2x SpaceX Daily ETF (SPCH) | Leverage Shares™ by Themes

Fund Summary

The Leverage Shares 2x Long SPCX Daily ETF (SPCH) seeks daily leveraged investment results, before fees and expenses, of two times (200%) the daily percentage change in the common stock of SpaceX. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.

Fund Holdings*

As of

Name	Weighting	Market Value	Shares

*Holdings Subject to Change

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if underlying stock's performance is flat, and it is possible that the Fund will lose money even if underlying stock's performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day if the price of underlying stock falls by more than 50% in one trading day.

Because of daily rebalancing and the compounding of each day's return over time, the return of the Fund for periods longer than a single day will be the result of each day's returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security's volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security's performance increases over a period longer than a single day.

Key Features & Competitive Advantages

Cost Leadership (0.75% Expense Ratio)

spch features a total expense ratio of 0.75%, which is approximately 40% lower than the category average for comparable leveraged single-stock ETFs. This minimizes the drag on returns for active traders.

Risk Management (No Margin Calls)

Unlike trading on margin, investors in SPCH cannot lose more than their initial investment. There is no risk of a broker issuing a margin call that demands more cash, providing a defined-risk structure for leveraged exposure.

Institutional-Grade Collateral

The fund's synthetic exposure is backed by US Treasury Obligations, providing a layer of safety and credit quality regarding the fund's assets, distinct from competitors that may hold lower-grade cash equivalents.

High Liquidity & Access

Traded on Cboe, SPCH offers intraday liquidity with tight , allowing traders to enter and exit positions instantly during market hours without the complexity of or contracts.

Frequently Asked Questions about spch

The Leverage Shares 2x Long SPCX Daily ETF (SPCH) features a total expense ratio of 0.75%. This is currently one of the most cost-efficient structures for 2x leveraged exposure in the U.S. market.

Can I hold the SPCH ETF for more than one day?

An investor in SPCH can lose the full value of their investment if the underlying stock drops by more than 50% in a single trading day. However, unlike trading on margin, you cannot lose more than your initial investment (you cannot go into debt).

A leveraged ETF is an exchange-traded fund that uses financial derivatives and debt to amplify the daily returns of an underlying index or benchmark. For example, a 2x leveraged S&P 500 ETF aims to return twice the daily performance of the - if the index rises 1%, the ETF targets a 2% gain; if it falls 1%, the ETF targets a 2% loss.

They typically use derivatives like total return , contracts, and . The fund manager rebalances these positions daily to maintain the target leverage ratio.

The leverage target applies to single-day returns, not longer periods. Each day, the fund rebalances to restore its leverage ratio based on the new net asset value. This daily reset is fundamental to how these products work.

Because of daily rebalancing, leveraged ETFs can lose value over time even if the underlying index ends up flat, particularly in choppy, volatile markets. When an index moves up and down repeatedly, the compounding of daily leveraged returns erodes value. This effect intensifies with higher leverage and greater volatility.

Generally no. They're designed for short-term tactical trading, often single-day holds. Holding them for weeks or months can produce returns that diverge significantly from what you might expect based on the index's performance over that period, sometimes dramatically so in volatile markets.

SPCH