# SpaceX ETF: the 2x long and short funds, what daily reset does, and the 1x options
> There is no plain 1x SpaceX ETF. Nasdaq-100 funds like QQQ hold a sliver of SPCX, and the single-stock SpaceX ETFs are 2x long or 2x short with a daily reset. The funds, their fees, how daily reset works, and the ERShares XOVR story.
By Maya Koeva ยท 2026-10-22
There is no plain 1x SpaceX ETF. The funds built on SpaceX alone are all leveraged: they aim for
twice the daily move of SPCX, or twice the opposite, and they reset every day. Held for longer than
a day, they drift away from those targets.
The unleveraged funds that own SpaceX hold very little of it. SPCX joined the Nasdaq-100 on July 7,
so QQQ and other Nasdaq-100 trackers own it, at about 1% of the fund or less. If you want SpaceX
without leverage, the direct route is the stock itself, ticker SPCX.
## Every SpaceX ETF listed
These are the single-stock SpaceX funds we could confirm on Yahoo Finance on October 22, 2026. All
of them track SPCX, all are daily-reset products, and all but two started trading on June 15, the
first Monday after the IPO.
| Ticker | Fund | Direction | Expense ratio | First trade |
|---|---|---|---:|---|
| SPCU | Defiance Daily Target 2X Long SPCX | 2x long | 1.31% | June 15 |
| LOFF | Direxion Daily SpaceX Bull 2X | 2x long | 0.99% gross, 0.97% net | June 15 |
| SPCM | Tradr 2X Long SpaceX Daily | 2x long | 1.49% | June 15 |
| SPCH | Leverage Shares 2X Long SPCX Daily | 2x long | 0.75% | June 15 |
| SPAL | GraniteShares 2x Long SpaceX Daily | 2x long | See issuer | June 15 |
| SPAX | T-REX 2X Long SPCX Daily Target | 2x long | See issuer | June 15 |
| SPCQ | Defiance Daily Target 2X Short SPCX | 2x short | 1.31% | June 15 |
| SSPC | Leverage Shares 2X Short SPCX Daily | 2x short | 0.75% | June 15 |
| SNK | GraniteShares 2x Short SpaceX Daily | 2x short | 2.20% | June 15 |
| SPCG | Tradr 2X Short SpaceX Daily | 2x short | 1.49% | June 17 |
| LOFD | Direxion Daily SpaceX Bear 2X | 2x short | 0.99% gross, 0.97% net | August 6 |
Fees are from launch coverage and issuer documents: Direxion's
[LOFF and LOFD fact sheet](https://www.direxion.com/uploads/LOFF-LOFD-Fact-Sheet.pdf), Leverage
Shares on [SPCH and SSPC](https://leverageshares.com/us/insights/low-fees-are-winning-the-spacex-etf-race/),
and [ETF Trends](https://www.etftrends.com/ten-spacex-etfs-launch-as-spcx-hits-market/) on the
launch-week group, which ran from 0.75% to 2.20%. We could not confirm a fee for SPAL or SPAX, so
check those on the issuer's page. Fees change, and the prospectus is the final word.
## How daily reset works
A 2x fund doubles each day's move, then starts over the next morning. Over one day, that does what
the name says. Over two or more days, the result depends on the path the stock took, not only on
where it ended.
Take a stock at $100 that rises 10% one day and falls 10% the next:
| | Stock | 2x long fund | 2x short fund |
|---|---:|---:|---:|
| Start | $100.00 | $100.00 | $100.00 |
| Day 1: stock +10% | $110.00 | $120.00 (+20%) | $80.00 (-20%) |
| Day 2: stock -10% | $99.00 | $96.00 (-20%) | $96.00 (+20%) |
| Two-day result | -1.0% | -4.0% | -4.0% |
The stock lost 1%. Twice that would be -2% for the long fund and +2% for the short fund. Both
lost 4% instead. The more a stock swings back and forth, the bigger that gap gets, and SPCX has
moved 10% in a week more than once since June. The issuers say this in their own documents: the
funds are built for one day at a time.
## What the 2x funds did since June
The real numbers show the same thing. From the June 15 close to the October 21 close, SPCX fell
17.2%, from $192.50 to $159.31. Twice that is -34.5% for a 2x long fund and +34.5% for a 2x short
fund. The funds did worse, by closing price on Yahoo Finance:
| Fund | Direction | June 15 close | October 21 close | Change |
|---|---|---:|---:|---:|
| SPCX (the stock) | 1x | $192.50 | $159.31 | -17.2% |
| SPCU | 2x long | $27.83 | $14.41 | -48.2% |
| LOFF | 2x long | $34.83 | $18.31 | -47.4% |
| SPCQ | 2x short | $12.22 | $8.77 | -28.2% |
| SSPC | 2x short | $9.15 | $7.34 | -19.8% |
| SNK | 2x short | $15.25 | $12.08 | -20.8% |
The long funds fell further than twice the stock's drop. The short funds, which a reader might
expect to be up about a third, lost 20% to 28%. SPCX ran from $108.27 in August to $171.92 in
October and back, and every swing cost both sides. These are price changes only, and the window
starts at the funds' first close.
## SpaceX in ordinary ETFs
**Nasdaq-100 funds.** SPCX entered the Nasdaq-100 on July 7, 2026, 15 trading days after its IPO,
through a new fast-entry rule for large listings
([Startup Fortune](https://startupfortune.com/spacex-becomes-the-fastest-company-ever-added-to-the-nasdaq-100/)).
