SpaceX barely finished ringing the bell, and Wall Street is already slicing it into leveraged side bets. Leverage Shares by Themes has rolled out two daily leveraged ETFs tied to SpaceX common stock: the 2x Long SpaceX Daily ETF (ticker: SPCH) and the 2x Short SpaceX Daily ETF (ticker: SSPC).

Both products began trading on June 15, 2026, at 9:30 a.m. ET on the Cboe exchange. They arrive just days after SpaceX’s public listing on Nasdaq around June 12, making them among the fastest leveraged products ever launched off the back of a newly public company.

What these ETFs actually do

SPCH aims to deliver 2x the daily return of SpaceX stock. SSPC aims to deliver 2x the inverse daily return. In English: if SpaceX goes up 3% in a day, SPCH targets a 6% gain. If SpaceX drops 3%, SSPC targets a 6% gain on that side.

The key word is “daily.” These products reset every single trading session, which means holding them for longer than a day introduces something called volatility decay, a compounding effect that can quietly eat into returns even if the underlying stock ends up exactly where it started over a multi-day period.

Both ETFs achieve their leverage through derivatives, primarily swaps and options, rather than by holding SpaceX shares outright. This also means the funds carry counterparty risk on top of the already amplified market exposure.

The expense ratio comes in at 0.75%, which is notably lean for the leveraged ETF space. That figure runs roughly 38-47% lower than category averages.

The SpaceX IPO backdrop

These products don’t exist in a vacuum. They exist because SpaceX just pulled off what may be the largest IPO in history, seeking to raise approximately $75 billion. The demand was staggering. Indications of interest reportedly exceeded $250 billion, meaning investors wanted in at more than three times the available allocation.

Competitors including GraniteShares and Direxion have been developing similar leveraged products tied to SpaceX, though some of those faced delays in getting to market.

What this means for investors

The 0.75% expense ratio lowers one barrier to entry, but the real costs of these products are hidden in their mechanics. Volatility decay can turn a correct directional thesis into a losing trade if timing is even slightly off. A trader who buys SPCH expecting SpaceX to climb over a two-week stretch could still lose money even if the stock finishes higher, simply because of how daily resets compound through choppy price action.

For the short side, SSPC carries its own unique risks. Shorting a freshly public company with massive investor demand is already a contrarian bet. Doing it at 2x leverage turns contrarian into confrontational. If SpaceX shares continue their post-IPO momentum, losses on SSPC would accumulate at double the rate of the underlying move.

When multiple issuers launch nearly identical leveraged products around the same underlying stock, the winner is usually determined by liquidity and bid-ask spreads rather than by the fund structure itself. Traders considering these products should pay close attention to trading volume in the first few weeks, because thin volume on leveraged ETFs can lead to slippage that quietly compounds alongside the decay.