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SMCX vs UNHG

Daily Target 2X Long SMCI ETF

SMCXCNasdaq

Leverage Shares 2x Long UNH Daily ETF

UNHGANasdaq

Overlap

Expense ratio

UNHG −0.55pt a year

SMCX1.32%UNHG0.77%

Avg volume · 30D

SMCX 8.2×the volume

SMCX5.94MUNHG726K

SMCX vs UNHG Performance

Oct 31, 2025 – Oct 30, 2026

−57.8%SMCX+11.9%UNHG

Oct 31, 2025 to Oct 30, 2026. SMCX −57.8%. UNHG +11.9%. Use the arrow keys to read each point.−75%−25%50%Oct 2025Apr 2026Oct 2026
Expense ratio
SMCX 1.32%
UNHG 0.77%, better
Fund size
SMCX $139M
UNHG $63M
1Y total return
SMCX −57.8%
UNHG +11.9%, better
Holdings
SMCX 11
UNHG 5
Avg volume (30D)
SMCX 5.94M sh, better
UNHG 726K sh
NAV per share
SMCX $8.19
UNHG $20.57
52W range

ETF.net Grade

SMCX: Cost 25, Risk 47, Mission not scored, Tradability 92, Holdings not scored, Durability 82. UNHG: Cost 60, Risk 83, Mission 90, Tradability 91, Holdings not scored, Durability 66.
Pillar letters and Scores for SMCX, UNHG, with each pillar’s weight
PillarSMCXUNHG
Cost30% weightD25B60Higher
Mission25% weightNot scoredA90
Risk15% weightC47A83Higher
Tradability15% weightA92HigherA91
Holdings10% weightNot scoredNot scored
Durability5% weightA82HigherB66

Rank among Single-Stock Long Leveraged funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. SMCX and UNHG are both graded against the same 315 Single-Stock Long Leveraged funds, so their Grades compare head to head.

Single-Stock Long Leveraged⁠

Category · 315 funds
See all 315 ›

UNHG ranks 2nd and SMCX 89th of 315 funds in the Single-Stock Long Leveraged Category.

  1. Rank 1ATSMGLeverage Shares 2x Long TSM Daily ETFScore 73
  2. Rank 2AUNHGLeverage Shares 2x Long UNH Daily ETFScore 72
  3. Rank 3AOKTGLeverage Shares 2x Long OKTA Daily ETFScore 70
  4. Rank 89CSHPUDirexion Daily SHOP Bull 2X ETFScore 49
  5. Rank 89CSMCXDaily Target 2X Long SMCI ETFScore 49
  6. Rank 92CLLYXDaily Target 2X Long LLY ETFScore 48

Our read on each fund

ETF.net Research

SMCXCDaily Target 2X Long SMCI ETF

UNHGALeverage Shares 2x Long UNH Daily ETF

In short

SMCX Two times Super Micro's daily move, bought like any stock. The leverage resets every night, which makes SMCX a trading tool rather than a hold-and-forget position, and it carries a 1.32% expense ratio.

UNHG Two times UnitedHealth's daily move, reset every night: a managed-care insurer in a category stuffed with chip and AI names. UNHG got there first, and it charges 0.77%.

Stated mandate

SMCX The fund seeks daily leveraged investment results equal to 200% of the daily percentage change in Super Micro Computer, Inc.'s share price.

UNHG The fund seeks daily investment results equal to twice the daily performance of UnitedHealth Group Incorporated stock, before fees and expenses.

Why people hold it

  • SMCX The mandate is blunt: 200% of SMCI's daily percentage change. No discretion, no basket, no mystery about what moves it.
  • Very actively traded, so getting in and out usually costs little in spread, which matters when the holding period is measured in days.
  • Running since August 2024, and it stands as one of the stronger implementations among 2x single-stock bull funds.
  • UNHG At 0.77%, the cheaper of the only two 2x UNH funds: Direxion's UNHU runs 0.97% net of a waiver through September 1, 2027. Both sit below the category's typical fee.
  • First to the 2x UNH trade, listed July 2025, months before Direxion's version arrived in March 2026. It trades actively for a single-stock leveraged fund.direxion.com
  • Exposure comes from total return swaps reset at each close, and day-to-day it has stayed close to its 2x target. One of the better-built funds in a crowded bull field.leverageshares.comsec.gov

Worth knowing

  • SMCX At 1.32% it sits above the typical single-stock leveraged fund, and above SMCC (0.45%), the other 2x fund on the same stock.
  • Leverage resets daily. Hold through a choppy stretch and the result can trail twice SMCI's move over that span, sometimes by a lot.
  • Everything rides on one company, doubled. A single earnings print or supply headline hits this fund twice as hard as the stock itself.
  • UNHG Daily reset means multi-day results depend on the path UNH takes, not just its direction. Choppy stretches can erode value even if the stock ends where it started.leverageshares.com
  • Swap-based exposure carries counterparty risk, and everything rides on one managed-care company's news, from earnings to policy headlines.leverageshares.com
  • Listed in 2025, so there is little history to judge it across a full market cycle.

Full SMCX profile⁠

Full UNHG profile⁠

SMCX vs UNHG Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SMCX vs UNHG Cost

Overpaying SMCX vs UNHG

$8,839

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

  • SMCX 1.32%

    $23,668

  • UNHG 0.77%

    $14,829

$10,000
30 years

Cost over time

  • SMCX 1.32%
  • UNHG 0.77%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530SMCX $23,668UNHG $14,829

Year by year

YearSMCXUNHGOverpaying
10$2,296$1,371$925
20$8,507$5,205$3,302
30$23,668$14,829$8,839

Expense ratio

  • 1.32%SMCX
  • 0.77%UNHG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

UNHG 135th cheapest of 315 funds

SMCX 243rd cheapest of 315 funds

SMCX vs UNHG Dividends

Last 12 months to Oct 30, 2026
Last payment
SMCX $1.00
UNHG $1.90
Ex-dividend
SMCX Dec 30, 2025
UNHG Dec 30, 2025
Paid on
SMCX Dec 31, 2025
UNHG Jan 2, 2026
Frequency
SMCX Irregular
UNHG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

SMCXIrregular · 1 paymentAll SMCX payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.00. Use the arrow keys to read each point.$0$22026YTD
UNHGIrregular · 1 paymentAll UNHG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.90. Use the arrow keys to read each point.$0$22026YTD

SMCX vs UNHG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
SMCX 174.8%since Sep 2024UNHG 98.1%since Aug 2025
Return per unit of riskSharpe ratio, 3 years
SMCX 0.20since Sep 2024UNHG 0.90since Aug 2025
Worst fallMax drawdown, 5 years
SMCX −96.8%since Aug 2024UNHG −57.1%since Jul 2025
Market sensitivityBeta, 5 years
SMCX 7.80UNHG 5.53

Popular comparisons

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