SMZ -2x Tradr 2X Short SMR Daily ETF

SMZ

ETF -2x BEAR standard
Tradr 2X Short SMR Daily ETF
Issuer: Tradr · Tracks: SMR · Listed: 2026-02-10
Implied AUM
$1.7M
Last Close
$33.04
20260720
30d Avg Vol
46,424
Options
available
Realized return vs theoretical -2x SMR
Pair counterpart found: SMU (+2x bull, Tradr 2X Long SMR Daily ETF)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking SMR
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
SMU +2x BULL Tradr Tradr 2X Long SMR Daily ETF $43.3M 1,941,622
SMUP +2x BULL T-Rex T-REX 2X Long SMR Daily Target ETF $8.5M 302,087

How SMZ works

SMZ targets -2x the daily return of SMR — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.

Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a -2x product on an underlying with 25% annualized vol, expected annual drag is around 6.2%. Add expense ratio and the realized number is typically worse.

  • Short-term tactical: daily and intraday holds are where these products were designed to live.
  • Premium selling: options on SMZ carry very rich IV — see the quote page for IV rank and straddle pricing.
  • Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.