SPDR S&P Kensho Final Frontiers ETF

SPDR S&P Kensho Final Frontiers ETF (ROKT) is a State Street index fund. It tracks the S&P Kensho Final Frontiers Index, a basket of companies tied to space and deep-sea exploration, and held 37 companies as of June 30, 2026. Its money is spread fairly evenly, with no holding above about 3.7%. It charges 0.45% a year. That is close to the 0.46% average of similar funds and about half the 0.94% charged by the Procure Space ETF (UFO).

• Over the year to Oct 27, 2026, ROKT returned +28.0%, 1st of 9 among similar funds.
• Its 5-year annualized return was +21.5%.
• In the 2020 COVID crash it fell 42.6% and regained its old high 8.5 months after the low.
• Its worst full calendar year was 2022 (-0.8%); its best was 2025 (+50.5%).
• The deepest fall in its price history was 43.2% (Feb 11, 2020 to Mar 23, 2020), recovered by Dec 8, 2020.

As of Jun 30, 2026, the fund held 37 securities; the ten largest made up 34.37% of assets. It also reported 8.28% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jun 30, 2026, investors added a net $150.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +12.13%, +20.60%, -11.09%.

State Street's adviser, SSGA Funds Management, runs the fund to track the S&P Kensho Final Frontiers Index from S&P Dow Jones Indices. The index targets companies driving deep-space and deep-sea exploration. It combines the members of the S&P Kensho Space Index with the deep-sea exploration members of the S&P Kensho Drones Index. Members are U.S.-listed stocks, including depositary receipts (U.S.-traded certificates for foreign shares).

Selection is largely automated. Software scans companies' SEC filings, such as annual reports, for phrases tied to space or drones, then drops firms that don't sell a relevant product or service. Survivors must trade on the NYSE, Nasdaq or Cboe, cost at least $1 a share, have publicly traded shares worth at least $100 million and trade at least $1 million a day on average over three months. An index committee checks the results.

The fund uses sampling, so it may own a subset of index stocks rather than all, but it normally keeps at least 80% of net assets in index securities. It may use futures contracts (agreements to buy or sell later at a set price) to manage cash. As of June 30, 2026, it had 37 holdings. The largest, Ducommun, Iridium Communications and ESCO Technologies, were each about 3.5% to 3.7% of assets, and the top 10 totaled 34%.

• ROKT charges 0.45% a year, versus an average of 0.46% for the similar funds below (5th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).

It is a narrow theme fund that swings more than the broad market and pays almost no income.

ROKT could add focused exposure to space, aerospace and deep-sea companies, but it is volatile. Its beta was 1.57 over the year to October 27, 2026. Beta compares a fund's swings with the overall market's, so 1.57 means it moved about 1.6 times as much as the market. In the 2020 COVID crash it fell 42.6% in about five weeks and took about 8.5 months to recover. In 2022 it fell 20.2% between March and September and recovered about 3.4 months later. Its full-year 2022 return was -0.85%, its worst calendar year. It launched in October 2018, so it has no 2008 record. Anyone who must sell during a slump could lock in steep losses. The yield was 0.2% as of October 27, 2026, paid quarterly. In the SEC's standard example, a $10,000 investment costs about $46 in the first year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.