SPCL
SPCL provides leveraged exposure to a concentrated portfolio of companies involved in the space economy, including satellite communications, launch systems, and space-enabled technologies. The portfolio is constructed through a thematic, qualitative process that selects a small number of companies, typically between 3 and 10, based on their level of participation in space-related activities, industry role, and development trajectory. Holdings are generally equally weighted, with adjustments made to manage volatility or liquidity considerations. The fund does not invest directly in these securities and instead uses derivatives such as swaps and options to obtain approximately 2x daily exposure. Because exposure is reset daily, returns over periods longer than one day can differ significantly from 2x the portfolios performance due to compounding and volatility. Before April 17, 2026, the fund traded under the ticker XAIL.