At a glance
SMCL charges 1.4% a year. It has $39.2M in assets. Over the past year it returned −65.9% with distributions reinvested (S&P 500: +11.5%).
The short version
GraniteShares 2x Long SMCI Daily ETF (SMCL) uses swaps to aim for twice the daily move of a single stock, Super Micro Computer Inc. (SMCI). It resets its leverage every day, so over longer periods its results can differ sharply from twice the stock's return. It charges 1.40% a year and lost 65.9% in the year to October 27, 2026. That makes it a short-term trading tool, not a long-term holding.
Price history
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SMCL -65.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SMCL price data to Oct 27, 2026 | +19.5% | -65.9% | — | — | — | -55.3% |
- Over the year to Oct 27, 2026, SMCL returned -65.9%.
- Its worst full calendar year was 2025 (-69.5%); its best was 2025 (-69.5%).
- The deepest fall in its price history was 93.1% (Feb 19, 2025 to Jul 20, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +19.5% |
| 2025 | -69.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its exposure coming from 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $6.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +36.84%, +154.53%, -89.72%.
How it works
SMCL does not track an index. It is an actively managed fund that seeks 200% of the daily percentage change in Super Micro Computer's common stock, before fees and expenses. A "day" runs from one trading day's close to the next day's close. At the end of each trading day, the fund adjusts its exposure back to about 200% of its net asset value.
Most of that exposure comes from total return swaps. These are contracts in which a financial institution pays the fund the stock's return on a set dollar amount. As of June 30, 2026, four swaps added up to about 199.6% of net assets: Clear Street (113.6%), Marex (48.9%), Nomura Securities (37.2%) and a very small position with Cantor Fitzgerald. The fund expects to post 25% to 50% of its assets as collateral. If it can't add more swaps, it may buy SMCI shares directly or use exchange-listed options lasting one week to one month. Its cash sits in Treasuries, money market funds, short-term bond ETFs (including GraniteShares' own LBOX) and repurchase agreements.
The daily reset matters most. Each day's return compounds on top of the last one. So over weeks or months, the fund's return may land far from twice SMCI's return, and it is usually worse when the stock swings up and down. Holders also take on the risk that a swap counterparty fails to pay.
What it really costs
- SMCL charges 1.4% a year.
- Of that, 1.3% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.18% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $143 in the first year and $1,861 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SMCL | $143 | $481 | $843 | $1,861 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
It is built to deliver twice one stock's daily move, and the daily reset plus extreme swings make long holding periods unpredictable.
SMCL launched on December 12, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its own short history shows the risk. It lost 69.5% in 2025, and its worst quarter, which ended December 31, 2025, fell 69.13%. Its deepest drop was 93.1%, from February 19, 2025, to July 20, 2026, and the fund had not recovered as of October 27, 2026. Anyone forced to sell during that stretch would have locked in most of the loss. The fund has paid no distributions, so it provides no income. It costs 1.40% a year, which is $143 on $10,000 in the first year under the SEC's standard example. Past results don't predict future ones, and any retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want twice Super Micro Computer's daily move for a day or a few days and check their positions closely.
- Experienced investors who understand swaps, daily leverage resets and counterparty risk, and can afford to lose most of what they put in.
- Traders who want leveraged SMCI exposure without using a margin account or trading options themselves.
Look elsewhere if
- Buy-and-hold savers and retirees: SMCL fell 93.1% from its February 19, 2025 peak and had not recovered as of October 27, 2026.
- Investors who need income: the fund has made no distributions.
- Cost-conscious or diversification-minded investors: it charges 1.40% a year and depends entirely on one company, Super Micro Computer.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is SMCL a good long-term investment?
SMCL is not designed to be held for the long term. It targets twice SMCI's return for a single day and resets every day, so longer-term results can drift far from twice the stock's performance. As of October 27, 2026, it had lost 65.9% over one year and 55.3% since its December 2024 launch. Its one-year volatility was 176.4%, which means its price swings were extremely large.
How does SMCL get 2x exposure to Super Micro Computer?
SMCL gets its leverage mainly through total return swaps with financial firms. As of June 30, 2026, swaps with Clear Street, Marex, Nomura Securities and Cantor Fitzgerald added up to about 199.6% of net assets. The fund posts 25% to 50% of its assets as collateral. It may also use exchange-listed options or buy SMCI shares directly if it can't add more swap exposure.
Does SMCL pay dividends?
No. SMCL has made no distributions since it launched. Any gain or loss comes only from changes in its share price. Most of its exposure comes through swaps rather than shares of the stock, and its cash is held as collateral in Treasuries and similar short-term holdings. Investors looking for regular income from their holdings would need to look at other kinds of funds.
What's the difference between SMCL and just buying SMCI stock?
Buying SMCI gives you the stock's actual return over any period, with no fund fee. SMCL aims for twice SMCI's move each day, resets daily and charges 1.40% a year. Because of daily compounding, SMCL's return over months can differ sharply from twice the stock's return. SMCL also carries counterparty risk from its swaps. Its deepest drop reached 93.1% by July 20, 2026.
What is SMCL's expense ratio?
SMCL's net expense ratio is 1.40%, according to its prospectus filed October 28, 2026. That includes a 1.30% management fee and reflects a fee waiver. In the SEC's standard example ($10,000 invested, a 5% yearly return, and shares sold at the end), costs come to $143 after one year, $481 after three years, $843 after five years and $1,861 after ten years.