Seraphim Space launches SERA ETF, giving investors pure-play access to the new space economy

September 2026, London

HANetf, Europe’s first and leading white-label UCITS ETF and ETC platform,[1] is delighted to announce the launch of Seraphim New Space UCITS ETF (ticker: SERA).

Seraphim New Space UCITS ETF
ISIN: IE000SDZFVP4
TER: 0.75%

The commercial space economy has reached a pivotal moment. Driven by the convergence of artificial intelligence and SpaceTech, rising defence and sovereignty spending, and accelerated by the landmark SpaceX IPO, SpaceTech is increasingly being recognised as a distinct and investable asset class.

Today, Seraphim Space is responding to that shift with the launch of SERA, a UCITS ETF designed to provide investors with diversified exposure to the publicly listed companies building the commercial infrastructure of the future space economy. Developed in partnership with HANetf, SERA is listed on London Stock Exchange, Xetra and Borsa Italiana.

While investor interest in SpaceTech has accelerated significantly, access to the sector has remained limited. Many of the industry’s highest-growth businesses have historically remained private, while existing space ETFs are often heavily weighted towards traditional aerospace and defence companies, providing only limited exposure to the commercial New Space economy.

SERA has been designed to address this gap through three key differentiators:

1. Pure-play New Space exposure – focusing on companies whose growth is directly linked to the commercialisation of space rather than legacy aerospace businesses.
2. A conviction-weighted methodology – applying a transparent, rules-based framework designed to identify structural-growth leaders rather than simply allocating weight according to market capitalisation.
3. Built by SpaceTech experts – drawing on Seraphim’s decade of specialist investing and one of the industry’s most comprehensive views of the global SpaceTech ecosystem.

The methodology has been developed using Seraphim’s proprietary investment framework, informed by more than a decade of investing across both private and public SpaceTech markets. Since 2016, Seraphim has invested in more than 150 SpaceTech companies across 33 countries, with portfolio companies collectively raising more than $10 billion of capital, producing nine unicorns and six IPOs. Alongside its investment platform, Seraphim maintains one of the industry’s most comprehensive views of the global SpaceTech ecosystem through proprietary market intelligence, research, the Seraphim Space Index and thought leadership, helping identify the companies best positioned to benefit from the long-term growth of the New Space economy.

The Emergence of the New Space Economy

The global space economy already exceeds $600 billion annually and is forecast by McKinsey to reach approximately $1.8 trillion by 2035. [2] Around 80% of activity is now commercially driven, [3] reflecting a fundamental shift away from government-led programmes towards businesses delivering communications, connectivity, navigation, intelligence, climate monitoring and critical infrastructure from space.

At the same time, advances in launch technology and satellite manufacturing have transformed the economics of the sector. Launch costs have fallen by around 90%, [4] while satellite costs have declined by an order of magnitude, enabling large-scale satellite constellations to be deployed at unprecedented speed and cost.  [5]

This transformation has given rise to the New Space economy. Rather than delivering bespoke government missions, today’s commercial SpaceTech companies are building the critical infrastructure of the future, powering defence, sovereign capability, AI-enabled intelligence, secure communications, Earth observation, navigation, direct-to-device connectivity and the emerging in-space economy.

Demand is also being accelerated by rising defence budgets, increasing sovereign capability requirements and the convergence of artificial intelligence and SpaceTech. Together, these structural trends are making space an increasingly critical layer of the global economy.

Why SERA is Different

While investor interest in SpaceTech continues to accelerate, existing investment products often provide only limited exposure to the commercial New Space economy. Many remain dominated by traditional aerospace businesses, broader industrial companies or market-cap weighting methodologies that dilute exposure to the sector’s fastest-growing innovators.

The Seraphim New Space Index has been developed specifically to address this challenge.

