Leveraged, inverse ETFs led by Super Micro ETF SMCX

SMCX, a Defiance 2x long ETF tied to Super Micro Computer (SMCI), topped performance for the U.S. trading week of July 26, 2026 after SMCI reported an unexpected gross margin forecast, a record order backlog and increased demand for AI servers.

SMCL, a GraniteShares 2x long SMCI ETF, returned roughly 48% as traders captured the SMCI rally.

RIOX, a Defiance 2x long ETF tracking Riot Platforms, posted about 47% after gains in Riot shares driven by interest in data-center cryptocurrency mining for AI infrastructure, chip-industry catalysts and strong technical momentum.

Inverse and short-leveraged Tesla funds moved sharply after Tesla reported a weaker-than-expected second quarter. TSLQ, a 2x short Tesla ETF, returned about 39% for the week; TSDD, a GraniteShares 2x short Tesla product, gained roughly 38%; and TSLS, a Direxion 1x daily inverse Tesla ETF, rose about 19%. Market participants pointed to Tesla’s earnings miss, a cash outflow greater than $1 billion and the absence of firm timelines for AI and robotaxi projects.

MRAL, a GraniteShares 2x long ETF tied to Marathon Digital Holdings (MARA), recorded gains after Marathon announced a strategic shift toward high-performance computing and AI infrastructure and sold Bitcoin to reduce leverage and corporate debt.

DLLL, a 2x long ETF tracking Dell Technologies, was among the top performers as Dell benefited from positive sector momentum and industry reports on enterprise demand. SCA, an actively managed GraniteShares autocallable SMCI ETF that invests in single-stock autocallable options tied to SMCI, rose with the underlying shares.

On commodities, GDXU, a MicroSectors 3x leveraged ETN linked to an index of major gold-miner ETFs, returned more than 15% for the week. Traders cited bargain hunting after recent market weakness, lower crude oil prices that eased near-term inflation concerns and a softer U.S. dollar ahead of central bank decisions.

Leveraged and inverse ETFs target a multiple or inverse multiple of a single stock or index’s daily performance and reset daily. That design can magnify gains and losses over short periods, which affects returns when positions are held beyond a single trading day.

Investors tracking the week noted that single-stock leveraged ETFs and funds tied to technology, crypto-mining and electric-vehicle companies were particularly responsive to company announcements, supply-chain updates and guidance changes during the reporting week.