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Baron First Principles ETF
Public market vehicle ExposureETFTicker: ••••••••

Top-Tier ETF

This vehicle provides access to Space Exploration Technologies Corp. Detailed issuer insights and structural information are available to verified users.

Minimum Investment
••••••••
Capital at risk. Subject to availability and compliance.

Key Specifications

  • SpaceX Allocation15.71% (8.30% Class C + 7.41% Class A)
  • Liquidity ProfileDaily ETF trading
  • Management Fee••••••••
  • Eligible InvestorsRetail, Accredited, Institutional
  • JurisdictionsUS, Global
  • Structure typeETF

How Exposure is Achieved

This vehicle directly acquires and holds private placement shares of Space Exploration Technologies Corp. (SpaceX). This is widely considered the cleanest form of exposure as it removes the layers of SPV management between the fund and the underlying asset.

Valuation is another defining feature. Vehicles holding SpaceX generally publish Net Asset Values (NAVs) based on fair-value processes determined by boards or third-party agencies, rather than continuous market quotes.

High Risk & Illiquidity

Pre-IPO exposure involves multi-year holding horizons, limited liquidity, and subjective fair-value marks. The market price for closed-end or interval funds may deviate materially from the underlying NAV (premium/discount risk). There is no guarantee of an IPO.

View Full Deal Room

Access specific management fee data, direct links to the broker platforms, and complete holding constraints.