<p>SpaceX 高管在 2026 年 6 月 12 日首次公开募股（IPO）上市时敲响纳斯达克收盘钟。</p>
<p>Adam Jeffery | CNBC</p>
<p>SpaceX 的 IPO 不仅创造了市场历史上最大的首日交易记录，还引发了一场杠杆 ETF 的历史性争夺战。</p>
<p>在 SpaceX 上市的几天内，竞争基金公司推出了 11 只与该股票相关的杠杆交易所交易基金，随之而来的交易量超出了预期。在 SpaceX 上市的第一周，杠杆 ETF 的交易额超过了 100 亿美元，这一周是一个缩短的假期交易周，仅有四个交易日，直到星期四。这是关于这笔交易的众多显著市场统计数据之一。</p>
<p>杠杆单只股票 ETF 旨在提供股票每日回报的倍数，通常为两倍，无论是做多还是做空。由于这些基金每日重置，它们的回报可能与基础股票有显著偏差。</p>
<p>Leverage Shares 引领了这一潮流，在周二至周四的三天内，其做多 SpaceX ETF 的交易量超过了 10 亿美元，同时其做空 SpaceX ETF 的交易量也相当可观。</p>
<p>Strategas Securities 的首席 ETF 策略师 Todd Sohn 表示，这种模式是熟悉的，即使规模不寻常。当像 Nvidia 或 Tesla 这样的大牌公司周围建立杠杆 ETF 时，需求就会出现。SpaceX 不仅带来了市场历史上最大的 IPO，还与 Elon Musk 的名字紧密相连。</p>
<p>周二杠杆 SpaceX ETF 的交易量达到 42 亿美元，是该周的最高交易日。</p>
<h3>SpaceX 杠杆 ETF，首周交易量</h3>
<ul>
<li>Leverage Shares 2X Long SPCX Daily ETF (SPCH): 40 亿美元</li>
<li>Leverage Shares 2X Short SPCX Daily ETF (SSPC): 25.6 亿美元</li>
<li>GraniteShares 2x Short SpaceX Daily ETF (SNK): 7.65 亿美元</li>
<li>ProShares Ultra SpaceX (SPCF): 6.07 亿美元</li>
<li>Defiance Daily Target 2X Long SpaceX ETF (SPCU): 5.57 亿美元</li>
<li>GraniteShares 2x Long SpaceX Daily ETF (SPAL): 5.16 亿美元</li>
<li>Direxion Daily SpaceX Bull 2X ETF (LOFF): 3.78 亿美元</li>
<li>Defiance Daily Target 2X Short SpaceX ETF (SPCQ): 3.45 亿美元</li>
<li>Tradr 2X Short SpaceX Daily ETF (SPCG): 3.39 亿美元</li>
<li>T-REX 2X LONG SPCX DAILY TARGET ETF (SPAX): 3.32 亿美元</li>
<li>Tradr 2X Long SpaceX Daily ETF (SPCM): 2.51 亿美元</li>
</ul>
<p><em>来源：</em> Strategas Securities, Bloomberg</p>
<p>SpaceX 的 IPO 吸引了零售投资者的高度关注，但许多人在获取股票方面受到限制。主要的 ETF 发行商警告称，这些投资组合是为复杂的自我导向交易者、对冲基金和专有交易台设计的。这些产品并不适合长期持有的零售投资者。</p>
<p>Leverage Shares 的首席收入官 Paul Marino 表示，股票朝一个方向移动时&#34;会复合并表现良好&#34;，但一旦股票变得更加波动，这种情况会迅速反转，这将是投资者使用这些产品的真正考验。SpaceX 在本周开始时连续两天上涨，促成了周二的交易高峰，但在周后半段转为下跌。</p>
<p>在经历了两天的股价下滑后，许多在 IPO 后购买 SpaceX 股票的投资者面临着亏损的风险。</p>
<p>尽管杠杆 ETF 并不是核心的长期股票或债券市场持有资产，通常最低成本的产品更具优势，但费用在竞争激烈的市场中仍然可以成为一个差异化因素。</p>
<p>Leverage Shares 的费用比率为 0.75%，低于大多数同行，这可能是其早期交易量领先的一个因素。</p>
<p>&#34;如果你得到的是类似的产品，我不在乎它是每日交易还是长期投资。费用很重要，&#34;Marino 说。</p>
<p>但 GraniteShares 的首席执行官 Will Rhind 表示，其 SpaceX ETF 的费用比率为 1.50%，对此逻辑提出了反驳，称对于持有几天的交易者而言，费用差异是无关紧要的。&#34;如果你持有几天，作为投资者几乎是免费的，&#34;Rhind 告诉 CNBC。</p>
<p>Defiance 则依赖于时机。它的基金是 IPO 当天唯一实际交易的杠杆产品。</p>
<p>&#34;Defiance 将始终对成为新单只股票市场的领导者感兴趣，&#34;Defiance ETFs 的联合创始人兼首席投资官 Sylvia Jablonski 表示。她说，SpaceX ETF 是与 Strategy 和 Rocket Labs 等名称相关的杠杆单只股票基金系列的自然延伸。</p>
<p>投资者在 IPO 的记录动量消退后是否会继续进行这些交易仍然是一个悬而未决的问题。</p>
<p>Leverage Shares 押注于其所谓的&#34;持久用户基础&#34;，无论股票日常波动如何。同时，Anthropic 和 OpenAI 预计将在今年晚些时候进行 IPO，这可能会在单只股票 ETF 领域带来更多竞争。ETF 高管表示，他们的公司将在这些股票上市后对交易者加大风险投资的兴趣。</p>
<p>注册我们的每周通讯，超越直播，提供更深入的视角，了解塑造 ETF 市场的趋势和数据。</p>
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SPCX

2倍做空SpaceX ETF - Leverage Shares

XSHP

