MIAMI, June 10, 2026 (GLOBE NEWSWIRE) — Defiance ETFs today announced the pending launch of the Defiance Daily Target 2X Long SpaceX ETF (NYSE: SPCU), a daily-reset leveraged ETF that seeks 200% of the daily percentage change of SpaceX common stock (Nasdaq: SPCX). SPCU gives active traders an exchange-listed, daily-liquidity way to express a short-term, 2X-leveraged bullish view on SpaceX, without owning SpaceX shares directly.
SPCU at a Glance
| Fund name | Defiance Daily Target 2X Long SpaceX ETF |
| Ticker | SPCU |
| Category | 2X daily leveraged single-reference ETF (“2X SpaceX ETF”) |
| Objective | Seeks 200% of the daily price change of its SpaceX reference, before fees and expenses, for a single trading day |
| Leverage / reset | 2X (200%), reset daily; not designed for holding periods longer than one trading day |
| Underlying reference | SpaceX common stock (Nasdaq: SPCX) |
| Exposure method | Swap agreements and options contracts referencing SpaceX (synthetic; the Fund does not hold SpaceX directly) |
| Adviser / Sponsor | Tidal Investments, LLC (adviser); Defiance ETFs LLC (sponsor) |
| Listing exchange | NYSE |
| Launch | June 15, 2026 |
| Prospectus & holdings | defianceetfs.com/spcu |
Although the Fund has an effective registration statement with the SEC, it will not be available for trading until 6/15/26, at the earliest.
What is SPCU, the 2X SpaceX ETF?
SPCU (Defiance Daily Target 2X Long SpaceX ETF) is an exchange-traded fund that seeks 200% of the daily price change of SpaceX, before fees and expenses, for a single trading day. It is what Defiance describes as one of the first ETFs to offer 2X daily leveraged exposure tied directly to SpaceX.
How does SPCU work?
SPCU resets daily and seeks 200% of SpaceX’s daily price move on a single trading day basis; it does not seek its objective for any period longer than one trading day. Held for multiple days, weeks, or months, SPCU’s returns are shaped by daily compounding and are very likely to differ, sometimes substantially, from a simple 2X multiple of SpaceX’s longer-term performance. The fund obtains its exposure through swap agreements and options contracts referencing SpaceX, which adds leverage, derivatives, and counterparty risk on top of the underlying exposure.1
Is SPCU a direct investment in SpaceX?
No. An investment in SPCU is not a direct investment in SpaceX. Shareholders do not own SpaceX equity and have no rights as SpaceX shareholders. SPCU’s exposure is synthetic, obtained through swaps and options that reference SpaceX, and is subject to tracking differences versus the daily target and to counterparty risk. Adverse developments affecting SpaceX can have an outsized negative impact on the fund.
How does SPCU relate to the SpaceX IPO (SPCX)?
SpaceX publicly filed its registration statement with the SEC on May 20, 2026, and is expected to price its initial public offering on or about June 11, 2026, with shares targeted to begin trading on Nasdaq under the ticker SPCX on or about June 12, 2026. SPCU is designed to provide 2X daily leveraged exposure to SpaceX once it is publicly tradable. Importantly, SPCU’s investment objective and structure do not depend on the precise timing or pricing of the IPO; offering timing and terms can change, and a leveraged product magnifies downside as sharply as upside.2
What are the risks of SPCU? (Read before trading)
The Fund is not suitable for all investors. It is designed to be utilized only by knowledgeable investors who understand the consequences of seeking daily leveraged (2X) results, understand the risks of leverage, and are willing to monitor their portfolios frequently. The Fund is not appropriate for investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund’s performance reflects compounded daily returns and is very likely to differ from 200% of the reference’s return over the same period. It is possible that investors could lose their entire principal within a single trading day.
Leverage and compounding risk. Because SPCU resets daily, returns over any period longer than one trading day reflect compounded daily moves and can diverge sharply from 200% of the reference’s longer-term return. In volatile or sideways markets, compounding can erode value materially even if the reference finishes flat.
Reference decline risk. A 2X long product magnifies losses as well as gains. If SpaceX’s reference price falls, SPCU is designed to lose roughly twice as much that trading day, and investors can lose their entire principal within a single trading day.
Derivatives and counterparty risk. SPCU achieves its exposure through swap agreements and options contracts, which carry counterparty risk and may experience tracking deviations from the daily target.
IPO, valuation and liquidity risk. Newly public companies can experience elevated volatility, limited trading history, lock-up dynamics, and rapid valuation swings; there is no guarantee the reference will trade at, above, or near any expected level.
New fund risk. SPCU is newly organized and has a limited operating history.
From Defiance ETFs
“SpaceX is one of the most-watched names retail traders have never been able to trade directly. SPCU is built for the trader who wants a disciplined, single-day tactical tool used the way leveraged products are meant to be used: actively, and with eyes open to the risk.” – Sylvia Jablonski, Chief Investment Officer at Defiance ETFs.
