Roundhill Investments has a thing for thematic ETFs. They've launched funds for sports betting, weight-loss drugs, self-driving cars, and the metaverse. Now, they're aiming for the stars—or at least the companies trying to get us there.
On Thursday, the firm launched the Roundhill Space & Technology ETF (MARS), a new actively managed fund that wants to be a pure-play on the space economy. The timing is interesting, coming well ahead of the long-rumored initial public offering for Elon Musk's SpaceX, which some reports suggest could happen in 2026.
So, what's the big idea here?
In a recent interview, Roundhill CEO Dave Mazza pointed to space exploration as a key theme to watch, especially with what he sees as supportive U.S. government policy. "With a framework (albeit early) now in place, there is a clear opportunity for space exploration companies that have the tailwind of supportive U.S. government policy," Mazza said.
Now, several months later, that idea has a ticker: MARS. Clever.
"Roundhill believes the space economy is transitioning from government-driven exploration to commercial-scale infrastructure," the company says. The ETF will focus on companies "powering industries reliant on space infrastructure." In other words, it's less about the romance of exploration and more about the nuts and bolts—or rockets and satellites—that make modern life work.
"The space economy is no longer a distant frontier; it is a critical component of the modern global infrastructure," Mazza said in the launch announcement. "With the launch of MARS, we are providing investors with a precise tool to access the ‘pure-play' companies driving this transformation."
The optimism is backed by a big number. Roundhill cites a McKinsey estimate that the global space economy could balloon from $630 billion in 2023 to $1.8 trillion by 2035. That's the kind of growth trajectory that gets ETF issuers excited.
What's Inside the MARS ETF?
The new fund starts with 23 holdings. It's a concentrated portfolio, with the top three positions making up a hefty 29.3% of the assets. Here are the top 10 holdings as of launch:
Rocket Lab (RKLB): 10.33%
AST SpaceMobile (ASTS): 9.99%
EchoStar Corporation (SATS): 8.99%
Planet Labs (PL): 5.59%
Globalstar (GSAT): 5.48%
Viasat Inc (VSAT): 5.12%
OHB SE (international): 4.85%
SKY Perfect (international): 4.77%
MDA Space (international): 4.27%
Intuitive Machines (LUNR): 3.98%
The list is a mix of satellite operators, launch providers, and companies building the hardware. But one holding, EchoStar, is particularly noteworthy because it offers a backdoor into the space ETF's white whale: SpaceX.
EchoStar, a satellite communications company, did a deal last year where it sold spectrum licenses to SpaceX. The payment? $8.5 billion in cash and another $8.5 billion in SpaceX stock, based on a valuation of $400 billion for the rocket company. If that valuation holds, EchoStar's SpaceX stake is now worth over $25 billion. For a company with a market cap around $33 billion, that's not just a holding—it's a transformative asset. It's also a way for MARS investors to get indirect exposure to SpaceX long before any IPO.
