Performance

Launched Mar 31, 2025

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.
SMCZ$1,309
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. SMCZ $1,309. SPY $11,199. Use the arrow keys to read each point.$0$10,000$20,000Oct 2025May 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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.

Trailing total return for SMCZ. Periods over one year show the average yearly return.
PeriodSMCZ
Year to date−94.9%
1 month+29.7%
3 months−58.6%
1 year−86.9%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for SMCZ
YearReturn barSMCZ
2026 YTD−94.9%
2025−62.9%

Since listing, Mar 31, 2025

SMCZ in the news

SMCZ Dividends

Last payment
$2.36 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $2.36. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Dec 31, 2025$2.36

$10,000 in SMCZ 1 year ago paid $506 in dividends.

SMCZ Risk

Risk pillarD28 out of 100Rank 47 of 54 in Single-Stock Inverse

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.

How much the fund’s monthly returns vary, scaled to a year.
164.0%
Annualised · 19 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
−0.61
vs 3-month T-bills · 19 months to Oct 2026
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.

The largest fall from a peak to the low that followed.
−99.0%
18 months · trough Oct 2026
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.

How strongly the fund’s returns move with its asset-class index.
−7.25
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

SMCZ Cost

Compare SMCZ and SKHZ

Overpaying vs SKHZ, cheapest in Single-Stock Inverse

$12,505

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SMCZ 1.55%

    $26,987

  • SKHZ 0.75% Cheapest

    $14,482

$10,000
30 years

Cost over time

  • SMCZ 1.55%
  • SKHZ 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530SMCZ $26,987SKHZ $14,482

Year by year

YearSMCZSKHZOverpaying
10$2,671$1,336$1,335
20$9,795$5,078$4,717
30$26,987$14,482$12,505

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