##  [# Winner Emerges In SpaceX ETF Race](/sections/features/winner-emerges-spacex-etf-race) 

 

# Winner Emerges In SpaceX ETF Race

 

 

Leveraged ETF traders can be cost-conscious too



 

 

 

 

 [![sumit](/sites/default/files/styles/author_image_icon/public/2023-03/Sumit_0.png?itok=SO-7S5SH "sumit")](/authors/sumit-roy) 

[By Sumit Roy ](/authors/sumit-roy)

 Jun 29, 2026

 Edited by: ETF.com Staff

 

 

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Investors in leveraged ETFs usually aren't cost-conscious. The aggressive traders who use these products don't lose sleep over 10 or 20 basis points in fees when the fund itself is swinging double digits in a single session. Next to those types of daily moves, the expense ratio is a rounding error.  
  
But the calculus changes when several nearly identical funds hit the market at once. Suddenly, the fee is one of the few things separating the ETFs, and potentially the deciding factor for investors trying to pick one.  
  
That's what seems to have played out since a wave of SpaceX ETFs launched two weeks ago. SpaceX went public on Friday, June 12, and the following Monday, June 15, seven 2x SpaceX funds began trading.  
  
Those include funds from the usual leveraged ETF providers, Direxion, ProShares, and GraniteShares among them. On the surface they look interchangeable, each promising double the daily move in SpaceX stock.  
  
What separates them is cost. Expense ratios run from 0.75% for the [**Leverage Shares 2x Long SPCX Daily ETF (SPCH)**](/spch) up to 1.49% for the [**Tradr 2x Long SpaceX Daily ETF (SPCM)**](/spcm).  
  
SPCH undercuts the next cheapest options by a full 20 basis points; the [**ProShares Ultra SpaceX (SPCF)**](/spcf) and the [**Direxion Daily SpaceX Bull 2X ETF (LOFF)**](/loff) both charge 0.95%.  
  
Traders have noticed. SPCH has pulled in $514 million of inflows since launch, more than double the $194 million that has gone into SPCF. No other fund in the group has cracked $59 million.  
  
After accounting for the stock's slide, SPCH currently holds $409 million in assets against $107 million for SPCF.

## The Cheapest Fund Is Also the Worst Performer

Despite leading on both cost and assets, SPCH has been the worst performer of the bunch, down 41% between June 15 and June 26. That is about a percentage point worse than SPCM, which happens to be the most expensive fund by stated expense ratio.  
  
Some of that gap is probably noise. Small variations in closing levels can cause performance to shift around for funds like these. The more meaningful explanation, though, is the cost of leverage itself. These funds obtain their leveraged exposure through swaps, and the financing cost baked into those swaps varies from fund to fund and isn't disclosed in any transparent way.  
  
The headline expense ratio, in other words, isn't the whole cost of holding the ETFs, and traders don't always know which fund is genuinely cheapest all-in.

 
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## A Crowded Field Narrows to Two

Another interesting wrinkle to the story is that the first leveraged SpaceX ETF to launch never cashed in on its head start. Defiance converted an existing leveraged space-stock fund into a 2x SpaceX ETF and got it trading on IPO day itself, ahead of the crowd.   
  
But the [**Defiance Daily 2X Space ETF (SPCL)**](/spcl) was halted shortly after it opened, and the first-mover advantage never materialized. SPCL has drawn just $39 million in inflows and holds $27 million while charging 1.31%.  
  
Meanwhile, on the short side, of the four inverse SpaceX ETFs, Leverage Shares again leads. Its [**Leverage Shares 2x Short SPCX Daily ETF (SSPC)**](/sspc), also priced at 0.75%, has taken in $17 million since launch and now holds $86 million, lifted by SpaceX's decline.  
  
It is still early, but a crowded field that opened with a dozen contenders has already collapsed into a two-horse race, with Leverage Shares and ProShares products absorbing most of the money.



 

 

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 [ Sumit Roy Senior ETF Analyst ](/authors/sumit-roy) 

 

 

  Sumit Roy is the senior ETF analyst for etf.com and author of (Don't) Invest Like a Pro. He creates a variety of content for the platform, including…   [View Bio](/authors/sumit-roy)

 



 

 


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