Defiance Pure Space Daily 2X Strategy ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 22 holdings as of Apr 30, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About SPCL
TheFund seeks daily leveraged investment results, before fees and expenses, that correspond to two times (2X) the performance of an activelymanaged portfolio of space company securities (described below), which at times may consist of only a single security (the“Target Portfolio”) by employing derivatives, namely swap agreements and/or listed options contracts. The Fund does not seekto achieve its stated investment objective for a period of time different than a trading day. The terms “daily,” “day,”and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on thenext trading day, generally 4:00 p.m. Eastern Time. TheFund defines “Space Companies” as companies with at least 50% of their annual revenue derived from the development,deployment, operation, or support or application of space-related technologies and services, as described below. These companies participatein the “space economy,” which refers to economic activity related to the exploration, development, deployment, spacelogistics, and utilization of space-based systems and infrastructure. This includes commercial activities such as satellite communications,Earth observation, navigation services, launch services, in-orbit operations, and emerging space technologies that support scientificresearch, data processing, global connectivity, and next-generation applications. SpaceCompanies may include companies engaged in: ● The design, manufacture, launch, and operation of spacecraft, launch vehicles, and space systems; ● The development and operation of satellite communications, navigation, broadband, or space-based data infrastructure; ● In-orbit services, space logistics, or space-enabled platforms; ● The production of enabling components, systems, or materials essential to space operations; ● The development of space-based data, analytics, or related applications derived from satellite or orbital systems; or. ● The enablement, support or application of any of the above space-related technologies, services or activities. TheFund seeks to obtain leveraged 2X exposure to the Target Portfolio primarily through swap agreements and/or listed options strategies.The Fund may also invest directly in the equity securities of the companies included in the Target Portfolio. Ifthe Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterpartyissues, regulatory constraints, or other factors, the Fund may not achieve investment results, before fees and expenses, that correspondto two times (2X) the daily performance of the Target Portfolio, and may return substantially less during such periods. During such periods,the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading,potentially resulting in significantly lower returns. TargetPortfolio Selection TheAdviser employs a thematic and qualitative approach to identify and select a focused portfolio of generally between 1 and 5 SpaceCompanies aligned with the Fund’s space investment theme and engaged in the space-related technologies and activitiesdescribed above. Wherethe Adviser determines that a single company represents a dominant or transformative exposure within the “Space Companies”universe, it may designate a Target Portfolio consisting of a single equity security as most consistent with the Fund’s investmentobjective. The Target Portfolio is not subject to any minimum number of holdings. Thecompanies in the Target Portfolio may include large-, mid-, and small-capitalization companies and may be domestic orforeign issuers, including American Depositary Receipts (“ADRs”) of foreign companies listed on U.S. or non-U.S.exchanges. TheAdviser evaluates companies using a combination of thematic criteria, including: ● Core Space Activities: Companies for which space-related operations represent a primary operational focus, demonstrated through stated objectives, revenue exposure, product development efforts, or industry participation. ● Industry Leadership: Emphasis on companies recognized for innovation, technological capabilities, operational scale, or participation in significant commercial or governmental space initiatives. ● Emerging Potential: Priority is given to companies achieving material advancements, expanding capabilities, or demonstrating momentum within the space ecosystem, reflecting their potential for increasing economic impact. ● Space Ecosystem Support: Companies significantly involved in developing, enabling, supporting, or applying space technologies . Basedon a proprietary evaluation framework, the Adviser selects a Target Portfolio generally consisting of 1 to 5 companies. The number ofTarget Portfolio constituents depends on the availability of eligible “Space Companies,” and the Fund’s ability tosource the required leverage for each security. Each trading day, the Target Portfolio will generally be reallocated so that each underlyingsecurity is approximately equally weighted. Tomanage overall portfolio risk, the Adviser may adjust individual weightings to mitigate exposure to companies exhibiting extreme volatility,high correlations, liquidity constraints, or other characteristics that could disproportionately affect performance. Additionally, ifregulatory or structural constraints arise from the Target Portfolio’s composition that affect Fund’s derivatives portfoliofrom achieving 2X returns, the Adviser may adjust the Target Portfolio to enhance the Fund’s ability to achieve its investmentobjective. Tomaintain alignment with advancements in space technologies, shifts in company focus, and emerging opportunities, the Adviser will, atleast quarterly, either reconfirm the construction of the Target Portfolio or establish a new Target Portfolio by replacing some or allof its underlying securities. TheAdviser may, at its discretion, reconstitute or otherwise adjust the Target Portfolio at any time, including between scheduled rebalancingperiods and on an expedited basis, in response to developments it deems material (each, a “Material Space Event”). MaterialSpace Events include, without limitation: (i) the initial public offering or direct listing of a company determined to be a significantparticipant in the space economy; (ii) a corporate combination, merger, acquisition, spin-off, or restructuring involving one or moreexisting or prospective Target Portfolio companies; (iii) a delisting, bankruptcy, or material adverse regulatory action affecting aTarget Portfolio company; (iv) a material shift in a company’s business focus away from space-related activities; or (v) a technologicalbreakthrough, operational