Direxion Daily SpaceX Bear 2X ETF (LOFD)

Direxion Daily SpaceX Bear 2X ETF is an inverse leveraged single-stock fund from Direxion. It seeks daily investment results equal to 200% of the inverse (opposite) of the daily performance of the common stock of SpaceX (Space Exploration Technologies Corp.), the rocket launch, spacecraft and Starlink satellite internet company founded by Elon Musk.

The fund uses swap agreements and other derivatives to create its short exposure, holding cash and government securities as collateral, and resets that exposure every trading day. If SpaceX shares fall on a given day, the fund aims to rise by roughly twice that percentage, and vice versa.

Because the objective applies to single days, compounding causes returns over longer periods to differ, sometimes sharply, from twice the inverse of the stock's cumulative return. It is built for short-term tactical use.