SPXY vs SPXE vs SXHI: the three Canadian SpaceX income ETFs compared

Short answer: SPXY (Purpose), SPXE (Harvest), and SXHI (Ninepoint) are Canada’s three single-stock SpaceX income ETFs, all launched in mid-June 2026 right after the SpaceX IPO. They are structurally alike: each holds SpaceX, adds leverage, and writes covered calls for monthly income. The differences that matter are fee (SXHI waives its management fee until September 30, 2026, then charges 0.29% versus 0.40% for the other two), how the covered calls are run (rules-based on SPXY, actively managed on SPXE and SXHI), and the exchange (SPXY on Cboe Canada, SPXE and SXHI on the TSX). All three are high-risk satellite bets, not core holdings.

When SpaceX went public on June 12, 2026 (NASDAQ: SPCX), three Canadian issuers launched single-stock SpaceX income ETFs within days of each other. They look almost identical in the marketing: one ticker, monthly income, a front-row seat to SpaceX. If you’ve already decided you want SpaceX exposure in a Canadian wrapper, the real question isn’t whether these funds are a good idea in the abstract, it’s which of the three to hold. This guide puts them side by side on the things that actually differ. None of this is financial advice, and all three are brand new with no published MER yet, so confirm every figure against the issuer’s current filings.

The three, side by side

SPXY vs SPXE vs SXHI at a glance

Attribute	SPXY	SPXE	SXHI
Issuer	Purpose Investments	Harvest ETFs	Ninepoint Partners
Exchange	Cboe Canada	TSX	TSX
Began trading	Jun 15, 2026	Jun 15, 2026	Jun 16, 2026
Management fee	0.40%	0.40%	0% to Sep 30, 2026, then 0.29%
Leverage	About 25%	About 25%	Yes (levered exposure)
Covered calls	Rules-based, on roughly 50% of the book	Actively managed overlay	Actively managed overlay
Distributions	Monthly	Monthly	Monthly
Initial price	About $20.00	Not disclosed	$10.00 per unit

Read that table and the headline is how similar they are. All three hold SpaceX, all three add leverage, all three sell covered calls to fund a monthly distribution, and all three are days old with no track record. The genuine points of difference are narrow, so let’s take them one at a time.

Fee: where SXHI separates from the pack

This is the clearest difference. Ninepoint’s SXHI charges no management fee until September 30, 2026, and 0.29% after that. Both Purpose’s SPXY and Harvest’s SPXE charge 0.40%. So on the stated fee, SXHI is cheaper today (by all of it) and cheaper after the waiver ends (0.29% versus 0.40%).

Two cautions keep that from being the whole story. First, the management fee is not the full cost. These are leveraged, option-writing funds, and the all-in MER, once each fund has enough history to publish one, will run above the stated fee for all three. A 0.29% management fee and a 0.40% management fee can land closer together once borrowing and trading costs are added. Second, on a concentrated, levered, single-stock bet, a tenth of a percent on fees is a rounding error next to how SpaceX itself behaves. The fee is a real edge for SXHI, but it should not be the deciding factor.

Covered calls: rules-based versus actively managed

All three write covered calls, which is how they generate the income. The difference is who decides.

Purpose’s SPXY runs a rules-based overlay, writing calls against roughly half the portfolio. You know the approach in advance: about 50% overwritten, leaving the other half free to participate in a rally. Harvest’s SPXE and Ninepoint’s SXHI both use an actively managed approach, meaning a team decides how much to write and when, rather than following a fixed rule.

Neither is automatically better. A rules-based overlay is predictable and transparent: you know what you’re getting. An active overlay can, in theory, write fewer calls into a strong rally to preserve more upside, or more calls in a flat market to harvest premium, but it depends entirely on the manager getting those calls right, and there’s no track record yet to judge any of them by. If you value knowing exactly how much upside you’re giving away, SPXY’s published rule is the easiest to reason about.

Exchange and access

SPXY trades on Cboe Canada; SPXE and SXHI trade on the TSX. For most investors at most brokerages this makes no practical difference, since Canadian brokerages route to both exchanges. It’s worth a quick check only if your platform treats the two differently on data or order routing. Don’t let it drive the decision.

