The NBSA ETF is an actively managed exchange-traded fund that centers on listed companies tied to the space economy while also considering select private opportunities. Rather than mechanically tracking a specific index, it uses the manager's judgment to select businesses in space exploration, rockets and propulsion systems, and satellite technology.

It suits investors who are interested in the structural changes in the space industry and can tolerate the valuation challenges of private assets and the large price swings of thematic stocks.

It is an actively managed ETF run by Themes ETFs.

This product looks at both listed companies engaged in space-related businesses and selected private opportunities, using discretionary management that is not bound by the inclusion rules of a specific index. It has room to reflect technological change and business progress in the industry, but its holdings and performance characteristics may differ depending on the manager's judgment.

• Discretionary management without tracking an index
• Review of listed and selected private opportunities

AUM and total expense ratio data are not currently available. Please refer to the fund manager's fact sheet directly.

Unlike index-tracking space theme products, this fund gives the manager considerable discretion over what to hold, so it is advisable to look beyond a simple fee comparison and also check how private assets are valued and what trading conditions apply.

Price movements in space economy themes can fluctuate with demand for space launches, the use of satellite communications, and the business progress of the private space industry. When the valuation of private companies and technological change in related industries are reflected, short-term performance swings can widen.

Fund flows in thematic products can be affected by market risk appetite, sentiment toward space industry investing, and business announcements from related companies. If trading conditions and creation and redemption flows change, the gap between market price and net asset value can widen, so liquidity conditions should be checked as well.

The fund is characterized by a discretionary approach to the space industry and a review of private opportunities, but uncertainty in technology development and valuation can increase volatility.

Because no comparison candidate data or list of similar products was provided, we do not present a specific alternative product here. When choosing a space theme product, it is better to compare on the same criteria: whether it tracks an index, the extent of discretion in active management, the possibility of holding listed and private assets, the fee level, and trading conditions. Because this product can consider private opportunities, its valuation method and its trading and liquidity risks should be reviewed separately.

Rather than looking only at the long-term potential of the space industry, investors in a thematic exchange-traded fund should also review its management approach, the valuation characteristics of private assets, trading conditions, its distribution history, and the factors that move returns for investors measuring in Korean won. The NBSA ETF uses discretionary management that differs from index-tracking products, so it is important to understand the criteria behind its holdings decisions.

The risks of this product can stem from changes in space industry technology development, contract results, the regulatory environment, and funding conditions. If information and trading in private assets are limited, valuation uncertainty can grow, and investors who measure returns in Korean won must also bear exchange rate fluctuations.

The Themes Space Innovators ETF is defined by discretionary management and a review of private opportunities, which set it apart from index-tracking products. Anyone investing in the space industry theme should weigh the lack of a distribution history, valuation uncertainty, liquidity conditions, and currency exposure against their own investment objectives.