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SPAX

GradeDNew York Stock Exchange Arca

T-Rex 2X Long SpaceX Daily Target ETF

Leveraged · Single-Stock Leveraged · Rexshares · Inception 2026-06-15

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$10.03−0.79 (−7.26%)

As of Sep 23, 2026, 2:20 PM EDT

History starts Jun 15, 2026.History starts Jun 15, 2026.History starts Jun 15, 2026.
Intraday session: down, 56 prints from 10.81 to 10.03. Range 10.03 to 10.70. Use the arrow keys to read each point.$10.20$10.40$10.6010 AM12 PM2 PM4 PM
Expense ratio
1.50%
Fund size
$45M
1Y return
—
Yield · Last 12 months
0.00%
Holdings
7
Volume · 30D
2.4M sh
NAV per share
$10.42
52W range
low $5.36high $28.05

The ETF.net SPAX Grade

D

28/ 100

Rank 11 of 12 in 2x Long SpaceX⁠

Confidence Medium

Six-pillar profile for SPAX. Scores out of 100: Cost 24, Risk 34, Mission not scored, Tradability 28, Holdings not scored, Durability 38. Strongest: Durability (38). Weakest: Cost (24). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 28 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 24
    Category rank9/12 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 34
    Category rank8/11 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 28
    Category rank11/12 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 38
    Category rank10/12 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on SPAX

ETF.net Research

DREX's day-one SpaceX trade: total-return swaps aiming for 200% of SPCX's daily move, reset every close. It listed the day SpaceX hit the public market, and it picked up listed options of its own almost immediately, which not every leveraged SpaceX fund can say.

Stated mandate

The Fund seeks daily investment results equal to 200% of the daily performance of Space Exploration Technologies Corporation's publicly traded common stock, before fees and expenses. It does not target a holding period longer than one trading day.

Why people hold it

  1. 01Listed options trade on SPAX itself, so traders can layer calls, puts or spreads on top of the 2x daily exposure.rexshares.com
  2. 02Mechanics are refreshingly plain: total-return swaps targeting 200% of SPCX's daily return, with the leverage reset at each close.rexshares.com
  3. 03It opened for business on day one of SpaceX's public listing, among the first leveraged wrappers on the stock rather than a latecomer.nasdaq.com

Worth knowing

  1. 01At 1.50% a year it is one of the pricier routes to 2x SPCX: SPCH and SSPC charge 0.75%, LOFF 0.99%.
  2. 02Daily reset means compounding. Hold past a single session and results can drift far from 2x the stock's move; the prospectus calls it a short-term trading vehicle.rexshares.com
  3. 03Exposure runs through swap contracts, so the fund depends on its counterparties meeting their obligations.rexshares.com

SPAX Holdings

As of Sep 20, 2026, 9:04 AM
Asset class
Stocks
Holdings
7
Top-10 weight
283%
Largest holding
RECV SEX TRS SEX US EQ157.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—RECV SEX TRS SEX US EQ157.04%495,030$77M1
002—CASH AND CASH EQUIVALENTS89.29%43,572,942$44M120
003—RECV SPAX TRS SPCX EQ36.72%115,737$18M1

Showing 1–3 of 3 holdings

SPAX Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

SPAX$8,412
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. SPAX $8,412. SPY $10,415. Use the arrow keys to read each point.$3,805$8,210$12,615Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for SPAX. Periods over one year show the average yearly return.
PeriodSPAX
Year to dateFund launched this year—
1 month+24.4%
3 months−15.9%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for SPAX
YearReturn barSPAX
2026 YTD−48.4%

Since listing, Jun 15, 2026

SPAX in the news

ETF.net Research hasn’t filed on SPAX yet — coverage lands here as it’s written.

SPAX Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
0.00%Last 12 months
Payout per share
NoneLast 12 months

No distributions in the last 12 months.

Distribution history

Payments through 2024

One bar per payment. 7 payments from 2022 to 2024. Dec 23, 2022 $0.20; Sep 26, 2023 $0.27; Dec 22, 2023 $0.44; Mar 25, 2024 $0.27; Jun 26, 2024 $0.27; Sep 26, 2024 $0.27; Dec 27, 2024 $0.14. Use the arrow keys to read each point.202220232024
Ex-datePay dateAmount per share
Dec 27, 2024Data unavailable$0.14
Sep 26, 2024Data unavailable$0.27
Jun 26, 2024Data unavailable$0.27
Mar 25, 2024Data unavailable$0.27
Dec 22, 2023Data unavailable$0.44
Sep 26, 2023Data unavailable$0.27
Dec 23, 2022Data unavailable$0.20

SPAX Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Jun 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Jun 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Jun 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−0.65
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

SPAX Cost

Expense ratio1.50%
  • The middle half of 2x Long SpaceX funds
  • Median 1.02%

6 of the 8 2x Long SpaceX funds charge less.

SPAX costs $150.00 a year on $10,000. The median 2x Long SpaceX fund costs $101.50.