What Is WARP? VanEck Space ETF
Short answer
WARP is the VanEck Space ETF, a passive fund that tracks the MarketVector Space Index and holds about 20 global companies focused on the space economy, including launch providers, satellite operators, and Earth-observation firms. It targets pure-play exposure rather than broad aerospace and defense, so its holdings are concentrated and skew toward smaller, earlier-stage growth companies. It carries a 0.50% expense ratio. It is aimed at investors who want thematic, higher-risk exposure to the commercial buildout of space and can tolerate the volatility of a new, concentrated fund.
WARP is issued by VanEck and tracks Tracks the MarketVector Space Index, a passive index of roughly 20 of the largest and most liquid global companies that derive at least half of their revenue from space-related activities, including launch systems and propulsion, satellite communications, Earth observation, and orbital infrastructure. The index emphasizes pure-play space exposure rather than broad aerospace and defense names.. It charges a 0.50% expense ratio, holds approximately Approximately $50 million (early 2026) in assets under management, yields about None reported, and launched in May 6, 2026.
What is WARP?
WARP is the VanEck Space ETF, a passive fund that tracks the MarketVector Space Index and holds about 20 global companies focused on the space economy, including launch providers, satellite operators, and Earth-observation firms. It targets pure-play exposure rather than broad aerospace and defense, so its holdings are concentrated and skew toward smaller, earlier-stage growth companies. It carries a 0.50% expense ratio. It is aimed at investors who want thematic, higher-risk exposure to the commercial buildout of space and can tolerate the volatility of a new, concentrated fund.
WARP is issued by VanEck and tracks Tracks the MarketVector Space Index, a passive index of roughly 20 of the largest and most liquid global companies that derive at least half of their revenue from space-related activities, including launch systems and propulsion, satellite communications, Earth observation, and orbital infrastructure. The index emphasizes pure-play space exposure rather than broad aerospace and defense names., so a single ticker gives you the whole basket of underlying holdings weighted by the index's methodology rather than by any active stock-picking.
WARP holdings: what's actually inside
WARP is weighted toward its largest constituents. As of early 2026, the top holdings are:
| Rank | Ticker | Company | % of WARP | |
|---|---|---|---|---|
| 1 | SPCX | Space Exploration Technologies Corp. | 22.15% | |
| 2 | RKLB | Rocket Lab Corporation | 12.87% | |
| 3 | ASTS | AST SpaceMobile, Inc. | 5.64% | |
| 4 | VSAT | Viasat, Inc. | 5.23% | |
| 5 | MDA | MDA Space Ltd. | 5.18% | |
| 6 | GSAT | Globalstar, Inc. | 5.15% | |
| 7 | SATS | EchoStar Corp Class A | 4.97% | |
| 8 | PL | Planet Labs PBC | 4.91% | |
| 9 | IRDM | Iridium Communications Inc. | 4.79% | |
| 10 | 9412 | SKY Perfect JSAT Corporation | 4.20% |
The remaining holdings make up the balance of the fund, with weights tapering off below the top names. Because the index reconstitutes on a rolling basis, the roster stays current without active management. Each ticker above links to its individual stock guide in Walnut.
Themes WARP is commonly used to express
ETFs are passive bundles; thematic baskets in Walnut let you concentrate within them. If you hold WARP as a core position, these are the themes you might layer on as satellites.
The bottom line on WARP
WARP offers concentrated, pure-play exposure to the commercial space economy through about 20 holdings for a 0.50% expense ratio. It is a new, thematic, and volatile fund whose returns depend heavily on a handful of smaller space companies.
More on WARP
Whether WARP is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is WARP a buy?
WARP yields None reported as of early 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see WARP dividend: yield and schedule.
Build a portfolio around WARP with Walnut
Use WARP as your core holding, then let Walnut's AI propose thematic satellites: AI infrastructure, dividend growth, clean energy, whatever you believe in. Connect your broker, build the basket in conversation, track it as one unit.
FAQ
What is WARP?
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WARP is the VanEck Space ETF, an exchange-traded fund that launched on May 6, 2026. It is a passive fund that tracks the MarketVector Space Index, a concentrated basket of about 20 global companies that derive most of their revenue from space-related activities such as launch systems, satellites, and orbital infrastructure. Walnut is informational, not investment advice.
What is WARP's expense ratio?
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WARP has an expense ratio of 0.50%, which means roughly $5 in annual fees for every $1,000 invested. That is higher than a broad market index fund but typical for a newer, niche thematic ETF. Walnut is informational, not investment advice.
What does WARP hold?
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WARP holds about 20 companies tied to the space economy, including launch and propulsion firms, satellite communications operators, and Earth-observation companies. Recent top holdings have included names such as Rocket Lab, AST SpaceMobile, Viasat, Globalstar, Planet Labs, and Iridium Communications. The portfolio is concentrated, so the top positions drive most of the returns. Walnut is informational, not investment advice.
How does WARP work?
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WARP is a passive index fund that aims to replicate the price and yield performance of the MarketVector Space Index. The index screens for the largest and most liquid companies that earn at least half their revenue from space-related activities, weights them by rules rather than active stock picking, and rebalances periodically. You buy and sell WARP shares on an exchange like any stock. Walnut is informational, not investment advice.
Does WARP pay a distribution?
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WARP does not have a meaningful reported distribution yield. Many of its underlying holdings are smaller, growth-oriented space companies that reinvest rather than pay dividends, so income is not the point of this fund. Because it launched in 2026, it also has a very short distribution history. Walnut is informational, not investment advice.
Is WARP a good investment?
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Whether WARP fits a portfolio depends on your goals, risk tolerance, and time horizon. It offers concentrated, pure-play exposure to the space economy, which can mean high growth potential but also high volatility, single-stock risk, and the uncertainty of a fund with a very short track record. Walnut is informational, not investment advice. Consider consulting a licensed financial professional.
How is WARP different from a broad aerospace and defense ETF?
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Broad aerospace and defense ETFs often hold large established contractors whose space business is only a small part of their revenue. WARP instead targets pure-play space companies that earn at least half their revenue from space activities, so it skews toward smaller, more specialized firms. That makes WARP more concentrated and more volatile than a diversified aerospace and defense fund. Walnut is informational, not investment advice.
What are the main risks of investing in WARP?
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WARP is a new, thematic, and concentrated fund, which raises its risk profile. With only about 20 holdings, a few positions heavily influence performance, and many of those companies are smaller, earlier-stage businesses with volatile share prices and uncertain profitability. The fund also has a very short operating history and depends on continued growth in commercial space demand. Walnut is informational, not investment advice.
How do I compare WARP to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. WARP's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to early 2026; verify current figures against VanEck's fund page or your broker before investing.