SMCX +2x Defiance Daily Target 2X Long SMCI ETF

BULL ETF standard · Issuer Defiance · Tracks SMCI · Listed 2024-08-21

Quote & options All leveraged ETFs

Implied AUM

$178.8M

shares out × price

Last close

$14.25

20261001

30-day avg volume

4,782,613

options listed →

SMCX realized

—

what holders actually earned

Theoretical +2x

—

+2x × SMCI's return

Decay gap

—

realized minus theoretical

Realized vs theoretical +2x SMCI

Cumulative return of SMCX against a clean +2x of SMCI's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: SMCZ (-2x bear, Defiance Daily Target 2X Short SMCI ETF)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on SMCI

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
SMCL	+2x	BULL	GraniteShares	GraniteShares 2x Long SMCI Daily ETF	$51.8M	629,433	✓
SMCZ	-2x	BEAR	Defiance	Defiance Daily Target 2X Short SMCI ETF	—	2,455,139

How SMCX works

SMCX targets +2x the daily return of SMCI — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from +2x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a +2x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.