Exchange-traded funds are increasingly dabbling in private markets, but few have embraced SpaceX as aggressively as Rob Baron's funds. Baron has built a significant stake, making his ETFs a rare vehicle for retail investors to gain exposure to Elon Musk's aerospace giant. This concentration highlights the challenges of accessing pre-IPO companies.

Most funds avoid SpaceX due to its opaque valuation and the difficulty of securing shares. The company's status as a closely-held private company means its stock isn't readily available on public markets. Rob Baron's strategy stands out by directly purchasing shares from employees and early investors, a complex and costly process that most fund managers bypass.

Investors seeking private market access often turn to specialized funds or direct investment platforms. The limited ETF exposure to SpaceX underscores a broader market gap. As more companies stay private longer, demand for regulated, liquid investment vehicles will grow, but structural hurdles remain for mainstream funds.