Unlike traditional aerospace and defence businesses, New Space companies are built around commercial markets rather than bespoke government programmes. They are typically more agile, innovation-led and scalable, benefiting from shorter development cycles, lower-cost technologies and business models built around recurring revenues rather than one-off government contracts. This shift is transforming space from a government-led industry into a dynamic commercial market, creating businesses with the potential for faster growth and broader commercial adoption.

The index begins with a global universe of publicly listed SpaceTech companies and applies Seraphim’s proprietary scoring framework to identify businesses best positioned to potentially benefit from the long-term growth of the New Space economy.

Companies are assessed across multiple factors including New Space revenue exposure, technology leadership, business quality, growth trajectory, capital efficiency and strategic alignment with key investment themes including Defence & Resilience, Big Tech in Orbit and the emerging In-Space Economy.

Unlike traditional market-cap weighted indices, constituents are allocated using a transparent, conviction-weighted methodology, providing greater exposure to businesses that Seraphim believes are best positioned to benefit from the continued commercialisation of space and avoiding the concentration risk often associated with purely market-cap-based approaches.

Representative Holdings

The index provides diversified exposure across communications, Earth observation, launch, defence, sovereign capability, intelligence and AI-enabled infrastructure.

Representative holdings include: [6]

• SSIT
• Hawkeye360
• Intuitive Machines
• AST SpaceMobile
• Firefly Aerospace
• BlackSky
• SpaceX
• Voyager Technologies
• Redwire
• York Space Systems
• Planet Labs
• Ovzon AB
• Astroscale
• Spire Global
• iSpace
• Rocket Lab
• Kratos Defense & Security Solutions
• Creotech Instruments
• Satellogic
• iQPS
• Synspective
• Amazon
• Alphabet Inc.

Risks

• The space industry can be significantly affected by government regulation and spending policies because companies involved in this industry rely, to a significant extent, on government demand for their products and services.
• The financial condition of space companies is heavily influenced by government defence spending, which may be reduced in efforts to control government budgets.
• Thematic ETFs are exposed to a limited number of sectors and thus the investment will be concentrated and may experience high volatility.
• The Fund invests in securities denominated in currencies other than its base currency. Changes in the exchange rates may adversely affect the performance of the Fund.
• When you invest in ETFs your capital is fully at risk and investors may not get back the amount they invested.
• Please note this is not an exhaustive list of risks. Other risks may apply. Further risks are disclosed in the KIID and Prospectus.

Mark Boggett, CEO of Seraphim Space, commented:

« Old Space put humans on the Moon. New Space is building the commercial infrastructure of the global economy.
The convergence of AI and SpaceTech, together with rising demand for connectivity, defence and sovereign capability, is creating one of the most compelling investment opportunities of the coming decade.

Until now, investors have had limited ways to access that opportunity through public markets. SERA changes that. Built on more than a decade of specialist SpaceTech investing, it provides a differentiated, pure-play route into the companies building the communications, intelligence and infrastructure that will underpin the future global economy. »

Hector McNeil, Co-Founder and Co-CEO of HANetf, commented:

« We are delighted to partner with Seraphim Space on the launch of this ETF. Mark and the Seraphim team bring deep and proven expertise, while the inclusion of the Seraphim Space Investment Trust gives investors indirect exposure to parts of the sector that remain privately held. This makes the ETF a particularly differentiated offering within the market.

“At HANetf, we pride ourselves on partnering with leading experts from around the world to bring innovative investment strategies to European investors, and we are very excited to welcome SERA to the HANetf platform.”

[1] As shown in the ETF Database.

[2] https://www.mckinsey.com/industries/aerospace-and-defense/our-insights/space-the-1-point-8-trillion-dollar-opportunity-for-global-economic-growth

[3] https://www.pwc.com/us/en/industries/industrial-products/library/space-industry-trends.html

[4] https://www.mckinsey.com/featured-insights/week-in-charts/a-new-space-age

[5] Source: Seraphim

[6] Source: Seraphim