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Sucking $2.6 billion in two months: How NASA ETFs turned a SpaceX IPO opportunity into a retail investment boom

在SpaceX IPO临近之际，散户投资者正争相涌入太空投资领域，而有一只ETF已经从这股热潮中获益。Tema ETFs旗下的Space Innovators ETF于3月30日推出，交易代码为NASA。这种快速增长，部分原因在于散户投资者希望在SpaceX上市之前获得相关投资敞口。目前，SpaceX约占该基金资产的7.5%。该基金表示，按照超过1.5万亿美元的预期IPO估值计算，其持有的SpaceX股份价值接近3亿美元。显而易见，埃隆·马斯克将成为SpaceX IPO的最大赢家之一，并且很可能成为全球首位万亿富翁。

Sucking $2.6 billion in two months: How NASA ETFs turned a SpaceX IPO opportunity into a retail investment boom

# SpaceX IPO Progress

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This risk was vividly demonstrated by the explosion of the Blue Origin New Glenn rocket this week. Investors should also expect that the composition of positions and investment strategies may vary greatly between different funds.</p><p></li></ul><p style=\"text-align: left;\">As the SpaceX IPO approaches, retail investors are scrambling to flock into space investing, and one ETF is already benefiting from the boom.</p><p><p style=\"text-align: left;\">The Space Innovators ETF, part of Tema ETFs, launched on March 30 under the symbol NASA. The fund's assets exceeded $1 billion in just 37 trading days, and as of this past trading weekend, its assets had exceeded $2.6 billion.</p><p><p style=\"text-align: left;\">This rapid growth is partly due to retail investors looking to gain relevant exposure before SpaceX goes public.</p><p><p style=\"text-align: left;\">While SpaceX took an unusual approach to the offering, opening access to retail investors through brokerages, an arrangement uncommon in IPOs that are typically dominated by institutional investors, NASA funds offer investors another avenue to invest in Musk's rocket company.</p><p><p style=\"text-align: left;\">The fund already has a direct stake in unpublicly traded SpaceX. Among the investment vehicles currently open to retail investors, it is one of the few that can do this. Currently, SpaceX accounts for about 7.5% of the fund's assets.</p><p><p style=\"text-align: left;\">Maurits Pot, founder and CEO of Tema ETFs, said on Wednesday:</p><p><p style=\"text-align: left;\">\"If we're going to invest in space…we're going to have to provide exposure to SpaceX.\"</p><p><p style=\"text-align: left;\">Pot said the company has no plans to sell the shares after the IPO is completed.</p><p><p style=\"text-align: left;\">\"For us, an IPO is just a revaluation of this position at market prices,\" he said.</p><p><p style=\"text-align: left;\">NASA isn't the only ETF that can invest in SpaceX, but there aren't many such options.</p><p><p style=\"text-align: left;\">Mutual fund manager and billionaire Ron Baron has long invested in Tesla and SpaceX and has a stake in the rocket company through his First Principles Fund (RONB).</p><p><p style=\"text-align: left;\">Among the RONB ETFs, Tesla is the No. 1 holding, accounting for more than 14%; Meanwhile, approximately 2% of the fund's assets are invested in SpaceX.</p><p><p style=\"text-align: left;\">The ERShares Private-Public Crossover ETF (XOVR), which focuses on late-stage Private enterprise investments, also holds a stake in SpaceX. The fund said its SpaceX stake is worth nearly $300 million at an expected IPO valuation of more than $1.5 trillion.</p><p><p style=\"text-align: left;\">How to determine an exact valuation for SpaceX before the offering is priced remains a point of contention between the market and investors.</p><p><p style=\"text-align: left;\">Mike Akins, founding partner of ETF Action, said it is ETFs, a product structure, that enables ordinary investors to access such investment opportunities.</p><p><p style=\"text-align: left;\">Akins says:</p><p><p style=\"text-align: left;\">\"Ten years ago, twenty years ago, if you wanted to invest in a space theme like this, investors had to look into all these companies themselves. Now there's just a trading code.