<p>SpaceX 的历史性 IPO 引发了杠杆 ETF 交易的巨大激增，首周交易量超过 100 亿美元。竞争基金公司推出了 11 只与该股票相关的杠杆 ETF，受到高零售兴趣和埃隆·马斯克的影响。尽管 Leverage Shares 因费用较低而在交易量上领先，但专家警告称，这些产品是为成熟交易者而设计，而非长期投资者，因为波动性可能迅速侵蚀收益</p>

<p>SpaceX Executives ring the Closing Bell at the Nasdaq on the debut of their IPO on June 12th, 2026.</p>
<div class="lb-trans"><p>SpaceX 高管在 2026 年 6 月 12 日首次公开募股（IPO）上市时敲响纳斯达克收盘钟。</p>
</div><p>Adam Jeffery | CNBC</p>
<div class="lb-trans"><p>Adam Jeffery | CNBC</p>
</div><p>SpaceX's IPO didn't just mint the biggest debut in market history — it also triggered a leveraged ETF historic land grab.</p>
<div class="lb-trans"><p>SpaceX 的 IPO 不仅创造了市场历史上最大的首日交易记录，还引发了一场杠杆 ETF 的历史性争夺战。</p>
</div><p>Within days of SpaceX going public, competing fund firms launched 11 leveraged exchange-traded funds tied to the stock, with the trading volume that followed shattering expectations. There was over $10 billion in levered ETF trading during SpaceX's first week on the stock market, a shortened holiday trading week which encompassed four days through Thursday. It was one among the many notable market stats that stood out about the deal.</p>
<div class="lb-trans"><p>在 SpaceX 上市的几天内，竞争基金公司推出了 11 只与该股票相关的杠杆交易所交易基金，随之而来的交易量超出了预期。在 SpaceX 上市的第一周，杠杆 ETF 的交易额超过了 100 亿美元，这一周是一个缩短的假期交易周，仅有四个交易日，直到星期四。这是关于这笔交易的众多显著市场统计数据之一。</p>
</div><p>Leveraged single-stock ETFs are designed to deliver a multiple of a stock's daily return which is typically two times, either long or short. Since these funds reset daily, their returns can drift meaningfully from the underlying stock.</p>
<div class="lb-trans"><p>杠杆单只股票 ETF 旨在提供股票每日回报的倍数，通常为两倍，无论是做多还是做空。由于这些基金每日重置，它们的回报可能与基础股票有显著偏差。</p>
</div><p>Leveraged Shares led the charge, with three days of over $1 billion in volume in its long SpaceX ETF on Tuesday through Thursday, and significant volume in its short SpaceX ETF as well.</p>
<div class="lb-trans"><p>Leverage Shares 引领了这一潮流，在周二至周四的三天内，其做多 SpaceX ETF 的交易量超过了 10 亿美元，同时其做空 SpaceX ETF 的交易量也相当可观。</p>
</div><p>Todd Sohn, chief ETF strategist at Strategas Securities, says the pattern is familiar, even if the scale is uncommon. When a heavyweight name like Nvidia or Tesla gets a leveraged ETF built around it, demand shows up. SpaceX brought to the market not just the largest IPO in market history but Elon Musk's name attached to it.</p>
<div class="lb-trans"><p>Strategas Securities 的首席 ETF 策略师 Todd Sohn 表示，这种模式是熟悉的，即使规模不寻常。当像 Nvidia 或 Tesla 这样的大牌公司周围建立杠杆 ETF 时，需求就会出现。SpaceX 不仅带来了市场历史上最大的 IPO，还与 Elon Musk 的名字紧密相连。</p>
</div><p>Tuesday's trading volume of $4.2 billion in levered SpaceX ETFs was the peak day for the week.</p>
<div class="lb-trans"><p>周二杠杆 SpaceX ETF 的交易量达到 42 亿美元，是该周的最高交易日。</p>
</div><h3>SpaceX Levered ETFs, first week trading volume</h3>
<div class="lb-trans"><h3>SpaceX 杠杆 ETF，首周交易量</h3>
</div><ul>
<li>Leverage Shares 2X Long SPCX Daily ETF (SPCH): $4 billion</li>
