ETF issuers are looking to harness the massive interest around the historic SpaceX IPO with the launch of new single-stock funds themed around the rocket maker.
SpaceX is set to go public on the Nasdaq on June 12 in a historic IPO that will reportedly value the company at $1.75 trillion. Trading under the ticker symbol SPCX, the blockbuster IPO could be the largest ever.
On Tuesday ProShares announced plans to launch the ProShares Ultra SpaceX ETF (Ticker: SPCF), which is targeting 2x daily returns of SpaceX. The fund will launch on June 12, the same day as the SpaceX IPO.
“SPCF intends to offer investors a way to magnify a bullish view on SpaceX without borrowing on margin on the day of SpaceX’s IPO,” said ProShares CEO Michael L. Sapir, in a statement. “Investors will be able to target 2x daily returns of SpaceX with the convenience and transparency of an ETF.”
Defiance ETFs is also preparing to launch its Defiance Daily Target 2X Long SpaceX ETF on June 12. The ETF aims to harness investor appetite for companies that have historically been private, as well as targeted exposure to high-profile companies.
Space ETFs have been in the spotlight recently, fueled by a booming space industry and the attention being lavished on the SpaceX IPO.
Space-focused funds include the Procure Space ETF (Ticker: UFO), which was launched in 2019, and the Ark Space & Defense Innovation ETF (Ticker: ARKX).
Recently, asset manager VanEck also launched a space ETF that it says will give advisors and investors a way to tap into the space industry. The VanEck Space ETF, which boasts the ticker ‘WARP’, tracks the MarketVector Space Index (MVWARP), which itself tracks the performance of companies involved in space exploration, equipment, and communications.
Since 2022, the company has offered its VanEck Space Innovators UCITS ETF (Ticker: JEDI). However, this is only available in Europe to European investors, follows a different index to 'WARP'.
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