SpaceX is a highly discussed potential investment opportunity right now. But because it’s still privately held, shares aren’t available to the vast majority of the investing public. That will change with the initial public offering (IPO), which is likely to happen sometime this summer. When SpaceX goes public, it is expected to be valued at anywhere from $1.75 trillion to $2 trillion-plus.

If you want access before then, there aren’t a lot of alternatives. But they do exist. For instance, exchange-traded funds (ETFs) that allow ownership of privately held companies can give you access. These ETFs have become more popular over the past couple of years, but they also bring risks along with the access. It can be a dangerous time to invest in private capital markets, given redemption freezes at firms like Blue Owl, Cliffwater, and even Morgan Stanley. Liquidity risk can hit the ETFs that own these products, too. Just because the ETF shares are liquid doesn’t mean that the securities within them are.

But that won’t deter some of the folks who want access to SpaceX at all costs. If you’re looking to get in, there are two ETFs with sizable stakes in SpaceX that are reasonably large enough to offer acceptable tradability.

ERShares Private-Public Crossover ETF

As the name suggests, the ERShares Private-Public Crossover ETF (XOVR +1.51%) combines a managed allocation to privately held companies with a portfolio of publicly traded ones. The latter group includes stocks you’d expect, with names like Nvidia and Alphabet. The private allocation gets a little interesting.

The fund has 28% of its total portfolio worth more than $200 million invested in a special-purpose vehicle (SPV) with SpaceX exposure. That allocation wasn’t always that high. It’s partially a product of the fund needing to sell public stocks to handle redemption requests since private equity isn’t easily sold. That indirectly lifts the SpaceX SPV’s allocation higher than the managers might like.

EntrepreneurShares Series Trust – ERShares Private-Public Crossover ETF

Today’s Change

(1.51%) $0.28

Current Price

$18.77

Investors who want exposure to SpaceX might not mind this, but it comes with a lot of liquidity and operational risk. Owning an SPV with SpaceX exposure isn’t quite as clean as owning a publicly traded SpaceX stock, but this ETF offers as concentrated exposure to it as you’ll find in the industry right now.

Baron First Principles ETF

The Baron First Principles ETF (RONB +0.00%) actually does own direct shares of SpaceX, giving it an advantage over the ERShares fund. Plus, Ron Baron, who manages the fund, is a legendary growth investor with decades of experience in this space.

This fund has a more modest 8% allocation to SpaceX through ownership of Class A and Class C shares. That makes it the fund’s second-largest holding behind Tesla. The fund is considered non-diversified and has fewer than 30 holdings, but it’s not a pure tech fund. Its largest sector holdings are consumer discretionary (36%) and financials (24%). Technology comes in at just 13%.

Baron ETF Trust

Today’s Change

(0.00%) $0.00

Current Price

$23.46

The SpaceX position may be the biggest draw, but this ETF has notably less exposure to the company and the theme than the ERShares fund.