New York, June 16, 2026, 08:03 (EDT).
- SPCH started trading on Cboe on June 15. The product seeks to deliver 2x the daily return of SpaceX stock, before fees and expenses.
- The ETF ended its debut session at $20.88 and traded at $23.16 in premarket on Tuesday, up 10.9%.
- SpaceX options activity, a possible quick index listing, and the $60 billion Cursor deal are on investors’ radar as the next big movers.
Themes ETF Trust’s Leverage Shares 2X Long SPCX Daily ETF (SPCH) jumped in early trading Tuesday, tracking gains tied to SpaceX’s post-IPO rally. SPCH finished at $20.88 Monday, after moving between $16.40 and $21.88. Turnover hit about 14.8 million shares. The ETF was indicated at $23.16 before the bell at 8:03 a.m. EDT. Cboe launched SPCH and the 2X Short SPCX Daily ETF (SSPC) as new listings on June 15.
This fund isn’t a traditional stock play. It’s a daily leveraged ETF, aiming for 200% of SpaceX’s daily move—up or down—using derivatives. The stock ticker is SPCX. Leverage Shares showed SPCH’s expense ratio at 0.75% and last posted NAV at $20.86 per share on June 16. Investors get double the daily swings in SpaceX, but losses hit twice as hard if SpaceX shares drop.
SpaceX shares jumped 10.4% to $212.50 in premarket trade Tuesday, Reuters said, as the stock stretched its rally and closed in on Amazon’s market cap. The move put shares more than 57% above the $135 IPO price. SpaceX also said it would buy Anysphere, maker of the Cursor AI coding tool, in a $60 billion deal expected to finish in the third quarter of 2026.
Bulls say the logic is simple. If SpaceX keeps pulling in buyers from both retail and funds, SPCH could see fast swings because it gives two times the daily move. Reuters reported SpaceX is on track for speedy Nasdaq 100 entry. Indexes at FTSE Russell and MSCI are tipped to pick up the stock June 26 and June 29. The bear side has its own story. SpaceX is already trading at high valuation levels. Reuters pointed out the company had $18.67 billion in sales last year and posted a $4.94 billion net loss. “This valuation makes absolutely no sense today,” said Swissquote Bank’s Ipek Ozkardeskaya. Reuters
SPCH holders are watching for two main events—when SpaceX options start trading and when index-inclusion dates hit. Options trading tends to pump up both volume and volatility. Index inclusion forces passive funds to buy in. Both events can move the stock, which matters for SPCH because it resets daily; hold it longer and compounding or volatility decay can make results drift far from double SpaceX’s daily move. Leverage Shares says SPCH targets experienced investors tracking their positions closely and warns that if SpaceX drops more than 50% in a day, an investor could lose everything.
SPCH looks risky now and not especially cheap or broadly appealing. Short-term bulls who know how to use daily leverage might like it, but it’s not a clear long-term play on SpaceX’s business. A sudden drop in SpaceX, trouble with the Cursor deal, high options costs, or if the index-inclusion trade cools, could all hit the ETF fast and harder than the stock itself.
