The Tema Space Innovators ETF (NYSE:NASA), launched in March 2026, initially offered unique direct exposure to SpaceX via a special-purpose vehicle before its IPO. However, with SpaceX going public in June 2026 at $135 per share, this scarcity premium has disappeared. As of August 14, the NASA ETF has fallen approximately 29% since June 1. SpaceX now constitutes about 7% of the ETF's holdings, while Rocket Lab is the largest single holding at 11%. Analysts suggest that investors with pure conviction in SpaceX should now buy the stock directly, as the ETF's 0.75% expense ratio is primarily justified for broad space-theme exposure, offering a diversified basket of smaller, often government-contract-dependent space companies.