What’s identical, and matters more than the differences

The things these three funds share are the things most likely to determine your outcome, and they’re the same across all three:

• Single-company concentration. This is one stock. There is no diversification inside any of these wrappers.
• Leverage cuts both ways. Roughly 25% leverage amplifies losses as readily as gains, and carries a borrowing cost.
• Covered calls cap your upside. The income comes from selling away part of the rally, which works against you in exactly the scenario, a SpaceX moonshot, that may be why you wanted SpaceX in the first place.
• Newly public, volatile stock. SPCX has only traded since June 12, 2026. Price discovery on a heavily watched new listing can be wild, and leverage magnifies it.
• Income is not profit. Part of any monthly distribution can be return of capital, which is your own money handed back.
• No published MER yet. All three are days old. The true all-in cost shows up only once each fund has history.

So which one?

If you’re set on a single-stock SpaceX income ETF, the honest read is that they’re close enough that fee and overlay style are the tie-breakers. SXHI is the cheapest on the stated fee and the easiest to justify on cost, at least until its MER is published. SPXY is the most transparent on the options strategy, because its rules-based overlay tells you up front how much upside you’re trading for income. SPXE sits in between, with Harvest’s active overlay and the same 0.40% fee as SPXY.

But step back first. If your real goal is to own SpaceX rather than to collect monthly income, buying SPCX directly on the NASDAQ is cheaper and keeps all of the upside, with no leverage or call overlay deciding things for you. And if you want the space economy rather than SpaceX specifically, Global X’s ORBX spreads the bet across listed space companies, though it does not hold SpaceX at all. The income wrappers are one route among several, not the default.

Frequently asked questions

Which SpaceX ETF is cheapest in Canada?

Right now, SXHI. Ninepoint’s SXHI waives its management fee entirely until September 30, 2026, then charges 0.29%. Both Purpose’s SPXY and Harvest’s SPXE charge 0.40%. The stated management fee is not the full cost, though: all three are leveraged, option-writing funds whose all-in MER will run higher once they have enough history to publish one. Compare the real MERs as they report.

What’s the difference between SPXY, SPXE, and SXHI?

All three are single-stock SpaceX income ETFs that hold SpaceX, add leverage, and write covered calls for monthly income. The differences are narrow: SXHI is cheaper (0% to September 30, 2026, then 0.29%, versus 0.40% for the other two); SPXY uses a rules-based covered call overlay on roughly half the book while SPXE and SXHI manage the overlay actively; and SPXY trades on Cboe Canada while SPXE and SXHI trade on the TSX. Otherwise they’re structurally very similar.

Which is the best SpaceX ETF in Canada?

There’s no single best one, because they’re so alike and none has a track record yet. On fee, SXHI leads. On transparency of the options strategy, SPXY’s published rule is the easiest to reason about. If your goal is simply to own SpaceX rather than collect income, buying SPCX directly is cheaper and keeps the full upside. Judge the funds on their published MERs and real distributions once those exist, not on the launch marketing.

Are SPXY, SPXE, and SXHI good investments?

They’re high-risk products, not core holdings. Single-company concentration, leverage, covered-call overlays that cap upside, and the volatility of a newly public stock together make for a wide range of outcomes. Any of the three can suit an investor who specifically wants SpaceX, understands the mechanics, and is comfortable losing the money. None is a foundation for a portfolio.

Bottom line

SPXY, SPXE, and SXHI are three takes on the same idea, launched within a day of each other after the June 2026 SpaceX IPO. They’re alike enough that the decision comes down to a couple of details: SXHI is the cheapest on the stated fee, SPXY is the most transparent on its covered-call rule, and SPXE lands between them. The risks, single-stock concentration, leverage, a capped upside, and a brand-new volatile stock, are identical across all three and matter far more than the differences. Whichever you choose, treat it as a small satellite bet, and remember that the moment you buy it you’ve added a position that needs tracking alongside everything else you own, which is exactly the gap Greenline is built to close.