SpaceX IPO Sparks 2x ETF Pivot Before Shares Trade
On SpaceX's IPO day, Defiance repurposed the SPCL fund to provide 2x exposure to SpaceX, allowing retail investors to buy SpaceX exposure before the stock began trading, amid high volume and a subsequent halt for price volatility; Defiance then introduced SPCU, creating two 2x SpaceX ETFs and prompting questions about how aggressively active funds can change mandates and whether this sets a new precedent for fund makeovers around major events.