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A leveraged ETF is an exchange-traded fund built to multiply the daily move of an underlying asset, in either direction.
The category drew fresh attention after SpaceX completed the largest initial public offering in history on June 12, 2026, raising roughly $75 billion and closing its first trading day up 19% at $160.95 a share.
Within days, fund issuers rushed out products designed to double every daily move that volatile new stock makes. How leveraged ETFs work A leveraged ETF aims to amplify the daily percentage change of the asset it tracks.
When issuers respond to a newly listed, volatile stock such as SpaceX, they package funds intended to deliver twice that stock's daily move.
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