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Launched · SEC filings

Defiance Pure Space Daily 2X Strategy ETF

SPCLCboeDefianceFThis 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.

$11.73−1.38 (−10.53%)

As of Nov 2, 2026, 3:59 PM ET

F16/ 100

Rank 14 of 15 in Space

F16/100Rank 14 of 15inSpace
Intraday session: down, 79 prints from 13.11 to 11.73. Range 11.63 to 13.28. Use the arrow keys to read each point.12.0012.2512.5012.7510 AM12 PM2 PM4 PM
Expense ratio
1.29%
Fund size
$9M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
16
Avg volume · 30D
170K sh
52W range
low $12.16high $83.85
Launched
Filings
SEC EDGAR

The ETF.net SPCL Grade

Based on 4 of 6 pillars

F

Score 16 out of 100

Category
Space⁠
Rank
14 of 15
Six-pillar profile for SPCL. Scores out of 100: Cost 0, Risk 22, Mission not scored, Tradability 36, Holdings not scored, Durability 44. Strongest: Durability (44). Weakest: Cost (0). Based on 4 of 6 pillars.

Score 16 of 100 falls in the F band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F0 out of 100
    Rank 15 of 15

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F22 out of 100
    Rank 13 of 14

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D36 out of 100
    Rank 11 of 15

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C44 out of 100
    Rank 10 of 15

Our read on SPCL

ETF.net Research

In short

FSpace exposure with the volume knob turned to 2x. SPCL holds swaps, not rockets, aiming for twice the one-day move of a hand-picked basket of three to ten companies that earn most of their revenue in orbit.

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

  • The leveraged option in a peer group of unlevered space funds: it targets 200% of its Target Portfolio's move for a single day, built with swaps and listed options.defianceetfs.com
  • Strict screen: a holding must draw at least 50% of revenue or operating activity from space, so no defense prime rides along on a side business.sec.gov
  • Three to ten names, roughly equal weight, rebalanced daily. The adviser can swap names any time around launches or operational milestones, not just at the quarterly review.sec.gov
  • The day's Target Portfolio is posted on the fund's own website, so the basket behind the leverage is visible.sec.gov

Worth knowing

  • Daily reset means compounding: over periods longer than a day, results can diverge widely from 2x the move, and the fund's documents warn a full loss is possible in one trading day.defianceetfs.comsec.gov
  • During a reconstitution, generally up to five trading days, exposure can sit anywhere from roughly 150% to 220% of net assets instead of 200%.defianceetfs.com
  • At 1.29%, the fee runs above the category's typical level, and Defiance's own unlevered space fund UFOX charges 0.30%. This is a 2026 launch with a small asset base.

SPCL Holdings

Asset class
Other
Holdings
16
Top-10 weight
186%
Largest holding
United States Treasury Bill 11/19/202635.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataUnited States Treasury Bill 11/19/202635.01%3,200,000$3.19M62
2No dataAst Spacemobile, Inc.-Swap-Mrex-L22.64%50,408$2.07M1
3No dataRocket Lab Corporation-Swap-Mrex-L22.07%36,783$2.01M1
4No dataPlanet Labs Pbc-Swap-Mrex-L21.37%144,730$1.95M1
5No dataAst Spacemobile, Inc.-Swap-Nmra-L16.17%36,000$1.47M1
6No dataPlanet Labs Pbc-Swap-Cant-L15.76%106,757$1.44M1
7No dataRocket Lab Corporation-Swap-Cant-L14.79%24,648$1.35M1
8No dataRocket Lab Corporation-Swap-Nmra-L13.20%22,000$1.2M1
9No dataPlanet Labs Pbc-Swap-Nmra-L12.92%87,500$1.18M2
10No dataSpace Exploration Technologies Corp.-Swap-Clst-L11.95%8,091$1.09M2
11No dataAst Spacemobile, Inc.-Swap-Cant-L11.25%25,043$1.03M3
12No dataSpace Exploration Technologies Corp.-Swap-Nmra-L10.71%7,250$977K1
13No dataSpace Exploration Technologies Corp.-Swap-Mrex-L10.26%6,945$936K4
14No dataSpace Exploration Technologies Corp.-Swap-Nbcb-L9.60%6,500$876K1
15No dataFirst American Government Obligations Fund 12/01/20318.78%801,275$801K477

Showing 1–15 of 16 holdings

SPCL Performance

Launched Apr 7, 2026

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
SPCL$6,361
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,141
Jul 31, 2026 to Oct 30, 2026. SPCL $6,361. SPY $10,141. Use the arrow keys to read each point.$7,500$10,000$12,500$15,000Jul 2026Sep 2026Oct 2026

Jul 31, 2026 – Oct 30, 2026

Returns run to the Oct 30, 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 yearNo data
1 month−38.8%
3 months−36.4%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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−51.1%

History from Apr 8, 2026

SPCL in the news

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 Oct 30, 2026.
No dataLast 12 months
Payout per share
No dataLast 12 months

Listed Apr 2026. No distributions yet.

SPCL Risk

Risk pillarF22 out of 100Rank 13 of 14 in Space

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.
9.53
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.

FMP measures it over up to five years of monthly returns.

SPCL Cost

Compare SPCL and UFOX

Overpaying vs UFOX, cheapest in Space

$17,070

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SPCL 1.29%

    $23,219

  • UFOX 0.30% Cheapest

    $6,149

$10,000
30 years

Cost over time

  • SPCL 1.29%
  • UFOX 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530SPCL $23,219UFOX $6,149

Year by year

YearSPCLUFOXOverpaying
10$2,247$545$1,702
20$8,335$2,113$6,222
30$23,219$6,149$17,070

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