Low Fees Are Winning the SpaceX ETF Race

Why Investors Are Choosing Leverage Shares SpaceX ETFs Over the Competition

The historic public listing of SpaceX has triggered one of the largest product launches the ETF industry has ever seen. Within days of the IPO, multiple issuers rushed to launch leveraged products tied to one of the world's most anticipated public companies, giving investors opportunities to amplify both bullish and bearish views on SpaceX.

SpaceX's IPO has attracted extraordinary investor interest, with estimates suggesting demand exceeded the size of the offering several times over. The excitement surrounding the listing has encouraged numerous issuers to launch competing leveraged products, creating a crowded marketplace almost immediately.

Within 72 hours, more than a dozen leveraged SpaceX ETFs had launched simultaneously on the Cboe exchange. Twelve products, same underlying stock, nearly identical 2x daily exposure.

Yet despite the growing competition, early trading activity suggests investors are gravitating toward a simple differentiator: lower fees.

Leverage Shares +2x Long SpaceX ETF (SPCH) and -2x Short SpaceX ETF (SSPC) entered the market with a management fee of just 0.75%, positioning them among the lowest-cost leveraged single-stock SpaceX products available to investors.

From day one investor preference had become clear. The Leverage Shares 2X Long SpaceX Daily ETF (Cboe: SPCH) and the Leverage Shares 2X Short SpaceX Daily ETF (Cboe: SSPC) had together claimed the top two spots for first-day trading volume across the entire category and the primary differentiator was cost.

Source: Bloomberg as of June 16, 2026

Lower Fees Give SPCH and SSPC an Edge

A lower expense ratio means investors keep more of their returns, particularly when making frequent trades or maintaining positions over multiple sessions. While leveraged ETFs are not designed for long-term buy-and-hold investing, reducing costs remains one of the few factors investors can control.

Here's why fees matter so much in single-stock leveraged ETFs specifically. Traders who rotate into SPCH around a SpaceX catalyst such as an index inclusion date, an earnings report, a Starlink subscriber update, and exit within a few sessions still pay the expense ratio on an annualised basis. Over many such trades in a year, the compounding effect of a higher fee structure meaningfully erodes net returns, even on a short holding period.

Leverage Shares by Themes launched both SPCH and SSPC with a 0.75% expense ratio, a figure approximately 38% below the 1.20% industry average for comparable 2x SpaceX products. With a peer-group average across leveraged ETFs sitting near 1.20% across more than 170 funds, this is not a marginal difference but a structural advantage.1

The ETF industry learned this lesson during the 2024 Bitcoin ETF race, when BlackRock's iShares Bitcoin Trust (IBIT), which entered with a competitively priced fee structure rapidly captured the majority of first week flows and never ceded that lead. ² The SpaceX leveraged ETF market is following the same playbook, and Leverage Shares appears to have positioned SPCH and SSPC accordingly.

Trading Volume Confirms Investor Preference

The market voted with its trading volume. On day one alone, SPCH generated approximately $282 million in trading volume, the highest of any new 2x SpaceX long ETF, while SSPC added roughly $219 million. Combined, Leverage Shares captured more than $500 million in first-day trading volume across both funds, establishing clear leadership in a field of twelve competing products.¹

By day three, SPCH had surged to $1.56 billion in volume, with SSPC adding almost $1 billion. Leverage Shares' two funds, between them, accounted for more than half of the $4.15 billion traded across all 2x SpaceX ETFs on June 16 alone.

In a market where product differentiation is narrow, investors have a clear way to express preference: they trade the cheaper fund. With SPCH and SSPC, that preference is already being expressed at scale.

Footnotes:

¹GlobeNewswire, Leverage Shares by Themes’ 2x SpaceX ETFs, SPCH and SSPC, Lead Market Debut With More Than $500 Million in First-Day Trading), as of June 16, 2026

²MEXC, iShares Bitcoin ETF (IBIT): What It Is, How It Works, and Key Facts, as of June 14, 2026