New York, June 16, 2026 – The Themes ETF Trust’s Leverage Shares 2X Long SPCX Daily ETF (SPCH) surged in early trading Tuesday, capitalizing on SpaceX's post-IPO momentum. The fund, which debuted on the Cboe exchange on June 15, aims to deliver twice the daily return of SpaceX stock (ticker: SPCX) before fees and expenses.
Market Performance and Leverage Dynamics
SPCH closed its first trading session at $20.88, after fluctuating between $16.40 and $21.88 on Monday. Volume reached approximately 14.8 million shares. In premarket activity Tuesday, the ETF was indicated at $23.16, up 10.9% from Monday's close. The fund's net asset value (NAV) stood at $20.86 per share as of June 16, with an expense ratio of 0.75%.
The leveraged structure means SPCH seeks 200% of SpaceX's daily percentage change, using derivatives. While this amplifies gains when SpaceX rises, it also magnifies losses on down days. Leverage Shares warns that if SpaceX drops more than 50% in a single session, investors could lose their entire investment.
SpaceX's Post-IPO Rally
SpaceX shares jumped 10.4% to $212.50 in premarket trading Tuesday, extending their rally to more than 57% above the $135 IPO price. The company's market capitalization is now approaching that of Amazon, driven by strong investor demand and positive sentiment.
Adding to the bullish narrative, SpaceX announced a $60 billion acquisition of Anysphere, the developer of the Cursor AI coding tool. The deal is expected to close in the third quarter of 2026, pending regulatory approvals.
Key Catalysts Ahead
Investors are closely monitoring two major events that could drive further volatility: the start of SpaceX options trading and potential index inclusion. Options trading typically increases volume and price swings, while index inclusion forces passive funds to buy shares. Reuters reports that SpaceX is on track for a fast-track entry into the Nasdaq 100, with FTSE Russell and MSCI expected to add the stock on June 26 and June 29, respectively.
These events are particularly significant for SPCH because the ETF resets daily. Holding it for longer periods can cause compounding or volatility decay, leading to returns that diverge significantly from double the daily move of SpaceX.
Risks and Analyst Perspectives
Despite the enthusiasm, some analysts caution that SpaceX's valuation is stretched. The company reported $18.67 billion in revenue last year but posted a net loss of $4.94 billion. “This valuation makes absolutely no sense today,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
The risks for SPCH are heightened by its leveraged nature. A sudden drop in SpaceX shares, complications with the Cursor deal, high options costs, or a cooling of the index-inclusion trade could all hit the ETF harder than the underlying stock. Leverage Shares emphasizes that SPCH is designed for experienced investors who actively monitor their positions.
SPCH is not suitable for long-term buy-and-hold strategies. It is a tactical tool for short-term bulls who understand daily leverage and are prepared for amplified swings. As the ETF tracks a single volatile stock, its performance can deviate sharply from SpaceX's business fundamentals over time.
