# SPCQ (Defiance Daily Target 2X Short [SpaceX] ETF)

Defiance · Leveraged ETFs · data as of Sep 11, 2026

One month to Sep 11, 2026: SPCQ returned −10.5% where its own daily promise gave −10.8%, 0.3 points over.

## Key facts

- SPCQ, what SPCX did: +3.5%, as of Sep 11, 2026.
- SPCQ, what −2 times a day gives: −10.8%, as of Sep 11, 2026.
- SPCQ, what the fund returned: −10.5%, as of Sep 11, 2026.
- SPCQ, the fund itself added: +0.3 pts, as of Sep 11, 2026.
- SPCQ, net assets: $9m (source, as filed for Jun 30, 2026).
- SPCQ, expense ratio: 1.31% (485BPOS XBRL, Jun 5, 2026).

## SPCQ over each window to Sep 11, 2026

| Window | Fund | SPCX | -2x the move | Difference | SPCX moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −10.5% | +3.5% | −6.9% | −3.6 pts | 43% |
| Since launch | −8.8% | −21.4% | +42.9% | −51.7 pts | 81% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of SPCX, reset daily | ETFIQ |
| Multiple a holder actually got over the window | SPCX moved +3.5% over this window, too little to read a multiple from | ETFIQ |
| Underlying | SPCX | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $9m | source, as filed for Jun 30, 2026 |
| Expense ratio | 1.31% | 485BPOS XBRL, Jun 5, 2026 |
| Launched | Jun 15, 2026 | ETFIQ |
| Underlying volatility over the window | 43% annualized | ETFIQ |

## Questions

### Did SPCQ return -2 times SPCX?

Over the window to Sep 11, 2026, SPCX moved +3.5% and SPCQ returned −10.5%. 2 times that move is −6.9%, so the fund came out 3.6 points short of it.

### Why does SPCQ not return -2 times over a year?

Because it resets daily. SPCQ aims at -2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which -2x SPCX ETF tracked its stated multiple most closely?

5 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

ETFIQ, SPCQ, data as of Sep 11, 2026. https://etfiq.com/funds/SPCQ
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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