Ten 2x and inverse SpaceX ETFs debut as SPCX lists

Ten leveraged ETFs tied to SpaceX began trading the same day the company debuted on Nasdaq under the ticker SPCX. The funds, issued by six firms and listed across Cboe and NYSE Arca, seek two-times or inverse two-times daily exposure to SPCX before fees, with expense ratios ranging from 0.75% to 2.20%.

Leverage Shares by Themes listed the Leverage Shares 2X Long SpaceX Daily ETF (SPCH) and the Leverage Shares 2X Short SpaceX Daily ETF (SSPC) on Cboe, each charging 0.75%. Defiance launched the Defiance Daily Target 2X Long SpaceX ETF (SPCU) and the Defiance Daily Target 2X Short SpaceX ETF (SPCQ) on Cboe at 1.31% each. Tradr brought the Tradr 2X Long SpaceX Daily ETF (SPCM) and the Tradr 2X Short SpaceX Daily ETF (SPCG) to Cboe with 1.49% expense ratios. GraniteShares introduced the GraniteShares 2x Long SpaceX Daily ETF (SPAL) at 1.5% and the GraniteShares 2x Short SpaceX Daily ETF (SNK) at 2.2% on Cboe. REX Shares and Tuttle Capital Management launched the T-REX 2X Long SpaceX Daily Target ETF (SPAX) on NYSE Arca at 1.5%. Direxion added the Direxion Daily SpaceX Bull 2X ETF (LOFF), a two-times long fund.

Themes noted SPCH’s 0.75% fee is about 38% below the issuer’s estimate of the industry average for comparable two-times long products, and that SSPC’s fee is roughly 47% below its benchmark for inverse offerings. REX Shares indicated SPAX expands the T-REX lineup to more than 40 leveraged and inverse single-stock ETFs. SpaceX publicly thanked Tuttle Capital Management for providing the SPCX ticker ahead of the Nasdaq listing.

Issuers described SpaceX’s operations as spanning launch services, Starlink satellite broadband and artificial intelligence after the company’s acquisition of xAI. Defiance reported Starlink revenue of $11.4 billion for the year ended Dec. 31, a 49.8% increase year over year, and about 10.3 million subscribers across 164 countries and territories.

SpaceX had sought roughly $75 billion in its initial public offering and received indications of interest that exceeded the planned offering by several times. Issuers noted that as much as 30% of the allocation could be reserved for retail investors.

The new ETFs give traders tools to express short-term bullish or bearish views on SPCX. These products target daily returns; compounding can lead to results that differ from the stated multiple over longer holding periods.

“Some traders see a transformational business with enormous growth potential, while others see a stock that may face high expectations and significant valuation questions,” Matt Markiewicz, head of product and capital markets at Tradr ETFs, commented.