LOFF vs SPAX

LOFFBDirexion Daily SpaceX Bull 2X ETF

SPAXDT-Rex 2X Long SpaceX Daily Target ETF

In short

LOFF Direxion's 2x daily bull on SpaceX, out June 15, 2026, days after the IPO. The leverage resets every night, which makes it a short-horizon lever on the stock rather than a long-term stake in the rocket company.

SPAX REX'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

LOFF The fund seeks daily investment results, before fees and expenses, equal to 200% of the performance of Space Exploration Technologies Corp. common shares.

SPAX 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

• LOFF Aims for 200% of SpaceX common shares' daily move, holding at least 80% of assets in SpaceX securities and swaps. No margin account, no options chain to manage.sec.gov
• Costs 0.97% net of a waiver through September 1, 2027 (0.99% gross), below the median fee in its category.
• Launched June 15, 2026, within days of SpaceX's IPO, and paired with a bear twin (LOFD) for traders who flip the view.direxion.comsec.gov
• Lands in the upper half of a crowded field of leveraged SpaceX funds, and trades actively.

• SPAX Listed options trade on SPAX itself, so traders can layer calls, puts or spreads on top of the 2x daily exposure.rexshares.com
• Mechanics are refreshingly plain: total-return swaps targeting 200% of SPCX's daily return, with the leverage reset at each close.rexshares.com
• It 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

• LOFF The daily reset compounds. Hold past one session and a choppy tape can leave you well short of 2x the period's move, even if SpaceX stock finishes higher.direxion.com
• One newly public stock carries the whole ride, and swap agreements sit behind the leverage, so counterparties are part of the package.sec.gov
• Cheaper 2x long SpaceX wrappers exist: SPCH at 0.75%, and SPCF at 0.95% net of a waiver through September 30, 2027.

• SPAX At 1.50% a year it is one of the pricier routes to 2x SPCX: SPCH and SSPC charge 0.75%, LOFF 0.99%.
• Daily 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
• Exposure runs through swap contracts, so the fund depends on its counterparties meeting their obligations.rexshares.com

Full LOFF profile⁠

Full SPAX profile⁠