The Defiance Daily Target 2X Short SMCI ETF (Ticker: SMCZ) is an exchange-traded fund that seeks to achieve twice (200%) the inverse of the daily percentage change in the share price of Super Micro Computer, Inc. (NASDAQ: SMCI). Launched on March 31, 2025, SMCZ provides amplified inverse exposure to Super Micro Computer’s stock performance. The fund utilizes derivatives, such as swap agreements, to achieve its leveraged inverse exposure. Due to the daily reset feature and the effects of compounding, SMCZ is intended primarily for short-term trading strategies and may not be suitable for long-term investments. Investors should be aware that leveraged and inverse ETFs carry significant risks, including the potential for substantial losses, especially in volatile markets.