The exchange-traded fund (ETF) promises amplified daily returns tied to SpaceX, but comes with the risk of rapid, full capital loss.

Defiance ETFs has launched a leveraged fund, the Defiance Daily Target 2X Long SpaceX ETF (SPCU), which aims to deliver twice, or 200%, of the daily performance of SpaceX Class A stock. The launch expands Defiance’s existing lineup of SpaceX-related products The ETF, which began trading on Cboe on 15 June,  relies on derivative instruments such as swaps and listed options to generate leveraged exposure, instead of holding SpaceX shares directly, the firm said.