\"</p><p><p style=\"text-align: left;\">Todd Sohn, chief ETF strategist at Strategas, noted that several new space-themed ETFs have been launched in the past few months, including Van Eck Space ETF (WARP), Global X Space Tech ETF (ORBX), and Roundhill Investments' Space & Technology ETF (MARS).</p><p><p style=\"text-align: left;\">He believes that this in itself is a signal that the industry expects retail investors to pursue space-themed investments like other technological innovation themes, from artificial intelligence to quantum computing.</p><p><p style=\"text-align: left;\">Sohn says:</p><p><p style=\"text-align: left;\">\"To me, this is usually a fairly clear signal that the industry thinks space is going to be the next big theme.\"</p><p><p style=\"text-align: left;\">\"This is very similar to the logic of how AI evolved a few years ago, and this trend continues.\"</p><p><p style=\"text-align: left;\">A total of six space-themed ETFs have gone public in the past three months.</p><p><p style=\"text-align: left;\">However, Sohn cautioned that not all funds are the same.</p><p><p style=\"text-align: left;\">He said:</p><p><p style=\"text-align: left;\">\"It all depends on how pure the theme of the ETF is, or how diluted it is. So it's important to do your due diligence now.\"</p><p><p style=\"text-align: left;\">There are actually some space-themed ETFs in the market that have been around for many years, and they have built portfolios that include pure space exploration companies, high-risk space companies, satellite companies, and broader aerospace and defense industry companies.</p><p><p style=\"text-align: left;\">The Procure Space ETF (UFO), which was established in 2019 and has more than $1.2 billion in assets, has key holdings including Rocket Lab, Firefly Aerospace, and Planet Labs.</p><p><p style=\"text-align: left;\">The SPDR S&P Kensho Final Frontiers ETF (ROKT), formed in 2018, also holds companies such as Intuitive Machines and Redwire.</p><p><p style=\"text-align: left;\">The ARK Space and Defense Innovation ETF (ARKX), which also includes Amazon and Deere in its portfolio, is a good illustration of how broad the concept of \"Space investment\" can be.</p><p><p style=\"text-align: left;\">Sohn said that investors interested in these ETFs, as well as the theme of space investment, should consider the extent to which the portfolio overlaps with traditional defense industry companies and whether the fund is too concentrated on a few high-risk stocks.</p><p><p style=\"text-align: left;\">Sohn says:</p><p><p style=\"text-align: left;\">\"The number of companies that are actually in this space and have already gone public is not a lot.\"</p><p><p style=\"text-align: left;\">Speaking of the current batch of space ETFs, he said:</p><p><p style=\"text-align: left;\">\"Some funds may hold 30 stocks, others are closer to around 50.\"</p><p><p style=\"text-align: left;\">\"I have the feeling that once SpaceX goes public and trades for a while, depending on how the funds are managed, you will see some of these funds evolve gradually into more focused investment bets.\"</p><p><p style=\"text-align: left;\">There's another factor investors need to consider: NASA, for example, is an actively managed fund, rather than tracking an index of off-the-shelf stocks designed to represent the theme, as funds like UFO, ORBX, ROKT, and others do.</p><p><p style=\"text-align: left;\">Investors need to pay more for this approach, which is actively picked by fund managers:</p><p><ul><li><p style=\"text-align: left;\">NASA's annual net fee ratio is 0.87%;</p><p></li><li><p style=\"text-align: left;\">ORBX has a rate of 0.50%;</p><p></li><li><p style=\"text-align: left;\">ROKT's rate is 0.45%.</p><p></li></ul><p style=\"text-align: left;\">It is clear that Elon Musk will be one of the biggest winners of the SpaceX IPO and is likely to become the world's first trillionaire.</p><p><p style=\"text-align: left;\">But both Akins and Sohn say the biggest risk for retail investors involved in the theme of space investing remains volatility.