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SMCZ

GradeCNASDAQ Global Market

Daily Target 2X Short SMCI ETF

Leveraged · Single-Stock Leveraged · Defiance · Inception 2025-03-31 · SEC filings

This 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.

$4.63+0.04 (+0.87%)

As of Sep 23, 2026, 2:19 PM EDT

History starts Mar 31, 2025.
Intraday session: up, 55 prints from 4.59 to 4.63. Range 4.40 to 4.67. Use the arrow keys to read each point.$4.40$4.50$4.7010 AM12 PM2 PM4 PM
Expense ratio
1.55%
Fund size
$0M
1Y return
−93.1%
Yield · Last 12 months
Data unavailable
Holdings
7
Volume · 30D
1.5M sh
NAV per share
$4.68
52W range
low $4.50high $133.40

The ETF.net SMCZ Grade

C

40/ 100

Rank 37 of 58 in Single-Stock Inverse⁠

Confidence High

Six-pillar profile for SMCZ. Scores out of 100: Cost 14, Risk 38, Mission 88, Tradability 28, Holdings not scored, Durability 33. Strongest: Mission (88). Weakest: Cost (14). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 40 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned42This cap took−2Published score40 Grade C

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 14
    Category rank50/58 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 88
    Category rank19/31 · mid-pack

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 38
    Category rank30/48 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 28
    Category rank46/58 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 33
    Category rank43/58 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on SMCZ

ETF.net Research

CSuper Micro trades like a rumor mill with a stock ticker attached. SMCZ is the pure bear side of that: a fund built to return negative 200% of SMCI's move each trading day, with no margin account and no share borrow needed.

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

  1. 01Delivers -2x daily SMCI exposure inside an ordinary brokerage account: no margin agreement, no locating shares to borrow, and losses are limited to what you put in.globenewswire.com
  2. 02The machinery works: day to day, the fund has stayed close to its stated -200% daily target, which is the whole job of a leveraged product.
  3. 03The 1.29% expense ratio lands right at the median for leveraged single-stock bear funds. You pay the going rate, not a premium.

Worth knowing

  1. 01The -200% target resets every day. Hold past the close and compounding takes over, so a choppy stretch can leave results well off twice SMCI's inverse move for the period.defianceetfs.com
  2. 02One stock, one direction, double speed. Every earnings report, filing headline and AI order rumor at Super Micro hits this fund magnified, with nothing else in the portfolio to soften it.
  3. 03A 2025 launch and a small asset base put it among the lighter funds in its group, which matters for spreads and for how long a niche product stays on the shelf.

SMCZ Holdings

As of Sep 20, 2026, 5:08 AM
Asset class
Other
Holdings
7
Top-10 weight
300%
Largest holding
Cash & Other263.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Cash & Other262.96%42,281$42K674
002—First American Government Obligations Fund 12/01/203137.37%6,008$6K625

Showing 1–2 of 2 holdings

SMCZ Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

SMCZ$690
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. SMCZ $690. SPY $11,723. Use the arrow keys to read each point.$-716$9,481$19,678Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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−96.1%
1 month−31.5%
3 months−64.4%
1 year−93.1%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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−96.1%
2025−63.3%

Since listing, Mar 31, 2025

SMCZ in the news

ETF.net Research hasn’t filed on SMCZ yet — coverage lands here as it’s written.

SMCZ Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$1.18 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 $1.18. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Dec 31, 2025$1.18

SMCZ 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.

How much the fund’s monthly returns vary, scaled to a year.
169.9%
Annualised · 17 months to Aug 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.
−0.67
vs 3-month T-bills · 17 months to Aug 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.
−98.9%
17 months · trough Sep 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.
−7.70
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.

SMCZ Cost

Expense ratio1.55%
  • The middle half of Single-Stock Inverse funds
  • Median 1.35%

34 of the 43 Single-Stock Inverse funds charge less.

SMCZ costs $155.00 a year on $10,000. The median Single-Stock Inverse fund costs $135.00.