Tema Space Innovators ETF (NASA) had initially stood out by giving investors direct pre-IPO exposure to SpaceX through a special-purpose vehicle. That structure offered a rare way to access the company before its June 2026 IPO. After SpaceX went public, however, the ETF’s distinctive appeal diminished because investors no longer needed the fund for hard-to-get exposure. The source indicates that once the listing happened, the premium attached to that access disappeared.