SPCU - Risks & Disclosures

Important risk disclosure

The Fund seeks daily leveraged (2X) results and is not suitable for all investors. It is designed for knowledgeable investors who actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the underlying security's performance is flat, and may lose money even if the underlying's performance increases over a period longer than one day. An investor could lose the full principal value of their investment within a single day.

Not a direct investment in SpaceX

An investment in the Fund is not a direct investment in SpaceX.

Daily reset, compounding, and path dependency

The Fund rebalances its 2X exposure at the end of each trading day. Over periods longer than one day, the Fund's return depends on the sequence of daily returns of the underlying (path dependency) and can deviate materially from 2X the underlying's cumulative return. In volatile, sideways markets, daily compounding (sometimes called volatility drag) can erode the Fund's value even if the underlying ends roughly flat.

Leverage and derivatives risk

The Fund obtains its 2X exposure synthetically through swap agreements and other derivatives. Use of derivatives can amplify losses, introduce counterparty risk, and expose the Fund to liquidity, valuation, and operational risks.

Single-issuer concentration risk

The Fund's performance is tied to the performance of a single company - SpaceX. The Fund is non-diversified. Adverse events affecting SpaceX can have an outsized impact on the Fund's value.

Newly-listed security / IPO risk

SpaceX (SPCX) is a newly-listed security. Newly-listed securities can experience elevated volatility, limited trading history, and uncertain liquidity. A 2X daily-reset ETF amplifies that volatility.

Counterparty risk

The Fund uses swap agreements with counterparties. If a counterparty fails to meet its obligations, the Fund could experience losses.

Pre-launch state

Until the Fund's first trade date (Monday, June 15, 2026), no performance data is available. All content on this site is informational only.

Prospectus

Consider the Fund's investment objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other information; read it carefully before investing. To obtain a prospectus, visit defianceetfs.com/spcu/prospectus or call 833.333.9383.

General

Investing involves risk. Principal loss is possible.

Defiance ETFs are distributed by Foreside Fund Services, LLC.

SpaceX® and SPCX are referenced for identification only. This site and the Fund are not affiliated with, sponsored by, or endorsed by Space Exploration Technologies Corp.