Basic Information
| Ticker | SMCZ |
| ETF Name | Defiance Daily Target 2X Short SMCI ETF |
| Underlying Index | SMCI |
| Leverage Multiple | -2x |
| Expense Ratio | 1.29% / year |
| Market | US (NYSE/NASDAQ) |
Cost Analysis
The true annual cost including hidden costs arising from the leveraged structure, beyond just the expense ratio.
| Cost Item | Annual Cost | Description |
|---|---|---|
| Expense Ratio | 1.29% | Published management fee |
| Borrowing Cost | 9.60% | SOFR + spread × 2x borrowed |
| Rebalancing Cost | 0.30% | Daily position rebalancing slippage |
| Total Hidden Costs | 9.90% | Borrowing + rebalancing |
| Total Annual Cost | 11.19% | Expense ratio + total hidden costs |
Calculation basis (March 2026): US SOFR 4.30% + spread 0.50% = effective rate 4.80%. Borrowed multiple 2x applied.
Hidden costs fluctuate with the interest rate environment. Lower rates reduce borrowing costs; higher rates increase them. The figures above are estimates based on current rates and may differ from actual ETF operating costs.
Simulation Shortcuts
Simulate SMCZ returns using real historical data.
Related ETFs
Other ETFs tracking the same underlying index (SMCI).
Disclaimer
This simulation is a theoretical calculation based on daily index closing prices and disclosed expense ratios. Actual ETF returns may differ. Tracking error, NAV premium/discount, and transaction costs are not reflected. Past performance does not guarantee future results. Use this tool only for educational purposes to understand the structure of leveraged ETFs. This is not investment advice, and investors are solely responsible for their investment decisions.