ProShares to Drop 2x SpaceX ETF the Same Day SpaceX Itself Drops on Nasdaq 🚀

ProShares said it will launch the Ultra SpaceX ETF (SPCF) on June 12, the same day SpaceX is set to begin trading on the Nasdaq under the ticker SPCX after the largest initial public offering in history. The fund is designed to deliver 2x the daily returns of SpaceX, joining ProShares' existing lineup of leveraged single-stock products, which already include 2x funds targeting Circle, Coinbase, NVIDIA, Palantir, and Tesla. ProShares offers more than 115 funds and manages over $90 billion in assets.

ProShares CEO Michael Sapir said the fund gives traders "a way to magnify a bullish view on SpaceX" without borrowing on margin on IPO day, adding that "investors will be able to target 2x daily returns of SpaceX with the convenience and transparency of an ETF." Nate Geraci, President of NovaDius Wealth Management, described the same-day leveraged launch as an early signal of how "wild SpaceX IPO could be," and predicted that "other ETF issuers" would follow.

Investor demand for the offering has been substantial. According to Reuters, the deal has attracted more than $250 billion in orders against a $75 billion target, leaving the offering oversubscribed by roughly 3.5 to 4 times the planned size and ranking as the largest IPO on record by capital raised. Books are scheduled to close on Wednesday, with pricing to follow on June 11, and SPCX is set to begin trading on the Nasdaq on June 12, the same day ProShares plans to list SPCF.