ProShares Plans 2x SpaceX ETF Launch on Day of Record IPO

Exchange-traded fund (ETF) issuer ProShares has announced plans to launch the Ultra SpaceX ETF (SPCF) on June 12.

The product targets 2x the daily returns of SpaceX. The launch will coincide with the largest initial public offering (IPO) in history. 

ProShares Bets on SpaceX With Planned Leveraged Single-Stock ETF

The firm offers more than 115 funds and has over $90 billion in assets. SPCF joins existing single-stock products. This includes funds targeting 2x daily returns on Circle, Coinbase, NVIDIA, Palantir, and Tesla. 

CEO Michael Sapir said the fund gives traders “a way to magnify a bullish view on SpaceX” without borrowing on margin on IPO day.

“Investors will be able to target 2x daily returns of SpaceX with the convenience and transparency of an ETF,” Sapir said.

Meanwhile, Nate Geraci, President of NovaDius Wealth Management, called the same-day leveraged launch an early signal of how “wild SpaceX IPO could be.”

“Will be other ETF issuers jumping in here as well,” he added.

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Demand Nears 4 Times the Offering Size

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. 

That leaves the offering oversubscribed by roughly 3.5 to 4 times the planned size. Such strong interest signals confidence in the company ahead of its market debut.

Moreover, the sale ranks as the largest IPO on record by capital raised. The timeline is now compressed. Books are scheduled to close on Wednesday, with pricing to follow on June 11. Finally, SPCX is set to begin trading on the Nasdaq on June 12.

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