SPCH Delivers the Biggest ETF Launch Since Bitcoin

A New Benchmark for ETF Launches

There are only a handful of ETF launches that can genuinely be described as historic.

The launch of SPY in 1993 created the modern ETF industry. QQQ brought Nasdaq investing to the mainstream in 1999. Gold ETFs transformed commodity investing in 2004. More recently, the arrival of spot Bitcoin ETFs in January 2024, led by BlackRock's IBIT, became one of the most anticipated product launches in financial history.

Now another ETF launch is demanding a place on that list. Just days after SpaceX completed the largest IPO ever recorded, the Leverage Shares 2X Long SpaceX Daily ETF (Cboe: SPCH) and the Leverage Shares -2X Short SpaceX Daily ETF (Cboe: SSPC) entered the market and immediately captured the attention of traders across Wall Street. What followed was one of the most remarkable ETF debuts the industry has ever seen.

A Record-Breaking Start

SpaceX's public listing was already a historic event. The company raised $75 billion in its IPO, valuing the business at approximately $1.75 trillion and creating one of the most closely watched stocks in the world.

The excitement surrounding the listing triggered an unprecedented rush among ETF issuers. Within 72 hours, twelve leveraged SpaceX ETFs launched simultaneously on the Cboe exchange, all competing for the same pool of investors. In theory, no single issuer should have had a clear advantage.

Most products offered similar leverage, tracked the same underlying stock, and launched on the same day. Yet the market quickly identified its preferred choice.

On its first trading day, SPCH generated approximately $282 million in trading volume, making it the most actively traded 2x long SpaceX ETF on the market. SSPC followed with approximately $219 million, ranking among the leading inverse products.¹

Together, the two Leverage Shares funds generated more than $500 million in first day trading volume, securing the top positions in the newly created category.

According to Bloomberg Intelligence ETF analyst Eric Balchunas, SPCH recorded the largest first-day trading volume of any newly launched ETF since BlackRock's IBIT debuted in January 2024. That is a statement worth sitting with for a moment.

IBIT entered the market backed by the world's largest asset manager and years of pent-up institutional demand for spot Bitcoin exposure. SPCH entered a crowded marketplace alongside eleven competing products and still emerged as the volume leader.

The Momentum Accelerated

If day one was impressive, day two was extraordinary. By June 16, SPCH had generated approximately $1.56 billion in trading volume, while SSPC approached $1 billion. Combined, the two funds accounted for more than half of all volume traded across the entire leveraged SpaceX ETF universe.²

The twelve competing SpaceX ETFs collectively traded roughly $4.15 billion that day, an extraordinary figure for a category that did not exist just a week earlier. Even more remarkable was the breadth of demand as every leveraged SpaceX ETF surpassed meaningful trading thresholds. For ETF issuers, a $25 million launch day is often considered a success. Several SpaceX ETFs generated multiples of that amount, however, SPCH and SSPC simply generated far more.

Why Demand Was So Strong

The explosive trading activity highlights the unique combination of factors. First, SpaceX is not a typical IPO. The company sits at the centre of some of the world's most important growth themes, including reusable rockets, satellite communications, artificial intelligence infrastructure, national security, and space exploration.

Second, the stock has been highly volatile since listing. Large daily moves create opportunities for active traders seeking amplified exposure.

Third, leveraged ETFs offer a simple and accessible way to express those views. Rather than opening margin accounts, trading options, or using bespoke derivatives, investors can gain leveraged long or short exposure through a familiar ETF structure available on virtually every brokerage platform.

For many traders, SPCH and SSPC became the prefered way to participate in the post-IPO volatility surrounding SpaceX.

Why Demand Was So Strong

The success of SPCH and SSPC was not simply a function of market excitement. Leverage Shares entered the SpaceX ETF race with several competitive advantages.

The company has built a strong reputation in leveraged single-stock products through its European ETP business and has demonstrated an ability to move quickly when major market opportunities emerge.

Earlier in 2026, Leverage Shares became the first issuer to launch a leveraged ETF linked to newly public AI chipmaker Cerebras. When SpaceX went public, the firm applied the same playbook by launching both long and short products simultaneously.

The company also entered the market with one of the most competitive fee structures in the category. With an expense ratio of 0.75%, SPCH and SSPC offered investors a lower-cost alternative to many competing leveraged SpaceX products.

In a market where exposure is largely identical, pricing can become a powerful differentiator and early trading data suggests investors have noticed.

The Importance of Being the Early Leader

The comparison with IBIT extends beyond headline volume numbers. One of the most important lessons from ETF history is that liquidity tends to attract more liquidity.

Higher trading volumes often lead to tighter bid-ask spreads. Tighter spreads improve execution quality. Better execution attracts additional investors, creating a powerful feedback loop that can reinforce market leadership.

The Bitcoin ETF market demonstrated this perfectly. Funds that established early liquidity advantages attracted more flows, strengthening their competitive position over time.

SPCH appears to be benefiting from the same effect. By emerging as the volume leader during the critical first days of trading, the fund has established a strong foundation from which to build further liquidity and investor adoption.

Footnotes:

¹Leverage Shares by Themes (GlobeNewswire: Leverage Shares by Themes’ 2x SpaceX ETFs, SPCH and SSPC, Lead Market Debut With More Than $500 Million in First-Day Trading), as of June 16, 2026.

²Bloomberg Terminal Data as of June 16, 2026.