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SPCL

GradeFChicago Board Options Exchange

Defiance Pure Space Daily 2X Strategy ETF

Leveraged · Themes · Defiance · Inception 2026-04-07

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$22.00−1.34 (−5.74%)

As of Sep 23, 2026, 2:10 PM EDT

History starts Apr 8, 2026.History starts Apr 8, 2026.History starts Apr 8, 2026.
Intraday session: down, 27 prints from 23.34 to 22.00. Range 22.00 to 23.47. Use the arrow keys to read each point.$22.50$23.00$23.5010 AM12 PM2 PM4 PM
Expense ratio
1.29%
Fund size
$15M
1Y return
—
Yield · Last 12 months
—
Holdings
17
Volume · 30D
0.2M sh
NAV per share
$22.68
52W range
low $18.31high $83.85

The ETF.net SPCL Grade

F

21/ 100

Rank 11 of 15 in Space⁠

Confidence Low

Six-pillar profile for SPCL. Scores out of 100: Cost 0, Risk 32, Mission not scored, Tradability 45, Holdings not scored, Durability 45. Strongest: Tradability (45). Weakest: Cost (0). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 21 of 100 sits in the F band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 0
    Category rank15/15 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 32
    Category rank9/11 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 45
    Category rank7/15 · top 47%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 45
    Category rank10/15 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on SPCL

ETF.net Research

FMost space ETFs hand you the sector straight up. SPCL doubles it: the fund aims for two times the one-day move of an actively managed basket of space names. A geared trading tool with a daily reset, not a buy-and-forget sleeve.

Stated mandate

The Fund seeks two-times the one-day performance of an actively managed Target Portfolio composed of space securities. It provides leveraged exposure to companies involved in space-related technologies and services.

Why people hold it

  1. 01Aims to deliver two times the one-day performance of a portfolio of space securities, geared exposure the plain-vanilla funds in this theme do not offer.
  2. 02The reference is an actively managed Target Portfolio, not a fixed index, so the space lineup can be reshaped as the industry changes.defianceetfs.com
  3. 03One ticker does the work: the leverage lives inside the fund, so there is no margin account or options chain to manage.defianceetfs.com

Worth knowing

  1. 01The leverage resets every day. Hold longer and compounding takes over, so results can drift far from two times the period's move, especially in choppy markets.
  2. 02The 1.31% expense ratio sits well above unlevered space funds like ROKT (0.45%) and UFO (0.75%). Leverage plus active management carries a price tag.
  3. 03Launched in 2026, so there is little history to judge it by, and it has not been paying distributions.

SPCL Holdings

As of Sep 20, 2026, 5:08 AM
Asset class
Other
Holdings
17
Top-10 weight
195%
Largest holding
AST SPACEMOBILE, INC.-SWAP-MREX-L27.8%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—AST SPACEMOBILE, INC.-SWAP-MREX-L27.83%64,500$4M1
002—PLANET LABS PBC-SWAP-CANT-L25.92%214,071$4M1
003—ROCKET LAB CORPORATION-SWAP-MREX-L25.47%53,500$3M1
004—ROCKET LAB CORPORATION-SWAP-CANT-L24.30%51,043$3M1
005—PLANET LABS PBC-SWAP-MREX-L23.67%195,500$3M1
006—AST SPACEMOBILE, INC.-SWAP-CANT-L21.96%50,903$3M3
007—United States Treasury Bill 11/19/202614.65%2,000,000$2M48
008—SPACE EXPLORATION TECHNOLOGIES CORP.-SWAP-CANT-L10.61%9,428$1M1
009—SPACE EXPLORATION TECHNOLOGIES CORP.-SWAP-NBCB-L10.13%9,000$1M1
010—SPACE EXPLORATION TECHNOLOGIES CORP.-SWAP-MREX-L10.13%9,000$1M2
011—SPACE EXPLORATION TECHNOLOGIES CORP.-SWAP-CLST-L10.12%8,989$1M2
012—SPACE EXPLORATION TECHNOLOGIES CORP.-SWAP-NMRA-L9.01%8,000$1M1
013—First American Government Obligations Fund 12/01/20315.93%803,774$804K625
014—PLANET LABS PBC-SWAP-NMRA-L0.42%3,500$57K2
015—ROCKET LAB CORPORATION-SWAP-NMRA-L0.24%500$32K1

Showing 1–15 of 16 holdings

SPCL Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

SPCL$6,089
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. SPCL $6,089. SPY $10,415. Use the arrow keys to read each point.$4,283$8,471$12,660Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for SPCL. Periods over one year show the average yearly return.
PeriodSPCL
Year to dateFund launched this year—
1 month−13.5%
3 months−39.1%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for SPCL
YearReturn barSPCL
2026 YTD−12.9%

History from Apr 8, 2026

SPCL in the news

ETF.net Research hasn’t filed on SPCL yet — coverage lands here as it’s written.

SPCL Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Apr 2026. No distributions yet.

SPCL Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Apr 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Apr 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Apr 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.00
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

SPCL Cost

Expense ratio1.29%
  • The middle half of Space funds
  • Median 0.75%

Every other Space fund charges less.

SPCL costs $129.00 a year on $10,000. The median Space fund costs $75.00.