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SSPC Leverage Shares 2X Short SPCX Daily ETF

Aims to return twice the opposite of the daily move of Space Exploration Technologies (SPCX)Leverage Shares$105mSince Jun 15, 2026Every Leverage Shares fund ETFIQ covers
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Three months to Sep 30, 2026: SSPC returned −25.4% where its own daily promise gave −25.1%, 0.2 points short.

−4.2%
What SPCX did
−25.1%
What −2 times a day gives
−25.4%
What the fund returned
−0.2 pts
The fund itself cost
What it aimed at, and what it did
3.9 pts short of its stated multipleSSPC returned −13.9% while −2 times SPCX's move would have been −10.0%SPCX +5.0% ×−2 implies−10.0%SSPC returned−13.9%3.9 pts short of its stated multipleSSPC returned −13.9% while −2 times SPCX's move would have been −10.0%SPCX +5.0% ×−2 implies−10.0%SSPC returned−13.9%

Over the 1 month to Sep 30, 2026, SSPC returned −13.9%, where −2 times that move implies −10.0%. The difference is −3.9 pts.

33.9 pts short of its stated multipleSSPC returned −25.4% while −2 times SPCX's move would have been +8.5%SPCX −4.2% ×−2 implies+8.5%SSPC returned−25.4%33.9 pts short of its stated multipleSSPC returned −25.4% while −2 times SPCX's move would have been +8.5%SPCX −4.2% ×−2 implies+8.5%SSPC returned−25.4%

Over the 3 months to Sep 30, 2026, SSPC returned −25.4%, where −2 times that move implies +8.5%. The difference is −33.9 pts.

46.9 pts short of its stated multipleSSPC returned −3.6% while −2 times SPCX's move would have been +43.3%SPCX −21.6% ×−2 implies+43.3%SSPC returned−3.6%46.9 pts short of its stated multipleSSPC returned −3.6% while −2 times SPCX's move would have been +43.3%SPCX −21.6% ×−2 implies+43.3%SSPC returned−3.6%

Over the since launch to Sep 30, 2026, SSPC returned −3.6%, where −2 times that move implies +43.3%. The difference is −46.9 pts.

ETFIQ Decay Resistance Score
14.0108th of 125

SSPC finished 0.2 points short of what -2 times SPCX’s daily move would have given, compounded through the same days.

points against its own daily promise, compounded−0.2 pts · 14th pct
All 125 ranked by this score →How it is computed →

Did it keep up with its own daily multiple, compounded day by day?

Points against its own daily promise, compounded
QBTZ −24.9 ptsRKLZ −21.5 ptsIONZ −14.0 ptsRGTZ −10.3 ptsASTN −9.3 ptsSPCQ −6.0 ptsSMZ −5.6 ptsMUZ −3.1 ptsAPLZ −2.0 ptsSMCZ −1.1 ptsCONI −0.9 ptsSVIX −0.9 ptsSMST −0.8 ptsBMNZ −0.7 ptsSNK −0.5 ptsCORD −0.3 ptsCRCD −0.3 ptsIREZ −0.1 ptsMSTZ −0.1 ptsPLTZ −0.1 ptsSTSM −0.1 ptsNBIZ 0.0 ptsGDXD +0.1 ptsBEZ +0.2 ptsNVDQ +0.2 ptsDAMD +0.3 ptsETHD +0.3 ptsSNDQ +0.3 ptsTSLZ +0.3 ptsBTCZ +0.5 ptsCBRZ +0.5 ptsLITZ +0.5 ptsSBIT +0.8 ptsMSFD +1.0 ptsSETH +1.0 ptsEFZ +1.1 ptsSPCG +1.1 ptsBITI +1.2 ptsDULL +1.2 ptsGGLS +1.2 ptsMETD +1.2 ptsPALD +1.2 ptsAMZD +1.3 ptsBZQ +1.3 ptsYXI +1.3 ptsAAPD +1.4 ptsAMZO +1.4 ptsCSCS +1.4 ptsEUM +1.4 ptsJDST +1.4 ptsNVD +1.4 ptsNVDS +1.4 ptsORCS +1.4 ptsQCMD +1.4 ptsREK +1.4 ptsEFU +1.5 ptsNFXS +1.5 ptsSCO +1.5 ptsTSDD +1.5 ptsTSMZ +1.5 ptsDOG +1.6 ptsDRIP +1.6 ptsEWV +1.6 ptsMUD +1.6 ptsMYY +1.6 ptsNVDD +1.6 ptsRWM +1.6 ptsSBB +1.6 ptsSKRE +1.6 ptsDUG +1.7 ptsDUST +1.7 ptsPSQ +1.7 ptsSEF +1.7 ptsSH +1.7 ptsSPDN +1.7 ptsTBX +1.7 ptsAVS +1.8 ptsEPV +1.8 ptsERY +1.8 ptsTBF +1.8 ptsEEV +1.9 ptsRXD +2.0 ptsREW +2.1 ptsTSLS +2.1 ptsSMN +2.2 ptsSZK +2.2 ptsPST +2.3 ptsTSLQ +2.4 ptsWEBS +2.4 ptsFNGD +2.5 ptsSDS +2.5 ptsSKF +2.5 ptsSRS +2.5 ptsDXD +2.6 ptsQID +2.6 ptsSDP +2.6 ptsTBT +2.7 ptsFXP +2.8 ptsSIJ +2.8 ptsTECS +2.8 ptsMZZ +2.9 ptsEDZ +3.0 ptsGLL +3.0 ptsLABD +3.0 ptsSCC +3.0 ptsSDD +3.0 ptsTWM +3.0 ptsHIBS +3.2 ptsYANG +3.2 ptsSPXS +3.4 ptsSPXU +3.4 ptsSQQQ +3.4 ptsDRV +3.5 ptsSOXS +3.7 ptsFAZ +4.0 ptsSDOW +4.0 ptsTTT +4.0 ptsZSL +4.1 ptsTZA +4.2 ptsSMDD +4.3 ptsSRTY +4.4 ptsTMV +4.6 ptsTYO +4.7 ptsBIS +5.1 ptsSSPC −0.2 ptsSSPC −0.2 pts−24.9 pts+5.1 pts
−24.9 pts to +5.1 pts across 125

That is the share of the 125 inverse ETFs over three months sitting at or below SSPC.

