Roundhill Files Defense ETF With Exposure to SpaceX and Anduril

Roundhill Investments has filed for the Roundhill U.S. Defense Primes ETF (BIGD), an actively managed fund targeting eight major U.S. defense contractors, including privately held SpaceX and Anduril. The strategy divides its holdings between five established contractors, Boeing, General Dynamics, Lockheed Martin, Northrop Grumman and RTX, and three next-generation defense technology companies, Anduril, Palantir and SpaceX. BIGD will seek approximately equal exposure to each company, rebalancing quarterly. For publicly traded companies, the fund may hold shares directly or use swaps, while exposure to private companies may be obtained through derivatives. Notably, Anduril exposure could come through an index linked to pre-IPO perpetual futures, subject to liquidity assessments and a 15% cap on aggregate exposure to swaps referencing perpetual futures.