Tema Space Innovators ETF loses its key SpaceX exposure advantage after the company’s IPO, dragging fund performance down 29% since June.
The Tema Space Innovators ETF (NYSE:NASA) has declined 29% since June 1, eroding its unique selling point after SpaceX went public at $135 per share. The fund’s direct SpaceX exposure, once its defining feature, now accounts for just 7% of holdings, with Rocket Lab leading at 11%.
Launched in March 2026, the ETF initially offered retail investors a rare way to gain SpaceX exposure before its IPO. SpaceX’s public debut in June removed this advantage, leaving the fund’s broader space-themed holdings as its primary value proposition. The stock closed below its IPO price on July 16 before recovering in early August.
With SpaceX now tradable directly, the ETF’s 0.75% fee is harder to justify for investors seeking pure-play exposure. Competing space stocks like LUNR and FLY have also underperformed, complicating individual stock selection in the sector.