SPAX vs SPCH

SPAXDT-Rex 2X Long SpaceX Daily Target ETF

SPCHALeverage Shares 2X Long SPCX Daily ETF

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.

SPCH The SpaceX leverage shelf got crowded fast. SPCH was on it from day one, aiming for twice the stock's daily move through swaps, at 0.75% a year, less than most rivals charge.

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.

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

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

• SPCH Costs 0.75% a year, under Direxion's LOFF (0.99%) and ProShares' SPCF (1.04%) for the same 2x daily SpaceX trade.
• Built to start trading with SpaceX's IPO, with its first day of 2x exposure struck off the IPO price. One of the original ways to play the stock at 2x.sec.gov
• Among the busier tickers in the SpaceX leverage group, which matters when the product is designed around single-day holds.leverageshares.com
• Its mirror image, SSPC, runs the same machinery at -2x for the same 0.75% fee, so you can flip direction without changing issuers.leverageshares.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

• SPCH Leverage resets daily. Hold past one day and the result compounds, so it can drift from 2x the stock's move over that stretch.leverageshares.com
• 2x cuts both ways: a hard down day in SpaceX stock lands twice as hard here, and this is a young, volatile stock.sec.gov
• Exposure runs through swaps and options rather than shares, which adds counterparty risk. No distributions so far.leverageshares.com

Full SPAX profile⁠

Full SPCH profile⁠