SPCQ
Leveraged Short
Defiance Daily Target 2X Short SPCX ETF
Distribution Rate *
Distribution Frequency
30-Day SEC Yield **
Daily Target 2X Short SPCX (Space Exploration Technologies Corporation) ETF
Overview
The Defiance Daily Target 2X Short SPCX ETF (SPCQ) provides investors with amplified inverse (-2X) exposure to Space Exploration Technologies Corporation (Nasdaq: SPCX), a leading aerospace and satellite communications company focused on reusable launch systems, commercial space transportation, and global broadband connectivity through its Starlink network. SPCQ seeks to deliver –200% of the daily performance of SPCX’s stock, giving active traders a tactical way to express bearish views on one of the most innovative companies in the commercial space industry—without the need for a margin account.
Investment Objective
The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of Space Exploration Technologies Corporation (NASDAQ: SPCX). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.
Underlying Company: Space Exploration Technologies Corporation (“SpaceX”)
Space Exploration Technologies Corporation is a company listed on the Nasdaq Stock Market under the ticker SPCX, which recently completed its initial public offering, and that designs, manufactures, and launches advanced rockets and spacecraft. Founded in 2002 by Elon Musk, SpaceX develops and operates launch vehicles for commercial, government, and defense customers, and provides satellite-based broadband services through its Starlink network. The company is a leading participant in the commercial space industry, contributing to the expansion of global satellite communications and orbital launch capabilities.
An investment in the ETF is not a direct investment in SpaceX.
The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged inverse (-2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund pursues daily leveraged investment objectives, which means it is riskier than alternatives that do not use leverage. The Fund magnifies the inverse performance of the Underlying Security and is designed strictly for short-term use. For periods longer than a single day, the Fund’s performance will be the result of compounded daily returns, which is very likely to differ from -200% of the return of SpaceX over the same period. It is possible investors could lose their entire principal within a single trading day
SPCQMarket Price
Performance
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% | -32.46% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% | -32.35% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | 1 Year | 3 Years | Since Inception | |
|---|---|---|---|---|---|---|---|
| Total Return (NAV) (%) | — | — | — | — | — | — | — |
| Market Price (%) | — | — | — | — | — | — | — |
| 1 Year | Since Inception | |
|---|---|---|
| Total Return (NAV) (%) | — | — |
| Market Price (%) | — | — |
Fund Details
Top Holdings
| Name | Symbol | Stock Price | % Net Assets | Shares Held | Market Value |
|---|---|---|---|---|---|
| Cash & Other | Cash&Other | $1.00 | 288.24% | 4,309,472 | $4,309,472 |
| First American Government Obligations Fund 12/01/2031 | FGXXX | $100.00 | 11.40% | 170,395 | $170,395 |
| Space Exploration Technologies Corp.-swap-mrex-s | 84615Q103-TRS-06/16/33-S-SPCQ | $131.11 | -25.43% | -2,900 | $-380,219 |
| Space Exploration Technologies Corp.-swap-jnst-s | 84615Q103-TRS-06/15/33-S-SPCQ | $131.11 | -26.31% | -3,000 | $-393,330 |
| Space Exploration Technologies Corp. Class A Common Stock-swap-nmra-s | 84615Q103-TRS-03/31/33-S-SPCQ | $131.11 | -27.18% | -3,100 | $-406,441 |
| Space Exploration Technologies Corp.-swap-bmob-s | 84615Q103-TRS-05/31/28-S-SPCQ | $131.11 | -28.94% | -3,300 | $-432,663 |
| Space Exploration Technologies Corp.-swap-cant-s | 84615Q103-TRS-12/03/29-S-SPCQ | $131.11 | -40.59% | -4,629 | $-606,908 |
| Space Exploration Technologies Corp. Class A Common Stock-swap-clst-s | 84615Q103-TRS-07/25/28-S-SPCQ | $131.11 | -51.51% | -5,874 | $-770,140 |
Fund Documents
Distributions
Declaration Date |
Ex-Div Date |
Record Date |
Payable Date |
Amount ($) |
|---|---|---|---|---|
12/29/2026 |
12/30/2026 |
12/30/2026 |
12/31/2026 |
$– |
| Declaration Date | Ex-Div Date | Record Date | Payable Date | Amount ($) | |
|---|---|---|---|---|---|
| 12/29/2025 | 12/30/2025 | 12/30/2025 | 12/31/2025 | — |