Tema Space Innovators ETF leads surge in expanding space fund sector

The Tema Space Innovators ETF (ticker: NASA) has emerged as the fastest-growing space-themed exchange-traded fund, attracting $367 million in inflows since its launch on 31 March 2026. With total assets under management now reaching $406 million, the fund sits ahead of every space ETF except the two largest in the category, demonstrating significant investor appetite for the sector despite its relatively high costs.

The fund’s strong performance is largely attributed to concentrated holdings in publicly traded companies, specifically Rocket Lab and Intuitive Machines, rather than its indirect stake in SpaceX. Filtronic, a UK-listed company and NASA’s fourth-largest holding, has climbed 118% since the end of March, adding approximately five percentage points to the ETF’s return. None of the other space ETFs own Filtronic, highlighting the fund’s distinct exposure to specific market movers.

NASA holds a 10.5% weighting in Rocket Lab, compared to 6.7% in the Procure Space ETF (UFO), contributing roughly 650 basis points to performance. The fund also maintains a 6% weighting in Intuitive Machines, compared to around 4% in UFO, adding about 345 basis points to returns. These concentrated bets have driven total returns of 37% since inception, significantly outperforming peers such as UFO’s 26%, ROKT’s 20%, and ARKX’s 19%.

While the fund holds approximately 10.3% in SpaceX via a special purpose vehicle, this position is carried at transaction cost rather than marked daily, meaning it does not drive the reported outperformance. As of 13 May, NASA holds 82,385 share-equivalents valued at roughly $53.6 million, which implies a SpaceX market cap of about $1.54 trillion under the current accounting method. The fund’s expense ratio is 0.87%, the third-highest in the space ETF group and the highest among non-derivative products.

The broader space ETF sector now comprises ten funds, collectively holding $2.4 billion in assets, with $1.4 billion in inflows year-to-date. Six new space-themed funds have launched since March, including the Global X Space Tech ETF (ORBX), VanEck Space ETF (WARP), and Defiance Pure Space Daily 2X Strategy ETF (SPCL), underscoring the rapid expansion of capital into the space economy.