Direxion’s Daily SpaceX Bull 2X ETF launched June 15 with a 0.95% expense ratio matching ProShares’ SPCF but has drawn only modest investor interest compared with Leverage Shares’ SPCH, which captured $514 million since launch. SPCF holds $107 million after inflows of $194 million, leaving LOFF trailing.
Direxion’s Daily SpaceX Bull 2X ETF (LOFF) began trading June 15, offering two times the daily performance of SpaceX stock through swap agreements. The fund charges a 0.95% headline expense ratio, positioning it alongside ProShares’ Ultra SpaceX ETF (SPCF) in cost structure.
Expense ratios among the new 2x SpaceX ETFs range from 0.75% at Leverage Shares to 1.49% at the most expensive launch. Financing fees embedded in swap agreements add a variable cost component that isn’t reflected in the advertised ratio, affecting net performance for holders.
Leverage Shares’ 2x Long SPCX ETF (SPCH) has drawn $514 million in two weeks, more than double ProShares’ $194 million and dwarfing flows into other funds. SPCF now holds $107 million, while LOFF has lagged behind both leaders, failing to secure a meaningful share of the leverage ETF market.