</p><p><p style=\"text-align: left;\">This week's explosion of the Blue Origin \"New Glenn\" rocket on the launch pad visualizes the risks facing the space market.</p><p><p style=\"text-align: left;\">Sohn says:</p><p><p style=\"text-align: left;\">\"Be prepared to face volatility.\"</p><p><p style=\"text-align: left;\">\"This is usually what characterizes the development of very early industries.\"</p><p><p style=\"text-align: left;\">\"Some companies will outperform, while others in the ETF may collapse because the business model doesn't make sense.\"</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sucking $2.6 billion in two months: How NASA ETFs turned a SpaceX IPO opportunity into a retail investment boom</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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This risk was vividly demonstrated by the explosion of the Blue Origin New Glenn rocket this week. Investors should also expect that the composition of positions and investment strategies may vary greatly between different funds.</p><p></li></ul><p style=\"text-align: left;\">As the SpaceX IPO approaches, retail investors are scrambling to flock into space investing, and one ETF is already benefiting from the boom.</p><p><p style=\"text-align: left;\">The Space Innovators ETF, part of Tema ETFs, launched on March 30 under the symbol NASA. The fund's assets exceeded $1 billion in just 37 trading days, and as of this past trading weekend, its assets had exceeded $2.6 billion.</p><p><p style=\"text-align: left;\">This rapid growth is partly due to retail investors looking to gain relevant exposure before SpaceX goes public.</p><p><p style=\"text-align: left;\">While SpaceX took an unusual approach to the offering, opening access to retail investors through brokerages, an arrangement uncommon in IPOs that are typically dominated by institutional investors, NASA funds offer investors another avenue to invest in Musk's rocket company.</p><p><p style=\"text-align: left;\">The fund already has a direct stake in unpublicly traded SpaceX. Among the investment vehicles currently open to retail investors, it is one of the few that can do this. Currently, SpaceX accounts for about 7.5% of the fund's assets.</p><p><p style=\"text-align: left;\">Maurits Pot, founder and CEO of Tema ETFs, said on Wednesday:</p><p><p style=\"text-align: left;\">\"If we're going to invest in space…we're going to have to provide exposure to SpaceX.\"</p><p><p style=\"text-align: left;\">Pot said the company has no plans to sell the shares after the IPO is completed.</p><p><p style=\"text-align: left;\">\"For us, an IPO is just a revaluation of this position at market prices,\" he said.</p><p><p style=\"text-align: left;\">NASA isn't the only ETF that can invest in SpaceX, but there aren't many such options.</p><p><p style=\"text-align: left;\">Mutual fund manager and billionaire Ron Baron has long invested in Tesla and SpaceX and has a stake in the rocket company through his First Principles Fund (RONB).</p><p><p style=\"text-align: left;\">Among the RONB ETFs, Tesla is the No. 1 holding, accounting for more than 14%; Meanwhile, approximately 2% of the fund's assets are invested in SpaceX.</p><p><p style=\"text-align: left;\">The ERShares Private-Public Crossover ETF (XOVR), which focuses on late-stage Private enterprise investments, also holds a stake in SpaceX. The fund said its SpaceX stake is worth nearly $300 million at an expected IPO valuation of more than $1.5 trillion.</p><p><p style=\"text-align: left;\">How to determine an exact valuation for SpaceX before the offering is priced remains a point of contention between the market and investors.</p><p><p style=\"text-align: left;\">Mike Akins, founding partner of ETF Action, said it is ETFs, a product structure, that enables ordinary investors to access such investment opportunities.