ETF issuer Defiance ETFs said on Friday that the Defiance Daily 2X Space ETF would seek 2X daily leveraged exposure to SpaceX Class A common stock from the open of SpaceX’s Nasdaq debut.
Defiance said the fund’s SpaceX exposure was established at the $135 IPO price, making SPCL “the first and only U.S. ETF” with 2X SpaceX exposure on IPO day. SpaceX began trading under ticker SPCX on Friday at a valuation of about $1.77 trillion, the largest U.S. IPO by debut market value.
The fund obtains exposure through swap agreements and listed options rather than holding SpaceX shares directly. It is classified as non-diversified and actively managed. A “Material Space Event” framework in its prospectus allowed the portfolio to reconstitute so that all or a predominant portion of exposure could shift into SpaceX on its listing day.
Defiance’s release noted that SPCL would not capture the gap between the $135 offering price and the opening market price. The fund’s prospectus warns that investors could lose their entire principal within a single trading day due to leverage, daily reset, compounding risk, and the derivatives capacity constraints typical of a newly public stock.
SPCL launched on April 7, 2026. As previously reported, Defiance also filed for a separate 2X SpaceX product, SPCU, ahead of the Nasdaq debut.
