Hot on the heels of SpaceX’s record-breaking IPO, more ETFs tied to the performance of the rocket maker’s stock are set to launch.
On Monday Themes ETFs will launch the Leverage Shares 2X Long SpaceX Daily ETF (Ticker: SPCH) and the Leverage Shares 2X Short SpaceX Daily ETF (Ticker: SSPC), which aim to tap into, respectively, bullish and bearish sentiment around Elon Musk’s company.
Both funds are actively managed, and also use swaps, options, and other derivatives. SPCH seeks daily investment results, before fees and expenses, corresponding to 200% of the daily performance of SpaceX. SSPC seeks daily investment results, before fees and expenses, corresponding to -200% of the daily performance of the company’s shares.
"This is the largest IPO in the history of the world," Paul Marino, chief revenue officer at Themes ETFs, told InvestmentNews. "There’s incredible demand from retail investors to get exposure to SpaceX and this gives an efficient way to get exposure, with leverage.”
A number of ETF issuers are looking to harness the massive interest in the historic SpaceX IPO with the launch of new single-stock funds themed around the rocket maker. These include ProShares, with its Ultra SpaceX ETF (Ticker: SPCF), which is targeting 2x daily returns of SpaceX, and Defiance ETFs with its Defiance Daily Target 2X Long SpaceX ETF. 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.
SpaceX raised $75 billion on the sale of 555.56 million shares for the largest-ever IPO, easily dwarfing Saudi Aramco’s $25.6 billion IPO in 2019
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