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SMCZ vs TSDD

Daily Target 2X Short SMCI ETF

SMCZDNasdaq

GraniteShares 2x Short TSLA Daily ETF

TSDDANasdaq

Overlap

Expense ratio

TSDD −0.57pt a year

SMCZ1.55%TSDD0.98%

Avg volume · 30D

TSDD 5.6×the volume

SMCZ1.96MTSDD11M

SMCZ vs TSDD Performance

Oct 31, 2025 – Oct 30, 2026

−86.9%SMCZ−24.7%TSDD

Oct 31, 2025 to Oct 30, 2026. SMCZ −86.9%. TSDD −24.7%. Use the arrow keys to read each point.50%100%150%Oct 2025Apr 2026Oct 2026
Expense ratio
SMCZ 1.55%
TSDD 0.98%, better
Fund size
SMCZ $2M
TSDD $31M
1Y total return
SMCZ −86.9%
TSDD −24.7%, better
Yield (12M)
SMCZ No data
TSDD 10.55%
Holdings
SMCZ 2
TSDD 1
Avg volume (30D)
SMCZ 1.96M sh
TSDD 11M sh, better
NAV per share
SMCZ $5.99
TSDD $6.07
52W range

ETF.net Grade

SMCZ: Cost 9, Risk 28, Mission 89, Tradability 23, Holdings not scored, Durability 38. TSDD: Cost 94, Risk 49, Mission 98, Tradability 81, Holdings not scored, Durability 72.
Pillar letters and Scores for SMCZ, TSDD, with each pillar’s weight
PillarSMCZTSDD
Cost30% weightF9A94Higher
Mission25% weightA89A98Higher
Risk15% weightD28C49Higher
Tradability15% weightF23A81Higher
Holdings10% weightNot scoredNot scored
Durability5% weightD38A72Higher

Rank among Single-Stock Inverse funds

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

Same Category. SMCZ and TSDD are both graded against the same 43 Single-Stock Inverse funds, so their Grades compare head to head.

Single-Stock Inverse⁠

Category · 43 funds
See all 43 ›

TSDD ranks 2nd and SMCZ 37th of 43 funds in the Single-Stock Inverse Category.

  1. Rank 1AAAPDDirexion Daily AAPL Bear 1X ETFScore 86
  2. Rank 2ATSDDGraniteShares 2x Short TSLA Daily ETFScore 84
  3. Rank 3ASKHZLeverage Shares 1X Short SK Hynix Daily ETFScore 81
  4. Rank 36DQBTZDefiance Daily Target 2X Short QBTS ETFScore 39
  5. Rank 37DSMCZDaily Target 2X Short SMCI ETFScore 38
  6. Rank 38DCORDT-Rex 2x Inverse CRWV Daily Target ETFScore 36

Our read on each fund

ETF.net Research

SMCZDDaily Target 2X Short SMCI ETF

TSDDAGraniteShares 2x Short TSLA Daily ETF

In short

SMCZ Defiance'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.

TSDD Tesla bears pick their dosage; this is the double. TSDD aims for -2x TSLA's move each day, reset daily, at 0.95% net of a waiver through December 31, 2026. Designed as a short-term tool, not a buy-and-forget holding.

Stated mandate

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

TSDD The fund seeks daily results before fees and expenses equal to negative 200% of the daily percentage change in Tesla's common stock. It is designed as a short-term inverse leveraged vehicle.

Why people hold it

  • SMCZ 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.
  • TSDD 0.95% net of a waiver through December 31, 2026 (1.13% gross) undercuts fellow 2x short Tesla fund TSLZ at 1.05% and matches 1x bear TSLS at 0.95%, for double the daily exposure.
  • Hews closely to its stated -2x daily target, one of the tighter implementations among single-stock bear funds.
  • Heavily traded for an inverse single-stock fund, so getting in and out is rarely a chore.
  • A 1940 Act ETF that uses swaps and options on TSLA to sit near 200% short at each close: no margin account or stock borrow on your end.graniteshares.com

Worth knowing

  • SMCZ 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.
  • TSDD The -2x target resets every day. Hold longer and compounding pulls results away from -2x TSLA's cumulative move, in either direction.graniteshares.com
  • One stock, geared twice: a sharp TSLA rally bites just as hard in reverse. Risk is the highest-octane part of this package.
  • A small fund, and the fee waiver runs through December 31, 2026; after that costs can step up toward the 1.13% gross level.

Full SMCZ profile⁠

Full TSDD profile⁠

SMCZ vs TSDD 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.

SMCZ vs TSDD Cost

Overpaying SMCZ vs TSDD

$8,625

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

  • SMCZ 1.55%

    $26,987

  • TSDD 0.98%

    $18,362

$10,000
30 years

Cost over time

  • SMCZ 1.55%
  • TSDD 0.98%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530SMCZ $26,987TSDD $18,362

Year by year

YearSMCZTSDDOverpaying
10$2,671$1,729$942
20$9,795$6,504$3,291
30$26,987$18,362$8,625

Expense ratio

  • 1.55%SMCZ
  • 0.98%TSDD, cheaper
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

TSDD 5th cheapest of 43 funds

SMCZ 38th cheapest of 43 funds

SMCZ vs TSDD Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
SMCZ No data
TSDD 10.55%
Payout (12M)
SMCZ No data
TSDD $0.65
Last payment
SMCZ $2.36
TSDD $0.65
Ex-dividend
SMCZ Dec 30, 2025
TSDD Dec 29, 2025
Paid on
SMCZ Dec 31, 2025
TSDD Dec 31, 2025
Frequency
SMCZ Irregular
TSDD Irregular

Distribution history

Per share, 2023 to 2026, same scale for both

SMCZIrregular · 1 paymentAll SMCZ payments⁠
One bar per payment. 1 payment from 2023 to 2026 YTD. Dec 30, 2025 $2.36. Use the arrow keys to read each point.$0$5020232026YTD
TSDDIrregular · 2 paymentsAll TSDD payments⁠
One bar per payment. 2 payments from 2023 to 2026 YTD. Dec 27, 2023 $77.34; Dec 29, 2025 $0.65. Use the arrow keys to read each point.$0$5020232026YTD

SMCZ vs TSDD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
SMCZ 164.0%since Apr 2025TSDD 100.6%
Return per unit of riskSharpe ratio, 3 years
SMCZ −0.61since Apr 2025TSDD −0.87
Worst fallMax drawdown, 5 years
SMCZ −99.0%since Mar 2025TSDD −99.1%since Aug 2023
Market sensitivityBeta, 5 years
SMCZ −7.25TSDD −2.40

Popular comparisons

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    Daily Target 2X Short SMCI ETF · Direxion Daily AAPL Bear 1X ETF

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