A position in this set, not a rating: it moves when the set moves, and it is not a figure to average against another desk's.

WindowFundSPCX-2x the moveDifferenceSPCX moved about
1M Aug 31 – Sep 30, 2026−13.9%+5.0%−10.0%−3.9 pts44%
3M Jul 1 – Sep 30, 2026−25.4%−4.2%+8.5%−33.9 pts70%
Since launch Jun 15 – Sep 30, 2026−3.6%−21.6%+43.3%−46.9 pts75%

SSPC over each window to Sep 30, 2026. Every figure is an ETFIQ calculation. Source: ETFIQ.

The same trade from 5 issuers · One week

Every fund that sets out to return -2 times SPCX, over the days all of them have been trading. Ranked by how close each came to its own stated multiple.

FundIssuerReturned-2x the moveDifference
LOFDDirexion−3.5%−3.4%−0.1 pts
SPCGTradr−3.6%−3.4%−0.3 pts
SPCQDefiance−3.6%−3.4%−0.3 pts
SSPCLeverage Shares−3.7%−3.4%−0.3 pts
SNKGraniteShares−3.9%−3.4%−0.5 pts
The same trade from 5 issuers · One month
FundIssuerReturned-2x the moveDifference
LOFDDirexion−12.7%−10.0%−2.7 pts
SPCGTradr−13.2%−10.0%−3.3 pts
SSPCLeverage Shares−13.9%−10.0%−3.9 pts
SNKGraniteShares−14.2%−10.0%−4.2 pts
SPCQDefiance−14.6%−10.0%−4.7 pts

SPCX funds at -2x, to Sep 30, 2026. Source: ETFIQ.

Also against SPAL, SPAX, SPCF, SPCG, SPCH, SPCM, SPCQ, SPCU.

In plain words

Read the multiple against the whole window instead and −2 times SPCX's −4.2% implies +8.5%, which makes SSPC look 33.9 points short. 33.6 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. SSPC aims to return -2 times SPCX's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. SPCX moved at 70% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
Sets out to return-2 times the daily move of SPCX, reset daily
Multiple a holder actually got over the window (ETFIQ)SPCX moved −4.2% over this window, too little to read a multiple from
UnderlyingSPCX
Segmentsingle stock, company
Net assets (issuer page, as of Sep 29, 2026)$105m
Expense rationot read by ETFIQ
LaunchedJun 15, 2026
Underlying volatility over the window (ETFIQ)70% annualized
SSPC (Leverage Shares 2X Short SPCX Daily ETF), leveraged ETFs fields as of Sep 30, 2026. Source: ETFIQ.
Returns are ETFIQ calculations from Tiingo end-of-day prices, distributions reinvested, measured against the underlying over exactly the same days. How these figures are computed

Questions people ask about SSPC

Did SSPC return -2 times SPCX?
Over the window to Sep 30, 2026, SPCX moved −4.2% and SSPC returned −25.4%. −2 times that move is +8.5%, so the fund came out 33.9 points short of it.
Why does SSPC not return -2 times over a year?
Because it resets daily. SSPC 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.
Sources and dates
Prices, SSPC and SPCXTiingo end-of-day prices ↗
Fee, not read by ETFIQ
Net assets, $105mIssuer page · Sep 29, 2026
IssuerLeverage Shares website ↗
SourceSEC investment company series and class file, which lists every registered fund ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.

How these figures are computed →Standards and sources →Open data →
Cite this page

ETFIQ, SSPC, leveraged ETFs, data as of Sep 30, 2026. https://etfiq.com/funds/sspc

Open SSPC live on ETFIQ

The label bar for SSPC, redrawn every trading night. Free to use with the credit link.

Free to use with attribution; the underlying files are at Open data.

Stated multiple
What the fund sets out to return against its underlying, each day. A fund at 2x aims to return twice the underlying’s daily move, and an inverse fund at -2x aims to return twice it in the opposite direction.
Daily reset
The fund starts each day aiming at the multiple again, from wherever it now stands. It is the mechanism that makes these funds behave as they do, and the reason the stated multiple applies to a day rather than to a holding period.
Compounding
Daily results multiply together rather than adding up. Two days of the multiple is not twice the multiple, and over a run of days the difference between the two grows with how far the underlying moves about.
Decay
What compounding costs a holder when the underlying falls and rises back to where it started. The underlying is level and the fund is down; the more violently it moved, the further down.
Difference against the stated multiple
The fund’s return minus the stated multiple times the underlying’s return, in percentage points. The one figure that says whether a holder got what the fund’s own multiple describes.
Every term used here, defined in full on the leveraged ETFs vocabulary page. →
9th of 11 leveraged ETFs on SPCX, by where they finished against their stated multiple→2nd of 13 leveraged and inverse ETFs by net assets→Leverage Shares: every fund ETFIQ covers→