QQQ and the other funds that track the index hold it, at about 1% or less, because only a small
part of SpaceX's shares trades publicly. SPCX is not in the S&P 500, so S&P 500 funds don't hold it.
**Funds that held SpaceX before the IPO.** A few funds bought private SpaceX shares before June.
The best known is the ERShares Private-Public Crossover ETF, below.
A Nasdaq-100 fund gives you very little SpaceX: a $1,000 position holds about $10 of SPCX or less.
## The ERShares XOVR story
Searches for "spacex etf ershares trouble" are about XOVR, the ERShares Private-Public Crossover
ETF. It was one of the few ways to own a slice of SpaceX before the IPO, and SpaceX grew into a large
part of the fund. In late May, [24/7 Wall St.](https://finance.yahoo.com/markets/stocks/articles/xovr-promised-pre-ipo-spacex-165911230.html)
put the SpaceX position at about $281 million, about 23% of the fund.
The fund still trailed the market. The same report had XOVR down about 2% for the year in late May
while the S&P 500 was up 9.7%. It pointed to two drags: a 1.81% expense ratio, and the way private
shares are valued. A private stake like SpaceX was a Level 3 asset, priced by the fund's own
estimate rather than a market quote, and those marks can sit unchanged for months.
Since June 12, SpaceX shares have a market price. From its first close of 2026 to October 21,
XOVR rose 8.0%, from $19.97 to $21.56, while QQQ rose 18.3%.
## SPCX itself or an ETF?
| | SPCX shares | 2x long or short fund | Nasdaq-100 fund (e.g. QQQ) |
|---|---|---|---|
| SpaceX exposure | All of it | Twice the daily move, either way | About 1% or less |
| Annual fee | None | 0.75% to 2.20% | Low, set by the fund |
| Works over months? | Tracks the stock | Drifts from 2x, see above | Tracks the index |
| Built for | Owning SpaceX | Trading one day at a time | Owning the Nasdaq-100 |
The how-to for the shares is in **[how to buy SpaceX stock](/blog/spacex-ipo#how-to-buy-spacex-stock)**.
SPCX also owns xAI, Grok and X since the February 2026 merger, and Starlink, which has no ticker of
its own. For those, see **[xAI stock](/blog/xai-stock)** and **[Starlink stock](/blog/starlink-stock)**.
These are the differences. The decision is yours.
## What the accounts we track say about SPCX
All of these funds move with SPCX, so the read that matters for them is the read on the stock. As of
the morning of October 19, SpaceX carried a 7-day score of 64 in Quantral, on the positive side
and cooler than the 76 it read in mid-August.
The accounts with a real track record called the big turns. They ran bearish three to one in July,
while the stock fell 36.6%, and bullish four to one in August, while it rose 32.6%. The raw crowd
was bearish in both months. The month-by-month table is in
**[what the accounts we track said about SpaceX](/blog/spacex-ipo#what-the-accounts-we-track-said-month-by-month)**,
and the dated snapshot sits on our [SpaceX stock page](/stocks/SPCX). For other space names, see
[our space stocks ranking](/blog/space-stocks).
## Common questions
### Is there a SpaceX ETF?
Not a plain 1x one. We count 11 SpaceX funds on Yahoo Finance, all 2x long or 2x short, and Nasdaq-100 funds
like QQQ hold a small amount of SPCX.
### What is the 2x SpaceX ETF?
Several funds aim for twice SPCX's daily move: SPCU (Defiance), LOFF (Direxion), SPCM (Tradr), SPCH
(Leverage Shares), SPAL (GraniteShares) and SPAX (T-REX). All reset daily.
### Is there a short or inverse SpaceX ETF?
Yes. SPCQ (Defiance), SSPC (Leverage Shares), SNK (GraniteShares), SPCG (Tradr) and LOFD (Direxion)
aim for twice the opposite of SPCX's daily move. They reset daily too.
### Why did a 2x SpaceX ETF lose more than twice the stock?
Daily reset. A 2x fund doubles each day's move and starts over, so a stock that swings up and down
erodes the fund even when the stock ends close to where it started. From June 15 to October 21,
SPCX fell 17.2% and the 2x long funds fell about 47% to 48%.
### How do I invest in a SpaceX ETF?
The same way as any ETF: search the ticker in a brokerage account and place an order. Read the
issuer's page first, since these funds are built for holding periods of one day.
### What happened with the ERShares SpaceX ETF?
ERShares' XOVR held private SpaceX shares before the IPO, about 23% of the fund in late May. It
still trailed the S&P 500 in 2026, which reports put down to its 1.81% fee and private valuation
marks that could sit unchanged for months.
### Does QQQ own SpaceX?
Yes. SPCX joined the Nasdaq-100 on July 7, 2026, so QQQ holds it, at about 1% of the fund or less.
## Try it
Open SpaceX in the app, on the web at [app.quantral.com](https://app.quantral.com), on iOS or on
Android, to see the score and every call behind it, with who made each one. Start with a 7-day free
trial.
Fund tickers, names and first trading dates were checked on Yahoo Finance on October 22, 2026, and
prices are closing prices from the Yahoo chart API through October 21. Fees are from the sources
linked in the text. The score and mention counts are as published in our SpaceX IPO guide.
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