Direxion launches 2x daily SpaceX ETF (LOFF)

Direxion introduced the Direxion Daily SpaceX Bull 2X ETF (LOFF) on June 15. The fund seeks to deliver twice the daily performance of SpaceX (SPCX) and carries an expense ratio of 0.97%. LOFF began trading one business day after SpaceX’s initial public offering and expands Direxion’s lineup of single-stock leveraged ETFs.

LOFF is structured to return two times the percentage change in SPCX each trading day. The fund resets daily and is designed for short-term trading rather than long-term holding. Because it tracks a single stock instead of an index, LOFF does not offer the diversification typical of broader ETFs and is intended for investors who accept elevated short-term risk.

Mo Sparks, Direxion’s chief product officer, said, “Direxion has been managing leveraged ETFs and mutual funds for decades, and this wealth of experience and best-in-class risk management has allowed for our team to move as quickly as we have.” Direxion noted its portfolio managers have experience handling volatile markets and that its risk processes supported a rapid launch after the IPO. The firm reports it is the largest issuer of leveraged single-stock ETFs in the U.S.

LOFF follows several single-stock leveraged funds Direxion released in the first quarter of 2026, including ADBU, PYPU, TXNU and UNHU. The fund’s fee should be considered alongside its leverage and short-term focus when assessing suitability.

SpaceX develops and launches rockets and spacecraft and derives much of its revenue from the Starlink satellite internet business, which generated $11.4 billion in 2025. SpaceX also owns xAI and the Grok AI assistant; those units reported net losses before the IPO. Company forecasts and some analyst reports project significant potential value for the AI businesses. One analysis projects SpaceX capital expenditures could reach $300 billion by 2030.

Leveraged ETFs compound daily returns, which can cause multi-day performance to differ from the target multiple, particularly in volatile markets. Investors should weigh LOFF’s leverage, lack of diversification, near-term volatility after the IPO and the expense ratio before trading.