ProShares to Launch 2x Long SpaceX ETF, Trading Debut on IPO Day

Odaily Planet Daily reported that ProShares, the world's largest issuer of leveraged and inverse ETFs, announced that it will launch a 2x Long ETF on June 12, the first day of SpaceX's (SPCX) IPO, tracking 200% of its daily return (before fees). While directly launching a single-stock leveraged ETF on the IPO day is uncommon, this practice has become increasingly popular in recent years for high-profile IPOs of technology and growth stocks, reflecting the significantly heightened demand for leverage on highly volatile new stocks among retail and short-term traders.