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

Defiance · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: SPCQ returned −31.1% where its own daily promise gave −25.1%, 6.0 points short.

## Key facts

- SPCQ, what SPCX did: −4.2%, as of Sep 30, 2026.
- SPCQ, what −2 times a day gives: −25.1%, as of Sep 30, 2026.
- SPCQ, what the fund returned: −31.1%, as of Sep 30, 2026.
- SPCQ, the fund itself cost: −6.0 pts, as of Sep 30, 2026.
- SPCQ, net assets: $11m (the issuer’s own daily fund list, as of Sep 30, 2026).
- SPCQ, expense ratio: 1.31% (485BPOS XBRL, Jun 5, 2026).

## SPCQ over each window to Sep 30, 2026

| Window | Fund | SPCX | -2x the move | Difference | SPCX moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −14.6% | +5.0% | −10.0% | −4.7 pts | 44% |
| 3 months | −31.1% | −4.2% | +8.5% | −39.6 pts | 70% |
| Since launch | −12.4% | −21.6% | +43.3% | −55.7 pts | 75% |

## 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 −4.2% over this window, too little to read a multiple from | ETFIQ |
| Underlying | SPCX | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $11m | the issuer’s own daily fund list, as of Sep 30, 2026 |
| Expense ratio | 1.31% | 485BPOS XBRL, Jun 5, 2026 |
| Launched | Jun 15, 2026 | ETFIQ |
| Underlying volatility over the window | 70% annualized | ETFIQ |

## Questions

### Did SPCQ return -2 times SPCX?

Over the window to Sep 30, 2026, SPCX moved −4.2% and SPCQ returned −31.1%. −2 times that move is +8.5%, so the fund came out 39.6 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 figure itself.


## Cite this page

ETFIQ, SPCQ, data as of Sep 30, 2026. https://etfiq.com/funds/spcq
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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