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SPAX vs SPCF

T-Rex 2X Long SpaceX Daily Target ETF

SPAXDNYSE Arca

ProShares Ultra SpaceX

SPCFBNYSE Arca

Overlap

Expense ratio

SPCF −0.55pt a year

SPAX1.50%SPCF0.95%

Avg volume · 30D

SPCF 1.02×the volume

SPAX2.27MSPCF2.33M

SPAX vs SPCF Performance

Jul 31, 2026 – Oct 30, 2026

+31.0%SPAX+29.9%SPCF

Jul 31, 2026 to Oct 30, 2026. SPAX +31.0%. SPCF +29.9%. Use the arrow keys to read each point.0%50%75%100%125%Jul 2026Sep 2026Oct 2026
Expense ratio
SPAX 1.50%
SPCF 0.95%, better
Fund size
SPAX $51M
SPCF $74M
Yield (12M)
SPAX 0.00%
SPCF No data
Holdings
SPAX 3
SPCF 1
Avg volume (30D)
SPAX 2.27M sh
SPCF 2.33M sh, better
NAV per share
SPAX $8.88
SPCF $12.63
52W range

ETF.net Grade

SPAX: Cost 28, Risk 36, Mission not scored, Tradability 20, Holdings not scored, Durability 47. SPCF: Cost 79, Risk 33, Mission not scored, Tradability 72, Holdings not scored, Durability 65.
Pillar letters and Scores for SPAX, SPCF, with each pillar’s weight
PillarSPAXSPCF
Cost30% weightD28A79Higher
Mission25% weightNot scoredNot scored
Risk15% weightD36HigherD33
Tradability15% weightF20A72Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC47B65Higher

Rank among 2x Long SpaceX funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. SPAX and SPCF are both graded against the same 9 2x Long SpaceX funds, so their Grades compare head to head.

2x Long SpaceX⁠

Category · 9 funds
See all 9 ›

SPCF ranks 3rd and SPAX 8th of 9 funds in the 2x Long SpaceX Category.

  1. Rank 1ASSPCLeverage Shares 2X Short SPCX Daily ETFScore 84
  2. Rank 2ASPCHLeverage Shares 2X Long SPCX Daily ETFScore 77
  3. Rank 3BSPCFProShares Ultra SpaceXScore 65
  4. Rank 4BLOFFDirexion Daily SpaceX Bull 2X ETFScore 56
  5. Rank 7DSPCMTradr 2X Long SpaceX Daily ETFScore 32
  6. Rank 8DSPAXT-Rex 2X Long SpaceX Daily Target ETFScore 29
  7. Rank 9DSPALGraniteShares 2x Long SpaceX Daily ETFScore 27

Our read on each fund

ETF.net Research

SPAXDT-Rex 2X Long SpaceX Daily Target ETF

SPCFBProShares Ultra SpaceX

In short

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.

SPCF ProShares launched SPCF on the day SpaceX went public: a 2x daily bet on a single newly listed stock, built from swaps plus actual SPCX shares, for 0.95% net of a waiver through September 30, 2027.

Stated mandate

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.

SPCF The fund seeks daily investment results, before fees and expenses, equal to twice the daily performance of SpaceX common stock.

Why people hold it

  • 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
  • SPCF 0.95% net of a waiver through September 30, 2027 (1.04% gross): below the typical 2x SpaceX fee, and under Direxion's LOFF at 0.97% net of a waiver through September 1, 2027.
  • Magnifies a bullish SpaceX view without a margin account. ProShares builds the 2x exposure from swap agreements and shares of SPCX itself.proshares.comproshares.com 2
  • From the house with the largest leveraged and inverse ETF lineup, and it ranks among the stronger builds in the 2x SpaceX group.proshares.com

Worth knowing

  • 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
  • SPCF Exposure resets daily, so over longer stretches compounding can push results far from 2x SpaceX's move. ProShares states the fund seeks its result for a single day only.proshares.comproshares.com 2
  • Leverage Shares' SPCH targets the same 2x long SpaceX exposure at 0.75%, with no waiver propping up the number.
  • Live only since June 2026, so there is a short record for judging how tightly it hits its daily target.

Full SPAX profile⁠

Full SPCF profile⁠

SPAX vs SPCF Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SPAX vs SPCF Cost

Overpaying SPAX vs SPCF

$8,414

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SPAX 1.50%

    $26,283

  • SPCF 0.95%

    $17,869

$10,000
30 years

Cost over time

  • SPAX 1.50%
  • SPCF 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530SPAX $26,283SPCF $17,869

Year by year

YearSPAXSPCFOverpaying
10$2,590$1,678$912
20$9,519$6,322$3,197
30$26,283$17,869$8,414

Expense ratio

  • 1.50%SPAX
  • 0.95%SPCF, cheaper
  • Middle half of 2x Long SpaceX funds
  • Median 0.97%

SPCF 3rd cheapest of 9 funds

SPAX 7th cheapest of 9 funds

SPAX vs SPCF Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
SPAX 0.00%
SPCF No data
Payout (12M)
SPAX None
SPCF No data
Last payment
SPAX No data
SPCF $0.08
Ex-dividend
SPAX No data
SPCF Sep 23, 2026
Paid on
SPAX No data
SPCF Sep 29, 2026
Frequency
SPAX No data
SPCF Irregular

Distribution history

Per share, 2022 to 2026, same scale for both

SPAX7 paymentsAll SPAX payments⁠
One bar per payment. 7 payments from 2022 to 2026 YTD. 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.$0$0.5020232026YTD
SPCFIrregular · 1 paymentAll SPCF payments⁠
One bar per payment. 1 payment from 2022 to 2026 YTD. Sep 23, 2026 $0.08. Use the arrow keys to read each point.$0$0.5020232026YTD

SPAX vs SPCF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

Market sensitivityBeta, 5 years
SPAX −0.65SPCF 0.00

Popular comparisons

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