Fund launches highlight growing interest in single-stock ETFs
Two Canadian asset managers launched exchange-traded funds (ETFs) tied to Space Exploration Technologies Corp. on Monday, capitalizing on SpaceX’s historic stock market debut three days earlier.
Harvest ETFs listed Class A Units of the Harvest SpaceX Enhanced High Income Shares ETF (SPXE) on the Toronto Stock Exchange under the ticker SPXE, following a prospectus dated June 10, 2026, filed with securities regulators across all Canadian provinces and territories.
On the same day, Purpose Investments Inc. launched the Purpose SpaceX Yield Shares ETF, trading on Cboe Canada under the ticker SPXY.
Both funds target Canadian investors seeking exposure to SpaceX through covered-call income strategies, entering the market immediately after SpaceX priced its IPO at US$135 per share, raising US$75 billion — the largest initial public offering on record — at a valuation of roughly US$1.75 trillion, placing it among the 10 largest publicly listed companies in the world.
Five other US companies have previously reached a US$2 trillion market capitalization benchmark: Nvidia, Apple, Alphabet, Microsoft and Amazon.
The ETF rush reflects the scale of the underlying business. SpaceX’s Starlink satellite internet service generated US$11.4 billion in revenue in 2025, representing 50% year-over-year growth and accounting for more than half of the company's total revenue of US$18.7 billion. By the first quarter of 2026, Starlink’s share of SpaceX’s overall revenue had risen to 69%. The subscriber base expanded from 1 million users in 2022 to over 12 million active customers across more than 150 countries in early 2026, with total subscribers doubling between 2024 and 2025.
Income strategies target growth investors
SPXE provides single-stock ETF access to SpaceX by employing modest leverage alongside an active covered-call strategy aimed at generating enhanced monthly income. Harvest, founded in 2009 and headquartered in Oakville, manages more than $12 billion in assets and operates across equity, fixed-income and single-stock ETF categories.
Michael Kovacs, CEO of Harvest, described SpaceX as a singular market opportunity.
“SpaceX isn’t just a company; it’s a category unto itself, and we’re incredibly proud to be bringing that opportunity to Canadian investors. SPXE represents the convergence of two powerful forces — the largest and one of the most anticipated IPO listings in history and Harvest’s established enhanced income methodology,” Kovacs said.
“With this launch, Harvest helps investors combine the growth story investors are asking for with the monthly income they’ve built their portfolios around.”
Purpose’s SPXY employs a comparable approach. The fund combines modest leverage of approximately 25% with a covered-call strategy written on roughly 50% of the portfolio, targeting enhanced monthly income. The fund is fully hedged to the Canadian dollar, shielding investors from US dollar currency risk. Distributions are expected to be structured as capital gains or return of capital, which are typically subject to more favourable tax treatment than interest income.
Nick Mersch, portfolio manager at Purpose Investments, said Canadian investors had been looking for a straightforward route to SpaceX exposure.
“SpaceX is one of the most influential companies shaping the future of space exploration and advanced technology, and Canadian investors have been looking for a simple way to access its growth potential,” Mersch said. “SPXY gives investors access to that opportunity while providing enhanced monthly income through a strategy focused on long-term total return.”
The launch of SPXY brings Purpose’s Yield Shares suite to 30 ETFs, spanning Canadian, US and crypto-asset strategies. Purpose manages more than $31 billion in assets under management.
SpaceX said in its prospectus filed with the US Securities and Exchange Commission that proceeds from the IPO will be directed toward AI computing infrastructure, launch facilities and vehicles, and satellite constellations.
Harvest filed a preliminary prospectus for SPXE on May 28, 2026, describing it as the first publicly filed ETF preliminary prospectus in Canada designed to provide investors with SpaceX exposure combined with income generation.
