The Tema Space Innovators ETF (NASA -0.92%) is a relatively new entrant to the space ETF market, having launched in March 2026. Despite its short history, it has already grown to approximately $2.35 billion in assets under management, making it the largest space-themed ETF currently available.
A major reason for that growth has been the ETF's exposure to SpaceX (SPCX +2.69%). The fund was able to gain exposure prior to the company's public listing through a special-purpose vehicle (SPV), a legal entity created to hold an investment on behalf of multiple investors.
While SPVs can provide access to otherwise unavailable private investments, they also introduce an additional layer of complexity, fees, valuation uncertainty, and counterparty risk compared to directly holding publicly traded shares.
According to Tema, the SpaceX SPV position will remain subject to a six-month lockup period following the IPO. After that period expires, the position is expected to convert into freely tradable shares, though the ETF may also purchase publicly traded SpaceX shares alongside its existing exposure.
The combination of active management and private-market access comes at a cost. The ETF charges a relatively high 0.75% expense ratio. So far, however, investor demand has remained strong, suggesting many are willing to pay a premium for differentiated exposure to the commercial space industry.