Two Directions, One Launch: Introducing SPAL and SNK Following the SpaceX IPO
GraniteShares is launching two single-stock leveraged ETFs designed to seek daily-leveraged investment results referencing SpaceX common stock — SPAL (2x Long) and SNK (-2x Short)
TODAY, Monday, June 15, 2026, GraniteShares is listing two single-stock leveraged ETFs built around what has been one of the most-watched equity debuts of the year. SPAL and SNK both list on CBOE and reference SpaceX common stock — which itself began public trading on the Nasdaq Global Select Market on Friday, June 12, 2026.
SPAL is designed to seek daily investment results, before fees and expenses, of 200% of the daily performance of SpaceX common stock.
SNK is designed to seek daily investment results, before fees and expenses, of negative 200% (-2x) of the daily performance of SpaceX common stock.
Why two products from launch
The SpaceX listing is unusual. The company spent years as the most-watched private name in the world, and the move from private to public typically draws both directional conviction and two-way flow in the first sessions of trading.
SPAL and SNK provide a listed, exchange-traded alternative for traders who want a sized, daily-reset way to express either side of the trade once the underlying common stock is trading. Both Funds list on CBOE on Monday, June 15.
How daily-leveraged ETFs work
Both SPAL and SNK are designed to deliver their target multiple — +2x for SPAL, -2x for SNK — of the daily move of SpaceX common stock, before fees and expenses. After each trading day, both Funds rebalance their swap positions to seek to maintain their stated daily leverage ratio for the next trading day.
This matters: because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from the target multiple times the return of SpaceX common stock for that period.
For periods longer than a single day, both Funds will lose money if SpaceX’s stock performance is flat, and it is possible that the Funds will lose money even if SpaceX’s stock performance moves in the direction the Fund is designed to track.
Who these products are for
SPAL and SNK are designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2x) investment results, including the impact of compounding on Fund performance, and who are willing to monitor their portfolios frequently.
They are intended as short-term trading vehicles. They are not designed to be held as a long-term, buy-and-hold position. An investor could lose the full principal value of their investment within a single day.
What to expect at the open on Monday, June 15
SpaceX (SPCX) priced its initial public offering Friday, June 12, 2026 and began trading the same day on the Nasdaq Global Select Market. SPAL and SNK are separately listed ETFs that begin trading on CBOE TODAY, Monday, June 15, 2026.
The trading sessions immediately following a high-profile IPO frequently produce continued price discovery, two-way flow, and elevated implied volatility in the underlying common stock. Investors should expect that these dynamics will also be reflected in the daily price movement of SPAL and SNK, including potentially material intraday moves.
For investors and traders who have spent months thinking about how to express a view on the SpaceX listing — long or short — a listed, exchange-traded vehicle designed to seek daily leveraged results is now available for the first full trading week.
Read the prospectus before you invest.
Risk Factors and Important disclosures
This material must be preceded or accompanied by a Prospectus. Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s full and summary prospectus, which may be obtained by visiting graniteshares.com or by calling 1-844-476-8747. Read the prospectus carefully before you invest.
The Fund is not suitable for all investors. The investment program of the Fund is speculative, entails substantial risks and includes asset classes and investment techniques not employed by more traditional mutual funds.
The Fund seeks daily leveraged investment results and is intended to be used as a short-term trading vehicle. This Fund attempts to provide daily investment results that correspond to two times (2x) or two times the inverse (-2x) of the daily performance of SpaceX common stock and should not be expected to provide returns which are a multiple of the return of the underlying stock for periods other than a single day.
Investors should note that such Leverage Long Fund and Leverage Short Fund pursue daily leveraged investment objectives, which means that the Funds are riskier than alternatives that do not use leverage. Moreover, the Leverage Short Fund pursues a daily investment objective that is inverse to the performance of SpaceX’s common stock, a result opposite of most mutual funds and ETFs.
Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from the target multiple times the return of the applicable underlying stock for that period. The Fund will lose money if the applicable underlying stock’s performance is flat over time, and it is possible that the Fund will lose money even if the underlying stock’s performance moves in the direction the Fund is designed to track.
Shares are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. There can be no guarantee that an active trading market for Fund shares will develop or be maintained, or that their listing will continue or remain unchanged. Buying or selling Fund shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from investment returns.
An investment in the Fund involves risk, including the possible loss of principal. The Fund is non-diversified and includes risks associated with the Fund concentrating its investments in the assets of a particular industry or sector. An investment in the Fund may be subject to risks including, but not limited to, those associated with derivatives, leverage, market, counterparty, credit, regulatory and tax.
Risks of the Fund include:
• Effects of Compounding and Market Volatility Risk
• Leverage Risk
• Market Risk
• Counterparty Risk
• Rebalancing Risk
• Intra-Day Investment Risk
• Other Investment Companies (including ETFs) Risk
• Risks specific to the securities of the Underlying Stock and the sector in which it operates
• IPO Risk (newly-public underlying issuer)
These and other risks can be found in the prospectus.
This information is not an offer to sell or a solicitation of an offer to buy shares of any Funds to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.
An investor should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. To obtain a prospectus containing this and other important information, please visit graniteshares.com or call 1-844-476-8747. Read the prospectus carefully before you invest.
THE FUND IS DISTRIBUTED BY ALPS DISTRIBUTORS, INC. GRANITESHARES IS NOT AFFILIATED WITH ALPS DISTRIBUTORS, INC.