GraniteShares 2x Long SpaceX Daily ETF (SPAL)

GraniteShares 2x Long SpaceX Daily ETF (SPAL) seeks daily investment results, before fees and expenses, equal to two times the daily performance of the common stock of Space Exploration Technologies Corp. (SpaceX). It is a single-stock leveraged fund sponsored by GraniteShares, and its objective resets every trading day.

The fund obtains its exposure mainly through swap agreements and other derivatives on the underlying shares rather than simply holding the stock, keeping the remaining assets in cash and short-term instruments as collateral. Because the multiple applies to each day separately, results over periods longer than one day can differ meaningfully from two times the stock's return over the same period.

The underlying company: SpaceX, founded by Elon Musk in 2002, designs, manufactures and launches rockets and spacecraft, including the reusable Falcon 9 and the Dragon capsule, is developing the Starship launch system, and operates the Starlink satellite internet network.