SMCZ/ Defiance Daily Target 2X Short SMCI ETF
Comprehensive risk audit, payout history, and forward-looking dividend projections.
What This Page Shows
- Dividend yield and net yield after fees (8.97% vs 7.68%)
- Risk tier classification: Tier 5 High Octane
- TTM NAV change: -61.7%
- Income sustainability flags and payout history trends
DivAgent Audit Brief
SMCZ is a Tier 5 High Octane asset yielding 8.97%. It utilizes an aggressive options strategy to generate income, resulting in high immediate yield but significant risk of NAV erosion. Warning: NAV has declined -61.7% over the TTM.
Provider
Defiance
Sector
—
Asset Class
—
Expense Ratio
1.29%
AUM
$3.85M
Inception
—
Distribution
monthly
NAV Change (1Y)
-61.7%
NAV Erosion Warning
This fund has experienced 61.7% NAV decline with only -52.7% total return. High distributions may exceed underlying earnings, eroding principal over time.
Who Should Buy SMCZ?
SMCZ is best suited for Income Maximizers. The fund generates a 8.97% yield through selling options against its holdings.
Speculative traders looking for short-term yield capture, willing to risk principal decay.
You are building a 'forever portfolio' and cannot tolerate NAV (share price) decline.
Quick Audit
- TypeDerivative Income
- ComplexityHigh
- Tax EfficiencyLow (Ordinary Income)
- VolatilityModerate (Lower Beta)
Comparing stated yield to actual total return performance
Yield ≠ Returns
This high-yield fund is experiencing significant NAV erosion. While the stated yield is 9.0%, your actual return is only -52.7% due to principal decline.
NAV Erosion Warning: This fund has experienced 61.7% NAV decline with only -52.7% total return. High distributions may exceed underlying earnings, eroding principal over time.
Return of Capital Note: Options-based ETFs may classify portions of distributions as Return of Capital. This is often a tax accounting mechanism rather than true principal erosion.
Liquidity Warning: Very High Risk
SMCZ has very high liquidity risk. You may experience wide bid-ask spreads and significant slippage when entering or exiting positions. Consider using limit orders and avoid market orders for large positions.
Small fund size increases closure risk
Institutional Data Locked
Advanced liquidity metrics for Tier 5 assets are available to Premium members.
Unlock MetricsDivAgent Analyst Verdict
“SMCZ is currently serving as a high-yield accelerator. Investors should be aware that utilizes a derivative strategy, primarily selling options, to generate high current income. this often caps upside participation in exchange for regular cash flow.”
Risk Profile Audit
Classified as high risk to principal. Significant NAV erosion is possible during volatile markets. Suitable only for income-focused satellite positions.
Price Chart
Live DataCalculate Your Returns
Estimate income for SMCZ
~18.98 shares at $52.68
Estimates use the latest forecasted distribution and are not guarantees.
Track SMCZ in DivAgentVerified Payout History
Last 1 of 1 Payments| Ex-Dividend Date | Amount | Frequency | Status |
|---|---|---|---|
| Dec 30, 2025 | $1.1810 | Monthly | PAID |
Compare SMCZ Alternatives
See All ComparisonsSMCZ FAQ
Common questions about SMCZ dividends, safety, and performance
Institutional Analysis Context
This FAQ section provides institutional-grade analysis of SMCZ. DivAgent evaluates dividend ETFs using a proprietary 5-Tier Risk Spectrum that measures income sustainability, NAV erosion risk, and distribution source quality. Data is updated daily from market sources.
DivAgent Data Methodology
Risk Tier Classification
Our 5-Tier Risk Spectrum is not an editorial opinion. It is a quantitative scoring model derived from 36-month volatility, max drawdown depth, and option skew (for derivative funds). A "Tier 1" rating implies volatility comparable to short-term treasuries, while "Tier 5" indicates localized volatility exceeding the S&P 500.
NAV Erosion Calculation
We calculate "Erosion" by stripping out distribution payments to isolate the price performance of the underlying collateral. If a fund's share price drops by more than its distribution yield over a rolling 12-month period, it is flagged as eroding capital. This protects investors from "Yield Traps" that return their own principal as taxable income.
Yield vs. Income
DivAgent distinguishes between "SEC Yield" (standardized) and "Distribution Rate" (cash-on-cash). For option-income ETFs (e.g., Covered Calls), we prioritize the Trailing 12-Month (TTM) distribution rate as a more accurate reflection of realized income, while flagging that future payouts fluctuate with implied volatility.
Performance Benchmarking
All "Total Return" metrics differ from price return. We assume immediate reinvestment of all dividends (DRIP) on the pay date, with no tax friction. This "Net Total Return" metric allows for a true apples-to-apples comparison between high-yield/flat-price funds and low-yield/high-growth funds.