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Leverage Shares lists Tesla-SpaceX ETF as Direxion adds inverse SpaceX fund

Leverage Shares and Direxion have launched U.S.-listed SpaceX-linked ETFs, including a Tesla-SpaceX product and a 2x inverse fund, as SpaceX’s market debut drives new tactical trading vehicles.

Summary

Leverage Shares, operating under the Themes brand, listed the Leverage Shares 100% TSLA and 100% SpaceX Daily ETF on Nasdaq under the ticker ELOL with a 0.99% management fee, offering 100% daily exposure to Tesla and 100% daily exposure to SpaceX in one fund. Direxion separately launched the Direxion Daily SpaceX Bear 2X ETF, LOFD, on the NYSE to deliver -200% of SpaceX’s daily share performance, alongside its bullish LOFF product, as SpaceX approached its first quarterly earnings report and post-IPO lock-up expiration. The two launches underscore rapid growth in U.S. SpaceX-linked ETF products, while also highlighting differing structures and risks: ELOL was described as unlevered despite early "2x" references, whereas LOFD is a leveraged inverse single-stock ETF intended for short-term tactical trading because daily resets can cause longer-term performance to diverge from the underlying stock.

Terms & Concepts
  • Single-stock ETF: An exchange-traded fund designed to track the performance of one company’s shares, sometimes with leveraged or inverse daily exposure.
  • Inverse leveraged ETF: A fund that seeks to deliver the opposite of a stock’s daily move, multiplied by a set factor such as -2x.
  • Lock-up expiration: The end of a post-IPO restriction period that allows insiders and early investors to sell shares, often increasing supply and volatility.