ARK Space & Defense Innovation ETF is trading 3.2% up today as industrial and aerospace names rally on geopolitical tensions and optimism surrounding the upcoming SpaceX IPO.
- Rising geopolitical tensions and a jump in oil prices are supporting defense and space-related industrials, which represent a core part of the fund's heavy industrials allocation.
- Sentiment is bolstered by the imminent, record-sized SpaceX Nasdaq IPO and pricing on June 11, lifting satellite-exposed industrial stocks.
- The fund is rebounding from recent weakness alongside broader strength in U.S. equity futures.