There’s now an ETF that lets you bet on Elon Musk’s two most ambitious companies at the same time. Leverage Shares, operating under the Themes brand, has listed the Leverage Shares 100% TSLA and 100% SpaceX Daily ETF on NASDAQ under the ticker ELOL.

The fund provides 100% daily exposure to both Tesla and SpaceX, giving investors a single-ticket ride on the electric vehicle giant and the private aerospace behemoth. The management fee comes in at 0.99%.

What ELOL actually does

Despite the issuer’s name being “Leverage Shares” and early descriptions floating the term “2x,” the ELOL ETF does not actually apply leverage in the traditional sense. It provides 100% exposure to Tesla (TSLA) and 100% exposure to Space Exploration Technologies Corp. (SPCX), which means investors get full, unlevered allocation to both companies simultaneously.

The fund is designed for active traders looking to capitalize on event-driven market movements tied to either company.

The launch follows SpaceX’s recent inclusion in the Nasdaq-100 index earlier in 2026, a milestone that opened the floodgates for new financial products tied to the private space company. Before SpaceX joined the index, getting public market exposure to the rocket maker was essentially impossible for most retail investors without tapping into secondary market shares or specialized funds.

Why this matters for the broader market

Leverage Shares has previously launched various leveraged SpaceX products in European markets. The US listing on NASDAQ marks an expansion into the world’s largest capital market.

The 0.99% management fee sits at the higher end of the ETF spectrum. For context, broad market index ETFs from major issuers typically charge between 0.03% and 0.20%.

What this means for investors

Concentrated bets on individual companies come with obvious risks. Tesla’s stock has historically been one of the most volatile large-cap names in the market. SpaceX carries the inherent uncertainties of aerospace: regulatory hurdles, launch failures, and the capital-intensive nature of building rockets.

Putting both into one ETF amplifies the concentration risk. If Musk faces a personal controversy or regulatory challenge that impacts both companies simultaneously, ELOL holders take the hit on both sides.

It is also notable that ELOL exists entirely in the traditional equity space. There are no crypto tokens, no blockchain-based structures, no tokenized shares involved.