</p><p><p style=\"text-align: left;\">Akins says:</p><p><p style=\"text-align: left;\">\"Ten years ago, twenty years ago, if you wanted to invest in a space theme like this, investors had to look into all these companies themselves. Now there's just a trading code.\"</p><p><p style=\"text-align: left;\">Todd Sohn, chief ETF strategist at Strategas, noted that several new space-themed ETFs have been launched in the past few months, including Van Eck Space ETF (WARP), Global X Space Tech ETF (ORBX), and Roundhill Investments' Space & Technology ETF (MARS).</p><p><p style=\"text-align: left;\">He believes that this in itself is a signal that the industry expects retail investors to pursue space-themed investments like other technological innovation themes, from artificial intelligence to quantum computing.</p><p><p style=\"text-align: left;\">Sohn says:</p><p><p style=\"text-align: left;\">\"To me, this is usually a fairly clear signal that the industry thinks space is going to be the next big theme.\"</p><p><p style=\"text-align: left;\">\"This is very similar to the logic of how AI evolved a few years ago, and this trend continues.\"</p><p><p style=\"text-align: left;\">A total of six space-themed ETFs have gone public in the past three months.</p><p><p style=\"text-align: left;\">However, Sohn cautioned that not all funds are the same.</p><p><p style=\"text-align: left;\">He said:</p><p><p style=\"text-align: left;\">\"It all depends on how pure the theme of the ETF is, or how diluted it is. So it's important to do your due diligence now.\"</p><p><p style=\"text-align: left;\">There are actually some space-themed ETFs in the market that have been around for many years, and they have built portfolios that include pure space exploration companies, high-risk space companies, satellite companies, and broader aerospace and defense industry companies.</p><p><p style=\"text-align: left;\">The Procure Space ETF (UFO), which was established in 2019 and has more than $1.2 billion in assets, has key holdings including Rocket Lab, Firefly Aerospace, and Planet Labs.</p><p><p style=\"text-align: left;\">The SPDR S&P Kensho Final Frontiers ETF (ROKT), formed in 2018, also holds companies such as Intuitive Machines and Redwire.</p><p><p style=\"text-align: left;\">The ARK Space and Defense Innovation ETF (ARKX), which also includes Amazon and Deere in its portfolio, is a good illustration of how broad the concept of \"Space investment\" can be.</p><p><p style=\"text-align: left;\">Sohn said that investors interested in these ETFs, as well as the theme of space investment, should consider the extent to which the portfolio overlaps with traditional defense industry companies and whether the fund is too concentrated on a few high-risk stocks.</p><p><p style=\"text-align: left;\">Sohn says:</p><p><p style=\"text-align: left;\">\"The number of companies that are actually in this space and have already gone public is not a lot.\"</p><p><p style=\"text-align: left;\">Speaking of the current batch of space ETFs, he said:</p><p><p style=\"text-align: left;\">\"Some funds may hold 30 stocks, others are closer to around 50.\"</p><p><p style=\"text-align: left;\">\"I have the feeling that once SpaceX goes public and trades for a while, depending on how the funds are managed, you will see some of these funds evolve gradually into more focused investment bets.\"</p><p><p style=\"text-align: left;\">There's another factor investors need to consider: NASA, for example, is an actively managed fund, rather than tracking an index of off-the-shelf stocks designed to represent the theme, as funds like UFO, ORBX, ROKT, and others do.</p><p><p style=\"text-align: left;\">Investors need to pay more for this approach, which is actively picked by fund managers:</p><p><ul><li><p style=\"text-align: left;\">NASA's annual net fee ratio is 0.87%;</p><p></li><li><p style=\"text-align: left;\">ORBX has a rate of 0.50%;</p><p></li><li><p style=\"text-align: left;\">ROKT's rate is 0.45%.