<li>Leverage Shares 2X Short SPCX Daily ETF (SSPC): $2.56 billion</li>
<li>GraniteShares 2x Short SpaceX Daily ETF (SNK): $765 million</li>
<li>ProShares Ultra SpaceX (SPCF): $607 million</li>
<li>Defiance Daily Target 2X Long SpaceX ETF (SPCU): $557 million</li>
<li>GraniteShares 2x Long SpaceX Daily ETF (SPAL): $516 million</li>
<li>Direxion Daily SpaceX Bull 2X ETF (LOFF): $378 million</li>
<li>Defiance Daily Target 2X Short SpaceX ETF (SPCQ): $345 million</li>
<li>Tradr 2X Short SpaceX Daily ETF (SPCG): $339 million</li>
<li>T-REX 2X LONG SPCX DAILY TARGET ETF (SPAX): $332 million</li>
<li>Tradr 2X Long SpaceX Daily ETF (SPCM): $251 million</li>
</ul>
<div class="lb-trans"><ul>
<li>Leverage Shares 2X Long SPCX Daily ETF (SPCH): 40 亿美元</li>
<li>Leverage Shares 2X Short SPCX Daily ETF (SSPC): 25.6 亿美元</li>
<li>GraniteShares 2x Short SpaceX Daily ETF (SNK): 7.65 亿美元</li>
<li>ProShares Ultra SpaceX (SPCF): 6.07 亿美元</li>
<li>Defiance Daily Target 2X Long SpaceX ETF (SPCU): 5.57 亿美元</li>
<li>GraniteShares 2x Long SpaceX Daily ETF (SPAL): 5.16 亿美元</li>
<li>Direxion Daily SpaceX Bull 2X ETF (LOFF): 3.78 亿美元</li>
<li>Defiance Daily Target 2X Short SpaceX ETF (SPCQ): 3.45 亿美元</li>
<li>Tradr 2X Short SpaceX Daily ETF (SPCG): 3.39 亿美元</li>
<li>T-REX 2X LONG SPCX DAILY TARGET ETF (SPAX): 3.32 亿美元</li>
<li>Tradr 2X Long SpaceX Daily ETF (SPCM): 2.51 亿美元</li>
</ul>
</div><p><em>Source:</em> Strategas Securities, Bloomberg</p>
<div class="lb-trans"><p><em>来源：</em> Strategas Securities, Bloomberg</p>
</div><p>The SpaceX IPO attracted a high level of interest from retail investors, but many were limited in their access to shares. Major issuers of the ETFs caution these these portfolios are designed for sophisticated self-directed traders, hedge funds, and proprietary trading desks. The products are not built for buy-and-hold retail investors.</p>
<div class="lb-trans"><p>SpaceX 的 IPO 吸引了零售投资者的高度关注，但许多人在获取股票方面受到限制。主要的 ETF 发行商警告称，这些投资组合是为复杂的自我导向交易者、对冲基金和专有交易台设计的。这些产品并不适合长期持有的零售投资者。</p>
</div><p>Leverage Shares' chief revenue officer Paul Marino said a stock moving in one direction &#34;compounds and does really well,&#34; but that flips quickly once the stock turns more volatile, and that will be the real test for investors with these products. SpaceX began the week with two straight days of gains, contributing to Tuesday's peak volume, but turned negative over the second half of the week.</p>
<div class="lb-trans"><p>Leverage Shares 的首席收入官 Paul Marino 表示，股票朝一个方向移动时&#34;会复合并表现良好&#34;，但一旦股票变得更加波动，这种情况会迅速反转，这将是投资者使用这些产品的真正考验。SpaceX 在本周开始时连续两天上涨，促成了周二的交易高峰，但在周后半段转为下跌。</p>
</div><p>After the two-day slide in shares, many investors who bought SpaceX shares post-IPO were on the verge of being under water.</p>
<div class="lb-trans"><p>在经历了两天的股价下滑后，许多在 IPO 后购买 SpaceX 股票的投资者面临着亏损的风险。</p>
