Key Takeaways
- • Tema Space Innovators ETF (NASA) launched in March 2026 as an actively managed fund at a 75 basis point management fee and had crossed $300 million in AUM within its first weeks, per the ETF.com podcast discussion.
- • Tema holds roughly 10% to 15% of the fund in SpaceX via an SPV provided by Forge, a Charles Schwab subsidiary, using the 15% illiquid-holdings allowance under ETF rules.
- • Tema absorbed SpaceX SPV-related fees (management, performance and administrative costs) within the 75 basis point fee rather than passing them to investors, though CIO Yuri Khodjamirian said there is a cap on those absorbed fees.
- • NASA holds 20 to 40 names globally, with a stated focus on supply-chain companies such as Filtronic that Khodjamirian says are small to mid cap and absent from passive space indices.
- • Tema now manages over $2 billion in AUM across 10 ETFs, according to the discussion with CIO Yuri Khodjamirian.
Summary
This ETF.com 'Behind the Ticker' episode, hosted by Brad Roth, CIO of Thor Financial Technologies, features Yuri Khodjamirian, CFA, CIO of Tema ETFs, discussing the Tema Space Innovators ETF (NASA) and the firm's thematic investing approach. Khodjamirian previously spent a decade at Majedie Asset Management before pursuing a master's degree in bioscience at Cambridge, and later joined Tema founder Maurits Pot. Tema reports over $2 billion in AUM across 10 ETFs, reaching that threshold roughly three years after its founding.
According to the discussion, NASA launched in March 2026 and is actively managed at 75 basis points. Its timing coincided with the Artemis II mission window, which the host and guest describe as having revived public interest in human spaceflight and contributed to early flows. The fund passed $300 million in AUM within its first weeks, with early demand largely from retail investors seeking SpaceX exposure in an SEC-registered vehicle.
Khodjamirian describes SpaceX as responsible for more than 50% of global launches and the most consequential company in the space economy. Tema gains SpaceX exposure through an SPV provided by Forge, a Charles Schwab subsidiary, which accesses shares on the secondary market. ETF rules permit up to 15% of holdings in illiquid assets, and Tema allocated approximately 10% to 15% of the fund to SpaceX within that limit. Tema chose to absorb SPV-related fees, including management, performance and administrative costs, within its 75 basis point fee, a decision Khodjamirian characterizes as transparency-driven, subject to a cap on absorbed fees.
The fund holds 20 to 40 names globally, spanning launch and propulsion firms, satellite manufacturers, connectivity and imaging providers, and supply-chain companies. Khodjamirian argues Tema's differentiation lies in the supply-chain layer, citing Filtronic as an example of a small to mid cap supplier not captured by passive space indices. The episode also covers advisor portfolio positioning, the space industry outlook, and the effect of government funding on holdings.
According to the discussion, NASA launched in March 2026 and is actively managed at 75 basis points. Its timing coincided with the Artemis II mission window, which the host and guest describe as having revived public interest in human spaceflight and contributed to early flows. The fund passed $300 million in AUM within its first weeks, with early demand largely from retail investors seeking SpaceX exposure in an SEC-registered vehicle.
Khodjamirian describes SpaceX as responsible for more than 50% of global launches and the most consequential company in the space economy. Tema gains SpaceX exposure through an SPV provided by Forge, a Charles Schwab subsidiary, which accesses shares on the secondary market. ETF rules permit up to 15% of holdings in illiquid assets, and Tema allocated approximately 10% to 15% of the fund to SpaceX within that limit. Tema chose to absorb SPV-related fees, including management, performance and administrative costs, within its 75 basis point fee, a decision Khodjamirian characterizes as transparency-driven, subject to a cap on absorbed fees.
The fund holds 20 to 40 names globally, spanning launch and propulsion firms, satellite manufacturers, connectivity and imaging providers, and supply-chain companies. Khodjamirian argues Tema's differentiation lies in the supply-chain layer, citing Filtronic as an example of a small to mid cap supplier not captured by passive space indices. The episode also covers advisor portfolio positioning, the space industry outlook, and the effect of government funding on holdings.
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