Seraphim Space and HANetf launch SERA, the ‘pure-play’ ETF on the New Space Economy

The new fund, available on Borsa Italiana, the LSE and Xetra, tracks the Seraphim New Space Index, a proprietary basket of 23 companies selected for their exposure to the commercial space economy.

The fund has been admitted to trading on three of Europe’s leading exchanges: Borsa Italiana, the London Stock Exchange and Deutsche Börse Xetra. The fund tracks the Seraphim New Space Index, an index developed by Seraphim Space with the support of VettaFi.

Product details and costs

The Seraphim New Space UCITS ETF has a Total Expense Ratio (TER) of 0.75 per cent per annum. This cost is higher than the average for traditional index-tracking ETFs (which stood at between 0.22% and 0.35% in 2025 according to Lipper Alpha Insight), but is justified, according to the issuers, by the proprietary methodology and the active selection of the companies comprising the index.

The fund, domiciled in Ireland, is tradable under various tickers and in different currencies depending on the relevant stock exchange:

A ‘conviction-weighted’ approach

The distinctive feature of the product lies in the construction of the underlying index. Unlike traditional market-capitalisation indices, the Seraphim New Space Index adopts a ‘conviction-weighted’ methodology. This approach does not automatically favour the largest companies, but aims to amplify the weighting of those firms deemed best positioned to capitalise on the growth of the commercialisation of space.

The selection is based on a proprietary scoring system that assesses:

The actual exposure of revenues to the New Space economy.

Technological leadership.

The robustness of the business model.

Alignment with sector mega-trends, such as defence and resilience, the role of Big Tech in orbit and the emerging in-space economy.

The index is also designed to be dynamic, ready to incorporate new eligible companies as the sector matures and other firms transition from private to public markets.

The 23 companies in the portfolio

The basket currently comprises 23 companies active across the entire space economy value chain: from launch vehicles to satellite manufacturing, from connectivity to Earth observation.

Among the most representative holdings are SpaceX, Rocket Lab, Planet Labs, AST SpaceMobile, Intuitive Machines, Redwire, Astroscale, Amazon and Alphabet. Seraphim Space Investment Trust (SSIT) plays a particular role. As a listed investment vehicle, its inclusion in the basket enables the ETF to offer investors indirect exposure even to SpaceTech companies not yet listed on public markets.

The market context: a 1,800 billion economy

The launch comes against a backdrop of strong growth for the sector. According to McKinsey estimates cited in the press release, the global space economy already exceeds 600 billion dollars annually and could reach around 1,800 billion dollars by 2035. A key figure is that around 80 per cent of activity is now driven by commercial dynamics, marking a significant shift away from the traditional model centred on government missions.

Contributing to this growth are the drastic reduction in launch costs, the application of artificial intelligence to satellite data, and the rise in global spending on defence and technological sovereignty.

The Seraphim Space experience

Seraphim Space, founded in 2016, is one of the world’s leading specialist investors in SpaceTech. With a track record of supporting over 150 companies across 33 countries, its portfolio companies have raised more than $10 billion, generating nine ‘unicorns’ and six IPOs. Seraphim’s ecosystem includes an accelerator, venture capital funds and, since 2021, the London-listed Seraphim Space Investment Trust.

Mark Boggett, CEO of Seraphim Space, highlighted the paradigm shift currently underway:

“Old Space put man on the Moon; New Space is building the commercial infrastructure of the global economy. SERA is the result of over a decade of specialist investment, offering a differentiated, pure-play access route to the companies that are building the communications, intelligence and infrastructure on which the economy of the future will be based.”

Hector McNeil, Co-Founder and Co-CEO of HANetf, highlighted the product’s added value:

“The New Space economy extends beyond individual companies. Thanks to the Seraphim Space Investment Trust, SERA also offers indirect exposure to segments of the sector that remain private, making it a particularly distinctive product in the ETF market.”

Risk considerations

As with all thematic funds, investors must consider the specific risks involved. The space sector is sensitive to regulatory changes and public spending policies, on which many companies in the portfolio still rely to a significant extent. Furthermore, the TER of 0.75 per cent represents a not inconsiderable cost, which should be carefully weighed against more generalist solutions covering aerospace and defence themes.

Conclusions

The Seraphim New Space UCITS ETF enriches the range of listed instruments dedicated to the space sector, standing out for its explicitly ‘pure-play’ focus on the New Space economy and its conviction-based weighting methodology. Its launch comes at a time of growing investor interest in the SpaceTech sector, fuelled in part by the recent, historic listing of SpaceX.