Defiance Daily Target 2X Long SPCX ETF (SPCU)

The Defiance Daily Target 2X Long SPCX ETF is an exchange-traded fund that seeks daily investment results, before fees and expenses, equal to twice the daily percentage change of shares of Space Exploration Technologies Corp. (SpaceX) (ticker SPCX). It typically obtains this exposure through swap agreements and similar derivatives rather than by holding only the shares outright.

SpaceX builds and launches rockets and spacecraft, including Falcon 9 and Starship, and operates the Starlink satellite internet network; it was founded by Elon Musk in 2002. The fund is sponsored by Defiance ETFs. The fund resets its leverage each trading day, so its target applies to single-day returns only; over longer holding periods its performance can differ substantially from two times the underlying return because of daily compounding.