Defiance Daily Target 2X Short SMCI ETF (SMCZ)

Defiance Daily Target 2X Short SMCI ETF (SMCZ) seeks daily investment results, before fees and expenses, equal to two times the inverse (opposite) of the daily performance of the common stock of Super Micro Computer, Inc. It is a single-stock inverse fund sponsored by Defiance ETFs, and it targets the return of one trading day only.

The fund obtains its exposure mainly through swap agreements and other derivatives on the underlying shares rather than simply holding the stock, keeping the remaining assets in cash and short-term instruments as collateral. Because the multiple applies to each day separately, results over periods longer than one day can differ meaningfully from two times the stock's inverse return over the same period.

The underlying company: Super Micro Computer designs and builds high-performance servers, storage systems and rack-scale solutions, including liquid-cooled systems used in AI and data center deployments.