SpaceX杠杆ETF扎堆上市，AI反向ETF引关注

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Welcome to Trillions. I'm Joel Weber.

And I'm Eric Belchunis.

Eric, we do these new monthly shows. This time is a ETFs to watch episode. These are new ETFs to watch and we have a handful of them. Also joining us to talk these through, our friend in Bloomberg News, Isabelle Lee, who's a crossasset reporter covering ETFs. Welcome back, Isabelle.

Excited to be back. I told you I'd be offended if you didn't invite me back. So, here I am.

We will never tell that to anyone else who ever feels for you on this show. Um, Eric, some stuff has been happening, including the largest IPO ever in the form of SpaceX. There's something like 21 different uh ETFs filed 25 and rising

um probably more coming that are all trying to get in on the action with leverage and all kinds of other things shenanigans. What's the one the one ETF filing that in launch that has caught your attention? Well, I would say the 2x and negative -2x SpaceX ETFs are all coming out the same day, which is rare. It reminded me of the Bitcoin. I call it a derby when that happens.

It's like a horse race. They all, you know, and, you know, we're going to see which one wins because

with seven issuers and 11 products, there's, you know, there's only room for about two or three to be studs. And those will be millionaires because they charge so much like like 1% fee. the one that wins, they can buy an island. Now, there'll be two or three that make money and eat, and then there'll be like three or four that like completely have to liquidate and like starve to death. So, this is Lord of the Flies Survivor, and it's really riveting to watch.

Uh there's a sport to it in a way. The one I picked from this group was the Defiance Daily Target 2X long SpaceX ETF. Ticker is SPCU. It is one of 11 leverage space ETFs launching on the same day. Um it's also one of the ones seeing some good good volume. They actually have two of them on the market. I won't get into the details now, but that is one. Granite Shares has one, Leverage Shares has one, Trader has one, T-Rex has one.

You get the idea. And this is so interesting because I've never seen this many ETFs launch around one stock at the same time. obviously biggest IPO. You'd think there'd be some, but 25 11 are leveraged. The other ones are going to be like auto callable um yield producing. One does Tesla plus SpaceX if you literally love Elon. So, this is what I call the ETF treatment. SpaceX is getting the ETF treatment even before it hasn't really done anything.

So, um but understandable. We all know it's a huge stock. So, this is going to be a real wild derby

to see which one of these is going to be the one. A couple of thoughts for me. Number one, they're all identical, especially if you just look at the 2x one. So, why file when you know you can lose, but I guess just file because it goes to the economics [clears throat] of Yes, it goes to the economics of the ETFs that it's getting cheaper and cheaper to launch. I'm sure these ETF issuers probably have templates and you just replace the stock.

I'm guessing here, but that's what I think given at the speed at which they file for stuff when a company announces they're going to go public. The second is we were actually going to write a story saying that oh look when SpaceX IPOs on Friday there will be ETFs that will track it and then slowly which we also wrote a story all of them were saying it seems like they weren't allowed to launch and they didn't launch which is why they had to launch the day after or the next trading session because they just couldn't launch on the same day.

I think the exchanges or the regulators, whoever apparent, as Eric likes to say, deemed that it was too risky. And the Defiance one actually launched Friday.

Well, it's complicated. That was a space themed ETF.

Yes.

That's active. So, they just said, "Well, fine, we're 2x space stocks. Let's just be active managers and only own SpaceX on Friday to back door." And the market picked up on this. It saw 50 million of volume in like an hour. Went up like 60%. And it was be be beginning to become the one. But then there was halted for regulation or regulatory concerns. That's the big red blinking thing when it stops trading

and it never traded again that day.

And over in Europe they have a 3x SpaceX called Elon

and that was halted.

So across the world everybody was like dude do not start these two X's on the same day. Like they tried to collapse time.

It's becoming that trend. I mean, when you look at OpenAI and Anthropic, they also have ETFs lined up. But Eric, we all know that Cerebras had a 2x ETF that launched on the same day. So,

next day,

next day,

remember, and that's when I thought, well, they're going to try to do same day for SpaceX. And they did.

Oh, I see.

It got its wrist slapped. Now, it's the same day. And from the volume that I'm looking at so far, they're all pretty good. Like, there's a couple getting a little more, but it's it's anybody's race right now. And to answer your question on why you would do that, um, you know, you got to be in it to win it. I mean, the these firms know that the prize for the one that wins is huge. And you only have, I guess you have 11 products, but some of those are negative 2x.

So, let's just say you have like about six or seven that are 2x. So, you have a, you know, what's the odds there? You know, 15% chance of being a multi-millionaire set for life. That's a those are pretty good odds. I think the second most traded one might also eat you know that was happened with Nvidia and with Micro Strategy even there was even so much interest in those that there was spillover to some of the lesser ones but once you get to three or four in this category because these need liquidity if you don't get liquidity it's over whereas other areas can have like assets without liquidity but here liquidity is everything.

What does it have to do with the holdings then? Because they're all holding the effectively the same thing. Like how do you really

Well, that that's why it's so interesting. Everything is all else is equal. So the only way to win here is through calling all your friends and family and telling them please trade the first day and basically having a marketing extravaganza. I mean you have to just

in the leadup to the launch all the websites were so fun. There was a countdown timer.

One of them had a countdown.

It was crazy. Yeah, it is because again all else equal it really comes down to marketing whereas the Bitcoin race it also came down to size like we knew black rock and way bigger here these are all small firms so you can even take that variable out so then it's purely comes down to marketing and just will

yeah some firms are bigger than others mad at us but yes

maybe a little luck maybe the ticker could come into handy none of these are really that memorable

brand loyalty maybe but

okay so as long as we're talking leverage there was Another ETF that kind of caught your attention, Eric.

Micro sectors -3x AI, ticker AIDQ. I didn't think you could go negative 3x in the US.

So, there is a loophole that you can use if you're a ETN exchange traded note.

Exchange traded note.

Yeah. So, that comes with credit risk. Although I there really aren't any defaults. Although Beer Sterns had one and so did Leman. So, it has happened, but it's, you know, 0.01% 01% chance. Meanwhile, most people don't care. But the reason I bring this one up is because I hear all these people like AI bubble, it's going to burst. It's going to burst. This is probably I mean, if you think the AI bubble is going to burst in the next couple weeks or month, this thing could have a great run.

You know, if we see like a 3 or 4 week bursting of the AI bubble, AIDQ will deliver some serious returns. Now, again, this is playing with fire. So, I would not recommend a normal investor mess

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