</p><p></li></ul><p style=\"text-align: left;\">It is clear that Elon Musk will be one of the biggest winners of the SpaceX IPO and is likely to become the world's first trillionaire.</p><p><p style=\"text-align: left;\">But both Akins and Sohn say the biggest risk for retail investors involved in the theme of space investing remains volatility.</p><p><p style=\"text-align: left;\">This week's explosion of the Blue Origin \"New Glenn\" rocket on the launch pad visualizes the risks facing the space market.</p><p><p style=\"text-align: left;\">Sohn says:</p><p><p style=\"text-align: left;\">\"Be prepared to face volatility.\"</p><p><p style=\"text-align: left;\">\"This is usually what characterizes the development of very early industries.\"</p><p><p style=\"text-align: left;\">\"Some companies will outperform, while others in the ETF may collapse because the business model doesn't make sense.\"</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/826f682a530ac9d365fd5e2c45e708eb","relate_stocks":{"SPCX":"SPAC and New Issue ETF","NASA":"Tema Space Innovators ETF","RONB":"Baron First Principles ETF"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126025645","content_text":"要点在SpaceX首次公开募股（IPO）之前，散户投资者正大量涌入太空主题ETF，其中包括Tema ETFs旗下的NASA基金，该基金可直接投资于埃隆·马斯克的火箭公司。ETF专家表示，市场对太空投资兴趣的升温，可能会复制早期人工智能投资浪潮的发展轨迹。不过，他们也警告称，专注于太空领域的基金可能面临极大的波动风险。本周蓝色起源（Blue Origin）“新格伦”（New Glenn）火箭爆炸事件就生动地展现了这种风险。投资者还应预期，不同基金之间的持仓构成和投资策略可能存在很大差异。在SpaceX IPO临近之际，散户投资者正争相涌入太空投资领域，而有一只ETF已经从这股热潮中获益。Tema ETFs旗下的Space Innovators ETF于3月30日推出，交易代码为NASA。该基金仅用37个交易日资产规模便突破10亿美元，而截至刚刚过去的交易周末，其资产规模已超过26亿美元。这种快速增长，部分原因在于散户投资者希望在SpaceX上市之前获得相关投资敞口。虽然SpaceX在此次发行中采取了不同寻常的方式，通过券商向散户投资者开放参与渠道，而这种安排在通常由机构投资者主导的新股发行中并不常见，但NASA基金则为投资者提供了另一种投资马斯克火箭公司的途径。该基金已经直接持有未公开交易的SpaceX股份。在目前面向散户投资者开放的投资工具中，它是少数能够做到这一点的产品之一。目前，SpaceX约占该基金资产的7.5%。Tema ETFs创始人兼首席执行官Maurits Pot周三表示：“如果我们要投资太空领域……我们就必须提供对SpaceX的投资敞口。”Pot表示，公司没有计划在IPO完成后出售这些股份。他说：“对我们来说，IPO只是将这一持仓按市场价格重新估值而已。”NASA并非唯一能够投资SpaceX的ETF，不过这样的选择并不多。共同基金经理兼亿万富翁Ron Baron长期投资特斯拉和SpaceX，并通过其First Principles基金（RONB）持有这家火箭公司的股份。在RONB ETF中，特斯拉是第一大持仓，占比超过14%；同时，该基金约有接近2%的资产投资于SpaceX。ERShares Private-Public Crossover ETF（XOVR）专注于后期私营企业投资，也持有SpaceX股份。该基金表示，按照超过1.5万亿美元的预期IPO估值计算，其持有的SpaceX股份价值接近3亿美元。在发行定价之前，如何为SpaceX确定一个精确估值，仍然是市场和投资者争论的焦点。ETF Action创始合伙人Mike Akins表示，正是ETF这种产品结构，使普通投资者能够获得此类投资机会。Akins说：“十年前、二十年前，如果你想投资这样的太空主题，投资者必须自己去研究所有这些公司。现在有了一个交易代码就行了。”Strategas首席ETF策略师Todd Sohn指出，过去几个月已有多只新的太空主题ETF推出，包括Van Eck Space ETF（WARP）、Global X Space Tech ETF（ORBX）以及Roundhill Investments的Space & Technology ETF（MARS）。他认为，这本身就是一个信号，说明业内预计散户投资者会像追逐其他科技创新主题一样追逐太空主题投资，从人工智能到量子计算皆是如此。Sohn表示：“对我来说，这通常是一个相当明确的信号，表明行业认为太空将成为下一个重大主题。”“这与几年前人工智能的发展逻辑非常相似，而且这种趋势仍在延续。”过去三个月里，共有六只太空主题ETF上市。不过，Sohn提醒称，并非所有基金都一样。他说：“这完全取决于ETF的主题有多纯粹，或者被稀释到了什么程度。因此，现在进行尽职调查非常重要。”市场上其实还有一些已经存在多年的太空主题ETF，它们构建的投资组合包括纯太空探索公司、高风险太空企业、卫星公司以及更广泛的航空航天和国防行业公司。2019年成立、资产规模超过12亿美元的Procure Space ETF（UFO），其主要持仓包括Rocket Lab、Firefly Aerospace和Planet Labs。2018年成立的SPDR S&P Kensho Final Frontiers ETF（ROKT）也持有Intuitive Machines和Redwire等公司。ARK Space and Defense Innovation ETF（ARKX）则很好地说明了“太空投资”这一概念的覆盖范围可以非常广泛，其投资组合中还包括亚马逊（Amazon）和迪尔公司（Deere）。Sohn表示，对这些ETF以及太空投资主题感兴趣的投资者，应当考虑投资组合与传统国防行业公司的重叠程度，以及基金是否过于集中于少数高风险股票。Sohn说：“真正从事这一领域且已经上市的公司数量并不多。”谈到目前这一批太空ETF时，他表示：“有些基金可能持有30只股票，有些则接近50只左右。”“我感觉，一旦SpaceX上市并交易一段时间后，根据基金的管理方式不同，你将看到其中一些基金逐渐演变成更加集中的投资押注。”投资者还需要考虑另一个因素：例如NASA是一只主动管理型基金，而不是像UFO、ORBX、ROKT等基金那样跟踪一个旨在代表该主题的现成股票指数。投资者需要为这种由基金经理主动选股的方式支付更高费用：NASA的年度净费率为0.87%；ORBX的费率为0.50%；ROKT的费率为0.45%。显而易见，埃隆·马斯克将成为SpaceX IPO的最大赢家之一，并且很可能成为全球首位万亿富翁。但Akins和Sohn都表示，对于参与太空投资主题的散户投资者来说，最大的风险仍然是波动性。本周蓝色起源“新格伦”火箭在发射台发生爆炸，使太空市场面临的风险得到了直观体现。Sohn表示：“要做好面对波动的准备。”“这通常就是非常早期行业的发展特征。”“有些公司会表现出色，而ETF中的另一些公司则可能因为商业模式说不通而崩溃。”","news_type":1,"symbols_score_info":{"RONB":2,"SPCX":2,"NASA":2}},"isVote":1,"tweetType":1,"viewCount":261,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"optionInvolvedFlag":false,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_HK"},"commentList":[],"hasMoreComment":false,"orderType":2}