Exchange-traded fund (ETF) issuer ProShares has announced plans to launch the Ultra SpaceX ETF (SPCF) on June 12.
The product targets twice SpaceX’s daily revenue. The launch will coincide with the largest initial public offering in history.
ProShares is betting on SpaceX with one planned leveraged ETF
The company offers more than 115 funds and has assets of more than $90 billion. SPCF joins existing individual products. This includes funds targeting double-digit daily returns on Circle, Coinbase, NVIDIA, Palantir, and Tesla.
CEO Michael Sapir said The fund gives traders “A way to amplify SpaceX’s bullish outlook” without borrowing on margin on IPO day.
“Investors will be able to target SpaceX’s double-digit daily returns through the convenience and transparency of ETFs,” Sapir said. He said.
Meanwhile, Nate Geraci, president of NovaDius Wealth Management, described the same-day leverage launch as an early sign of “how wild a SpaceX IPO could be.”
“Other ETF issuers will come here as well.” He added.
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Demand is close to 4 times the supply
Investor demand for the offer was great. according to ReutersThe deal attracted orders worth more than $250 billion against a target of $75 billion.
This leaves the offering oversubscribed by about 3.5 to 4 times the planned size. This strong interest indicates confidence in the company before its debut on the market.
Moreover, the sale ranks As the largest Registered IPO in terms of capital raised. The schedule has now been compressed. Books are scheduled to close on Wednesday, with pricing to follow on June 11. Finally, SPCX is scheduled to begin trading. On Nasdaq June 12.
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