SPCQ -2x Defiance Daily Target 2X Short SPCX ETF

BEAR ETF standard · Issuer Defiance · Tracks SPCX · Listed 2026-06-12

Quote & options All leveraged ETFs

Implied AUM

—

shares out × price

Last close

$11.07

20261001

30-day avg volume

1,407,809

no listed options

SPCQ realized

—

what holders actually earned

Theoretical -2x

—

-2x × SPCX's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -2x SPCX

Cumulative return of SPCQ against a clean -2x of SPCX's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: SPCH (+2x bull, Leverage Shares 2X Long SPCX Daily ETF)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on SPCX

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume
SPCH	+2x	BULL	Leverage Shares	Leverage Shares 2X Long SPCX Daily ETF	—	22,140,331
SPCU	+2x	BULL	Defiance	Defiance Daily Target 2X Long SPCX ETF	—	1,383,348
SSPC	-2x	BEAR	Leverage Shares	Leverage Shares 2X Short SPCX Daily ETF	—	12,840,636

How SPCQ works

SPCQ targets -2x the daily return of SPCX — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -2x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -2x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.