Issuers Launch Leveraged, Short ETFs for SpaceX Trading

ETF issuers launched multiple leveraged and short products tied to SpaceX after the company’s June 12, 2026 IPO. Direxion listed the Direxion Daily SpaceX Bull 2X ETF (LOFF) one business day later with a total expense ratio of 0.97%.

Leveraged Shares listed two 3x SpaceX ETPs on the London Stock Exchange under the tickers ELON (USD) and MUSK (GBx). In the United States, ProShares listed ProShares Ultra SpaceX (SPCF). T‑REX introduced the T‑REX 2X Long SpaceX Daily Target ETF (SPAX), and GraniteShares listed two 2x funds offering long and short exposure.

On its first day of public trading, SpaceX reached a high of $176 and closed at $161, 19% above the IPO price. Issuers of leveraged products cited that intraday volatility as a reason to offer funds that amplify short-term bets.

The new products generally aim to deliver 2x or 3x the daily performance of SpaceX and reset leverage each trading day. Issuers state the funds are intended for short-term tactical use and require frequent monitoring, because daily rebalancing can cause returns to diverge from the underlying stock over longer periods.

Direxion positioned LOFF as an extension of its single-stock lineup, which includes TSLL, a 2x daily Tesla ETF. TSLL is the second-largest single-stock ETF in the U.S. and was the first leveraged single-stock ETF to exceed $1 billion in assets.

Mo Sparks, Direxion’s chief product officer, commented: “SpaceX is the largest IPO ever and the market excitement is palpable. Beyond the capital raise and valuation, the ‘Elon factor’ is real and meaningfully adds to the hype. TSLL is the second-largest single-stock ETF in the US and active traders view us as the place to trade Elon with leverage. LOFF will immediately fill this built-up demand.” He also noted traders often use leveraged funds around “pockets of volatility-earnings moves, macro headlines driving sectors, geopolitical turmoil,” and pointed to SpaceX’s work on space-based data centers as a potential source of future headlines.

Product teams prepared for the IPO beforehand and launched offerings quickly once trading began. Issuers will monitor asset flows to see whether any of the new SpaceX funds attract the same growth patterns seen in earlier single-stock leveraged ETFs. Market participants now have multiple options to express leveraged long or short views on SpaceX.