So much for the looming SpaceX (SPCX) IPO causing a last-minute frenzy in space ETFs ahead of its Nasdaq Composite (^IXIC) debut on June 12.
The analysis: The Tema Space Innovators ETF (NASA) and the Procure Space ETF (UFO) peaked around May 28
Since then, they have fallen out of orbit with respective declines of 24% and 19%. Investors are likely raising cash to go all in on SpaceX — instead of erring on the side of diversifying for the space investment thesis. Small-cap space company Planet Labs (PL) has seen its stock plunge 36% during this stretch.
Rocket Lab (RKLB) has shed 24%. A key distinction between the UFO ETF and the NASA ETF: UFO does not hold SpaceX, while NASA is currently the only space-themed ETF with SpaceX exposure through a special-purpose vehicle. Rocket Lab is the top holding in the NASA ETF, followed by EchoStar (SATS).