Leverage Shares by Themes' SpaceX ETFs Surge Past $500M in First-Day Trading
Event summary
- Leverage Shares by Themes' 2x SpaceX ETFs (SPCH and SSPC) generated over $500M in combined first-day trading volume on June 16, 2026.
- SPCH (2x long) led with $282M in volume, while SSPC (2x short) followed with $219M.
- Both ETFs launched with a 0.75% expense ratio, positioning them as the lowest-cost options in the category.
- Options trading for SPCH and SSPC began immediately, expanding hedging and speculative opportunities.
The big picture
The record debut of SPCH and SSPC underscores investor demand for leveraged exposure to SpaceX, even as the company remains privately held. The strong first-day performance suggests that cost and liquidity remain critical factors in leveraged ETF adoption, particularly for high-profile thematic investments. The launch also highlights the growing sophistication of retail and institutional investors in accessing niche market opportunities through structured products.
What we're watching
- Liquidity Dynamics
- How sustained trading volume will affect SPCH and SSPC's liquidity and bid-ask spreads.
- Cost Competition
- Whether Themes ETFs can maintain its low-cost leadership as competitors enter the 2x SpaceX ETF space.
- Regulatory Scrutiny
- The pace at which regulators may scrutinize leveraged ETFs targeting high-profile private companies like SpaceX.
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