Direxion has launched the Direxion Daily SpaceX Bull 2X ETF (LOFF  ), becoming one of the first single-stock ETFs designed to provide leveraged exposure to SpaceX, or Space Exploration Technologies Corp (SPCX  ), following the aerospace giant's blockbuster public market debut on Friday.

The ETF began trading one business day after SpaceX did, in what Direxion described as the largest initial public offering in market history. The new fund seeks daily investment results, before fees and expenses, equal to 200% of the daily performance of SpaceX shares, giving traders a leveraged vehicle to express short-term bullish views on the company.

Key Features Of LOFF

  • Objective: Seeks 200% of the daily performance of SpaceX, before fees and expenses
  • Structure: Single-stock leveraged ETF
  • Underlying Stock: SpaceX
  • Related Product: Joins Direxion's single-stock lineup alongside the Direxion Daily TSLA Bull 2X ETF (TSLL  ), which remains the largest Tesla Inc (TSLA  )-focused single-stock ETF available to investors.
  • Target Investors: Active traders seeking short-term leveraged exposure to SpaceX shares
Direxion said the launch further strengthens its position in the growing single-stock ETF market, where it is already the largest issuer in the United States.

"Few companies have been tracked as fervently as SpaceX," said Mo Sparks, Chief Product Officer of Direxion. "With LOFF, active traders can act on that conviction from the start of public trading."

The launch comes as investor interest in single-stock leveraged ETFs continues to expand, particularly around high-profile technology and growth companies. By introducing a leveraged SpaceX product immediately after the company's market debut, Direxion is targeting traders seeking amplified exposure to one of the most closely watched stocks in the market.

Other Similar ETFs In The Lineup

Among the most prominent entrants is Defiance ETFs, which is expected to enter the race through its Defiance Daily Target 2X Long SpaceX ETF (SPCU  ). The issuer has become one of the industry's most aggressive providers of single-stock leveraged products over the past two years.

ProShares is also set to launch the ProShares Ultra SpaceX ETF (SPCF  ). The fund would seek to provide 2x the daily return of SpaceX stock and would join ProShares' growing lineup of single-stock leveraged ETFs. The firm says the product is intended for investors seeking amplified exposure to SpaceX without using margin.

GraniteShares is taking a similar route with the GraniteShares 2x Long SpaceX Daily ETF (SPAL  ), extending its existing lineup of leveraged single-stock products focused on high-profile growth companies.

Meanwhile, REX Shares and Leverage Shares have both plan to offer SpaceX-linked leveraged exposure.