ProShares will list the Ultra SpaceX ETF (ticker: SPCF) on June 12, 2026 — the same day SpaceX’s long-awaited IPO begins trading on the Nasdaq. The fund is designed to deliver twice the daily return of SpaceX stock, giving investors a way to amplify bullish bets without using margin.
A giant IPO meets a leveraged ETF
SpaceX’s IPO books closed Wednesday, with pricing finalized Thursday, June 11. The company is targeting $75 billion in capital raised, but investor demand has already surged past $250 billion — roughly 3.5 to 4 times oversubscribed. That makes it the largest IPO in history by capital raised.
ProShares, which manages more than $90 billion in assets, is not new to single-stock leveraged ETFs. The firm already offers similar funds for Circle, Coinbase, NVIDIA, Palantir, and Tesla. SPCF will join that lineup, focusing solely on SpaceX.
Why ProShares is betting on SpaceX
CEO Michael Sapir said the ETF lets investors “magnify their bullish views on SpaceX” without having to borrow money on margin. “These funds are built for traders who want a straightforward, daily leverage tool,” Sapir added. The fund rebalances daily, so holding it longer than a day can produce returns that differ from 2x the stock’s cumulative move.
ProShares’ other single-stock leveraged ETFs have seen strong trading volume during periods of high retail interest, and the firm is betting SpaceX’s blockbuster IPO will draw similar attention.
What the same-day launch signals
Nate Geraci, president of NovaDius Wealth Management, called the simultaneous listing “unusual” and said it points to potentially high volatility around SpaceX’s first day of trading. “Launching a leveraged ETF on the exact same day as the underlying IPO is a clear sign that ProShares expects big price swings — and that some investors will want to double down on them,” Geraci said.
The timing means traders can buy SPCF within hours of SpaceX’s first trade. That could amplify gains if the stock pops, but it also magnifies losses on a drop.
The mechanics of the fund
SPCF seeks 2x the daily percentage change in SpaceX’s common stock. Because the leverage resets each day, the fund is designed for short-term trading, not long-term holding. Investors who buy and hold across multiple sessions may see returns that drift away from the target multiple due to compounding effects.
The ETF does not require a margin account; it achieves leverage through swaps and futures contracts tied to SpaceX shares. That makes it accessible to any brokerage customer who can buy a typical ETF.
SpaceX begins trading on the Nasdaq Friday morning. SPCF follows shortly after, with ProShares planning to start trading at the market open. Whether the twin listings will amplify the IPO’s first-day pop — or its swoon — is the question hanging over both.
