The index-tracking Seraphim New Space ETF will, according to The Times, have exposure to the “new cohort of recently listed New Space companies [which] are disrupting incumbent and defining the sector’s trajectory”.

This will include: SpaceX, Elon Musk’s rocket, satellite and AI group which floated for a record $1.7trn in June; US rival launcher Rocket Lab; AST SpaceMobile, a Texas-based satellite manufacturer; and HawkEye 360, the Virginia-based geospatial analytics company which was the investment trust’s third biggest holding at 31 March before its $2.4bn initial public offer in May.

It will also hold a stake in SSIT, giving investors indirect exposure to its portfolio of mostly unlisted companies.

Mark Boggett, chief executive of Seraphim Space and the trust’s fund manager, told The Times that the new ETF addressed a gap in the market. He said many ETFs were “tilted in the wrong direction” with too much in “old space” companies that had developed reliable but expensive technologies and less in “new space” providers, like SpaceX, which had focused on making technology “as cheap as possible” before improving it to a reliable standard.

“Old Space was defined by government-led missions. New Space is increasingly about building the commercial infrastructure and services of the global economy in and from orbit,” Seraphim told the paper.

It cited a recent report from consultants McKinsey estimating that the annual space tech market will grow from $600bn revenues today to $1.8trn by 2025 with 80% of activity commercially driven and not government led.

The ETF will be launched in partnership with HanETF, the white label promoter of exchange-traded funds. More details will be announced soon.