The Tema Space Innovators ETF (NYSEARCA:NASA) closed Friday at $25.55, capping a week of remarkable gains. The fund rose 18.2% over the past five trading sessions, significantly outpacing the broader market and its space-focused competitors. This performance was largely fueled by a sharp rally in SpaceX shares, which jumped 15.83% on Friday alone, and a broader risk-on sentiment that lifted the Nasdaq Composite by 5.2% during the week.
NASA's weekly gain of 18.2% comfortably beat its closest rivals. The ARK Space & Defense Innovation ETF (BATS:ARKX) advanced 12.0%, while the Procure Space ETF (NASDAQ:UFO) and the SPDR S&P Kensho Final Frontiers ETF (NYSEARCA:ROKT) gained 9.9% and 8.9%, respectively. The fund also outperformed the Nasdaq by roughly 13 percentage points, underscoring the strength of its holdings rather than just a broad market tailwind.
SpaceX, the largest disclosed holding in the fund, accounts for 18.85% of net asset value (NAV). However, a significant portion of this exposure is held through a special-purpose vehicle (SPV) valued at $179.7 million, which is carried at transaction cost unless sold. This SPV stake represents approximately 15.25% of total assets, meaning only about 3.6% of the fund is directly invested in publicly traded SpaceX shares. As a result, the majority of SpaceX's exposure did not benefit from Friday's price surge in the public stock.
Friday's NAV increase of 5.49% was driven by several public holdings. Rocket Lab USA (NASDAQ:RKLB) contributed an estimated 1.08 points to NAV, followed by Firefly Aerospace (NASDAQ:FLY) at 0.48 points and AST SpaceMobile (NASDAQ:ASTS) at 0.38 points. The listed portion of SpaceX added approximately 0.57 points, while Viasat (NASDAQ:VSAT) detracted 0.11 points. These five positions collectively accounted for about 2.4 percentage points of the fund's NAV gain, according to preliminary calculations.
Investors now turn their attention to a busy week of earnings. Rocket Lab and AST SpaceMobile are scheduled to report after Monday's market close, followed by Firefly Aerospace on Tuesday. These three companies represent a combined 21.43% of fund assets, making their results critical for NASA's near-term performance. Rocket Lab has guided for second-quarter revenue between $225 million and $240 million, with an adjusted EBITDA loss of $20 million to $26 million.
Analyst sentiment remains largely positive across the fund's key holdings. SpaceX enjoys a strong buy consensus with an average price target implying 69.9% upside. Rocket Lab and Firefly also have favorable outlooks, while AST SpaceMobile shows a more mixed profile with four buys, five holds, and one sell. Viasat, another significant position, carries a moderate upside potential of 21.2%.
NASA launched on March 31 and has quickly amassed $1.18 billion in assets across 38 positions. The fund's top 10 holdings account for 64.85% of NAV, reflecting a high level of concentration. SpaceX's allocation has grown from 10.03% at launch to 18.85%, an 87.9% increase in portfolio weight, though this does not necessarily reflect investment performance.
Risks remain elevated. The fund is less than five months old and heavily concentrated in a few names. The SPV structure introduces liquidity and stale-pricing concerns, while public holdings are exposed to launch failures, contract delays, and earnings disappointments. Ongoing lockup expirations for SpaceX through December could also contribute to volatility. As earnings season unfolds, NASA's performance will hinge on the ability of its core holdings to meet or exceed expectations.
