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On the surface, the SPDR S&P Telecom ETF (XTL) looks like the ultimate way to play the SpaceX IPO. With the fund up more than 120% over the past 12 months, the mainstream narrative is simple: space-based telecom is the next frontier, and XTL is the rocket ship taking you there.
And imagine when SpaceX officially becomes a holding in the ETF, and likely a top one by weighting at that! Sounds like a blast. Or, the top of the market for this set of stocks. Let’s explore.