Where SPCU Fits in the Defiance Lineup
SPCU will join Defiance’s roster of single-stock and single-fund leveraged ETFs, including ORCX (2X daily exposure to ORCL). For thematic, non-leveraged exposure to innovation, Defiance also offers QTUM (quantum computing), JEDI (drone and modern warfare), and AIPO (AI and power infrastructure). Each fund has distinct objectives, risks, and suitability considerations; review each prospectus carefully before investing. Learn more at defianceetfs.com/spcu.
Frequently Asked Questions
What is the 2X SpaceX ETF?
The 2X SpaceX ETF is SPCU, the Defiance Daily Target 2X Long SpaceX ETF. It seeks 200% of the daily price change of SpaceX, reset each trading day, and is designed for short-term tactical trading rather than long-term holding.
What is SPCU’s ticker and where does it trade?
The fund’s ticker is SPCU, listed on NYSE. SpaceX’s own common stock is expected to trade under the ticker SPCX on Nasdaq following its IPO, per SpaceX’s SEC filing.
Does SPCU let me buy SpaceX stock?
No. SPCU is not a direct investment in SpaceX and does not give shareholders ownership of SpaceX. It seeks leveraged daily exposure to SpaceX’s price movements synthetically, through swaps and options.
Can I hold SPCU as a long-term investment?
SPCU is designed for single-day use, not buy-and-hold. Over periods longer than one trading day, daily compounding can cause returns to differ substantially from 2X SpaceX’s longer-term move, and losses can be magnified. Investors can lose their entire principal within a single trading day.
Who manages SPCU?
SPCU’s investment adviser is Tidal Investments, LLC, and the fund is sponsored by Defiance ETFs LLC.
Where can I find SPCU’s prospectus and holdings?
SPCU’s prospectus and current holdings are available at defianceetfs.com/spcu, or by calling 833.333.9383. Holdings are subject to change.
About Defiance ETFs
Defiance ETFs builds thematic and leveraged exchange-traded funds for the next generation of investors, spanning quantum computing, AI and power infrastructure, drone and defense technology, and tactical single-stock and single-fund strategies. For more information, visit defianceetfs.com.
Media Contact
Sylvia Jablonski · [email protected] · 833.333.9383 · Defiance ETFs
IMPORTANT DISCLOSURES
Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).
The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read the prospectus and/or summary prospectus carefully before investing. For a prospectus or summary prospectus with this and other information, go to defianceetfs.com. Hard copies can be requested by calling 833.333.9383.
Investing involves risk. Principal loss is possible. As an ETF, the Fund may trade at a premium or discount to NAV. Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single issuer or sector may be subject to a higher degree of risk. There is no guarantee the Fund’s strategy will be properly implemented, and an investor may lose some or all of its investment.
SPCX Price Decline Risk. As part of the Fund’s leveraged investment strategy, the Fund enters into swap agreements and options contracts based on the share price of Space Exploration Technologies Corporation (NASDAQ: SPCX) (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it owned shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect 2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price declines. If the share price of the Underlying Security decreases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks:
Indirect Investment in SPCX Risk. Space Exploration Technologies Corporation is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates, and is not involved with this offering in any way. Space Exploration Technologies Corporation has no obligation to consider the Fund or its shareholders in taking any corporate actions that might affect the value of Fund shares. Investors in the Fund will not have voting rights or other ownership privileges associated with holding shares of Space Exploration Technologies Corporation.
SPCX Trading Risk. The trading price of SPCX may be volatile and could experience wide fluctuations due to company-specific developments, broader market conditions, or other external factors. Short-selling activity, market perception, and events beyond the company’s control may disproportionately affect SPCX’s share price and, in turn, the Fund’s performance.
SPCX Performance Risk. SPCX may fail to meet publicly announced guidance or other expectations about its business, which could cause its share price to decline. Predicting business performance is inherently uncertain, and any deviation from expectations could materially affect the value of the Fund.
Commercial Space Industry Risk. Companies engaged in the commercial space industry operate in a highly capital-intensive and technologically complex environment characterized by rapid innovation, long development timelines, and uncertain demand. Launch failures, manufacturing defects, schedule delays, evolving regulatory frameworks, or increased competition from domestic or foreign providers could result in pricing pressure or diminished growth opportunities and negatively impact the Fund’s performance.
Satellite Communications Industry Risk. Companies involved in satellite communications and broadband face significant technological, operational, and competitive risks, including large upfront capital requirements, dependence on spectrum and orbital slot access, and competition from terrestrial broadband providers. External factors such as adverse space weather or orbital debris collisions may further disrupt operations and adversely affect the Fund’s performance.
Artificial Intelligence Risk. Companies involved in artificial intelligence and related technologies are subject to intense competition, rapid technological change, evolving industry standards, and significant research and development expenditures. AI technology could face increasing regulatory scrutiny, which may limit its development and impede the growth of companies that develop and/or utilize it. These factors could adversely affect SpaceX’s business and negatively impact the Fund’s performance.