</div><p>Even though the levered ETFs are not core long-term stock or bond market holdings where lowest cost often wins, fees can still be a differentiator in a crowded marketplace.</p>
<div class="lb-trans"><p>尽管杠杆 ETF 并不是核心的长期股票或债券市场持有资产，通常最低成本的产品更具优势，但费用在竞争激烈的市场中仍然可以成为一个差异化因素。</p>
</div><p>Leverage Shares expense ratio of 0.75% came in below most of its peers, which could be a factor in its early volume lead.</p>
<div class="lb-trans"><p>Leverage Shares 的费用比率为 0.75%，低于大多数同行，这可能是其早期交易量领先的一个因素。</p>
</div><p>&#34;If you're getting a similar product, I don't care if it's daily traded or if it's for long term investing. Fees matter,&#34; Marino said.</p>
<div class="lb-trans"><p>&#34;如果你得到的是类似的产品，我不在乎它是每日交易还是长期投资。费用很重要，&#34;Marino 说。</p>
</div><p>But GraniteShares CEO Will Rhind, whose SpaceX ETFs have an expense ratio of 1.50%, pushed back on that logic, saying that for traders holding a position for a few days, the fee difference is irrelevant. &#34;If you're holding it for a few days, it's practically free as an investor,&#34; Rhind told CNBC.</p>
<div class="lb-trans"><p>但 GraniteShares 的首席执行官 Will Rhind 表示，其 SpaceX ETF 的费用比率为 1.50%，对此逻辑提出了反驳，称对于持有几天的交易者而言，费用差异是无关紧要的。&#34;如果你持有几天，作为投资者几乎是免费的，&#34;Rhind 告诉 CNBC。</p>
</div><p>Defiance is leaning on timing. Its fund was the only leveraged product actually trading on IPO day.</p>
<div class="lb-trans"><p>Defiance 则依赖于时机。它的基金是 IPO 当天唯一实际交易的杠杆产品。</p>
</div><p>&#34;Defiance will always be interested in being a market leader in terms of the new single stocks,&#34; said Sylvia Jablonski, Defiance ETFs co-founder and CIO. She said the SpaceX ETF is a natural extension of a lineup of leveraged single-stock funds tied to names like Strategy and Rocket Labs.</p>
<div class="lb-trans"><p>&#34;Defiance 将始终对成为新单只股票市场的领导者感兴趣，&#34;Defiance ETFs 的联合创始人兼首席投资官 Sylvia Jablonski 表示。她说，SpaceX ETF 是与 Strategy 和 Rocket Labs 等名称相关的杠杆单只股票基金系列的自然延伸。</p>
</div><p>It is still an open question as to whether investors stick with these trades once the record IPO momentum fades.</p>
<div class="lb-trans"><p>投资者在 IPO 的记录动量消退后是否会继续进行这些交易仍然是一个悬而未决的问题。</p>
</div><p>Leverage Shares is betting on what it calls &#34;a durable base of users&#34; regardless of potential volatility in the stock day to day. Meanwhile, Anthropic and OpenAI are expected to IPO later this year, which could create more competition in the single-stock ETF universe. ETF executives said their firms will be interested in levering up the risk in these stocks for traders once they hit the market.</p>
<div class="lb-trans"><p>Leverage Shares 押注于其所谓的&#34;持久用户基础&#34;，无论股票日常波动如何。同时，Anthropic 和 OpenAI 预计将在今年晚些时候进行 IPO，这可能会在单只股票 ETF 领域带来更多竞争。ETF 高管表示，他们的公司将在这些股票上市后对交易者加大风险投资的兴趣。</p>
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最具风险的 SpaceX 股票交易在第一周表现突出