milestone, material contract award, or other development that fundamentally alters the competitive landscapeof the space sector. Inconnection with any such reconstitution or adjustment, the Adviser may modify the number of Target Portfolio constituents, includingreducing the portfolio to a single security or including more than 5 company securities. The Adviser will not provide advance noticeto shareholders prior to any such changes. The Fund’s then-current Target Portfolio will be published on the Fund’s websiteat www.defianceetfs.com on each trading day. During a reconstitution of the Target Portfolio, including in connection with a MaterialSpace Event, the Fund’s leveraged exposure and resulting performance may temporarily deviate from its target of 200%, both aboveand below such level. Although the Fund will use commercially reasonable efforts to maintain approximately 200% leveraged exposure bythe close of each trading day, during a reconstitution period, generally not expected to exceed five (5) trading days, the Fund’sleverage may range from approximately 150% to 220% of its net assets, and its daily performance may not correspond to two times (200%)the daily performance of the Target Portfolio. The Adviser will seek to restore the Fund’s leverage to approximately 200% as soonas reasonably practicable following completion of the reconstitution. DerivativesPortfolio Selection TheFund will enter into one or more swap agreements with financial institutions for a specified period, which may range from one day tolonger than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentialsin rates of return) earned or realized on a particular security’s share price. The gross return (meaning the return before deductingany fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,”(meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the underlyingsecurity in the Target Portfolio. If the Fund is unable to obtain the necessary exposure through swaps or other derivatives, or encountersother constraints (e.g., market or regulatory), the Fund may not always achieve investment results, before fees and expenses, thatcorrespond to two times (2x) the daily performance of Fund’s Target Portfolio, and may return substantially less during such periods. Atthe end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances theFund’s holdings in an attempt to maintain leveraged exposure of approximately 200% to the aggregate performance of the Fund’sTarget Portfolio. Forexamples of a hypothetical investment in the Fund, see the prospectus section entitled “Additional Information About the Fund– Principal Investment Strategies.” Fundperformance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the volatilityof the Target Portfolio; b) the performance of the Target Portfolio; c) period of time; d) financing rates associated with leveragedexposure; and e) other Fund expenses. TheFund may also utilize listed options to seek to achieve leveraged 2X exposure to the Target Portfolio securities. The Fund will primarilyemploy short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of one or moreTarget Portfolio securities, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similarexposure to the Target Portfolio securities, like buying calls and selling puts with identical strike prices. These options allow theFund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availabilityor pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investmentobjective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, theFund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swapsand may increase the likelihood that the Fund is unable to achieve its daily 2X objective. See the provision in the Prospectus entitled“Additional Information About the Fund,” for more information about the Fund’s use of options. Collateral TheFund will hold assets to serve as collateral for the Fund’s derivatives transactions. For those collateral holdings, the Fund mayinvest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) shortterm bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issuedby businesses that are rated investment grade or of comparable quality. FundAttributes TheFund is classified as “non-diversified” under the 1940 Act. The Fund has adopted a policy of having at least 80% exposureto financial instruments with economic characteristics that should perform 2X the daily performance of Space Company securities. TheFund may invest in equity securities of large-, mid-, small-, and micro-capitalization companies and may invest in U.S. and non-U.S.issuers, including through American Depositary Receipts (“ADRs”). The Fund may also invest in securities of privately heldcompanies, including late-stage private companies contemplating or preparing for an initial public offering (“IPO”), or inspecial purpose acquisition companies (“SPACs”). Fund investments may also include companies that have recently completedan IPO or that have become publicly traded through business combinations involving SPACs (“de-SPAC transactions”). TheFund may invest up to 15% of its net assets in illiquid securities. TheFund will concentrate (i.e., invest 25% or more of its total assets) its investment exposure to companies in the space industry and inindustries that develop, deploy, or operate space-related technologies and services. TheFund is expected to have a high portfolio turnover rate. Becauseof daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a singleday will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the returnof the Target Portfolio over the same period. The Fund will lose money if the Target Portfolio’s performance is flat over time,and because of daily rebalancing, the volatility of the Target Portfolio and the effects of compounding, the Fund may lose money overtime while the Target Portfolio’s performance increases over a period longer than a single day. As a consequence, investors shouldnot plan to hold shares of the Fund unmonitored for periods longer than a single trading day.
SPCL News
- Warsh, SpaceX & Iran Rule Last Week: 5 Leveraged ETF Winners
- The SpaceX ETF That Traded Before SpaceX Did
- Defiance ETFs Announces Resumption of Trading in the Defiance Daily 2X Space ETF (SPCL) on Cboe BZX Exchange, Inc.
- Defiance ETFs Announces Resumption of Trading in the Defiance Daily 2X Space ETF (SPCL) on Cboe BZX Exchange, Inc.
- Defiance ETFs Announces Temporary Trading Halt of the Defiance Daily 2X Space ETF (SPCL) on Cboe BZX Exchange, Inc.
- Defiance ETFs Announces Temporary Trading Halt of the Defiance Daily 2X Space ETF (SPCL) on Cboe BZX Exchange, Inc.
Data for SPCL is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.