Elon Musk’s Influence on SpaceX Risk. The stock price of SPCX may be significantly impacted by the actions, decisions, and public statements of its CEO, Elon Musk. His social media activity, involvement in multiple high-profile ventures, and public remarks may raise concerns about his focus on SpaceX or result in regulatory scrutiny. Any reduction in his role or departure from SpaceX could negatively affect investor sentiment and materially impact the Fund’s performance.
Concentration Risk. SpaceX may rely on a limited number of government and commercial customers—including NASA and the U.S. Department of Defense—for a substantial portion of its revenue. The termination, modification, or non-renewal of any such contracts could adversely affect the company’s financial results and, in turn, the Fund’s performance.
Newly Public Company Risk. SpaceX recently completed its initial public offering and has a limited operating history as a publicly traded company. It faces risks and uncertainties not present for more established public companies, and there is no assurance it will successfully navigate the increased obligations and scrutiny associated with being listed on a national exchange.
Recent IPO and Derivatives Capacity Constraints Risk. For a recently public company, swap agreements, options, and other financial instruments providing exposure to SPCX may be limited, illiquid, costly, or unavailable, particularly shortly after the IPO or during periods of significant volatility. As a result, the Fund may be unable to achieve exposure equal to 200% of the daily performance of SPCX, and tracking error may increase.
Investment in an IPO can involve heightened risk compared to seasoned securities and include the possible loss of principal. IPOs typically have a limited operating history, less publicly available information and no established market price prior to the offering. This may lead to price volatility, especially in early trading and post-IPO due to “lock‑up expirations” that may pressure prices. Please read and consider the IPO’s offering materials carefully prior to investing.
Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment that diversifies risk or tracks the market generally. The Fund’s value may fluctuate more sharply in response to events affecting Space Exploration Technologies Corporation than funds that invest in a broader range of issuers.
Compounding and Market Volatility Risk. The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from 200% of the Underlying Security’s performance. During periods of higher volatility, compounding effects may cause the Fund to lose value even if the Underlying Security’s share price increases over the longer term.
Daily Correlation/Tracking Risk. There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security. Market disruptions, volatility, or limitations in the availability of derivatives may cause the Fund’s performance to deviate from its daily leveraged investment objective.
Leverage Risk. The Fund will seek 2X long exposure through financial instruments, which exposes the Fund to the risk that losses may be magnified. Leverage increases the Fund’s volatility, and a relatively small movement in the Underlying Security’s share price may result in significant losses for the Fund.
Derivatives Risk. The Fund’s investments in derivatives may pose risks greater than those associated with directly investing in securities. These risks include increased volatility, imperfect correlation with the Underlying Security, liquidity constraints, valuation challenges, and the potential for losses exceeding the amount initially invested.
Counterparty Risk. The Fund is subject to counterparty risk due to its use of derivatives. If a counterparty fails to meet its contractual obligations, the Fund may experience delays or losses, which could negatively affect its performance.
Options Contracts Risk. The Fund’s use of options subjects it to additional risks, including volatility, time decay, and the possibility that options positions expire worthless, which could result in significant losses to the Fund.
Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.
Rebalancing Risk. If the Fund is unable to rebalance its portfolio correctly or in a timely manner, its exposure may not be consistent with its investment objective. This may increase the Fund’s risk exposure and cause its performance to diverge from its intended daily leveraged results.
Intra-Day Investment Risk. The Fund seeks investment results from the close of one trading day to the close of the next. An investor who buys Shares intra-day may receive more or less exposure to the Underlying Security than the Fund’s stated 2X objective, depending on movements in SPCX’s share price since the prior close, and may experience returns that differ from that objective.
Liquidity Risk. Some securities or financial instruments held by the Fund may be difficult to sell, particularly during periods of market stress or volatility. Reduced liquidity may make it difficult for the Fund to adjust its exposure or meet its investment objective.
High Portfolio Turnover Risk. Daily rebalancing is expected to result in high portfolio turnover. High portfolio turnover may increase transaction costs, which could reduce the Fund’s returns and potentially result in higher taxable distributions for shareholders.
Non-Diversification Risk. Because the Fund is non-diversified, it may invest a greater percentage of its assets in a single issuer. As a result, the Fund may be more sensitive to adverse events affecting Space Exploration Technologies Corporation than a diversified fund.
Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates.
New Fund Risk. The Fund is a recently organized management investment company with a limited operating history. As a result, there is limited performance history upon which investors can evaluate the Fund.
Market and Economic Risk. Broader economic conditions, interest rates, inflation, geopolitical events, and general market volatility may negatively affect SPCX and the Fund.
Brokerage commissions may be charged on trades.
Distributed by Foreside Fund Services, LLC.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0f53e013-521d-4b7d-9b22-338ebabf2c9c
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1Fund objective, structure, and risk statements: Source — Defiance ETFs fund materials and prospectus, defianceetfs.com/spcu. Holdings and exposures are subject to change.
2SpaceX IPO information: Sources — SpaceX Form S-1 filed with the SEC on May 20, 2026; Reuters (June 3, 2026); CNN Business (June 3, 2026). Offering timing, pricing, share count, and valuation are subject to change.