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Thales is a French aerospace and defense industrial and one of Europe's largest defense contractors with EUR 18 billion in sales. The company has three reportable segments: (1) Defense and security provides sensors, mission systems, communications, and control systems to European and export defense customers; (2) Aerospace sells avionics and satellites to the civil, defense, and governmental markets; and (3) Digital identity and security provides biometric, data and identity security solutions, payments services, and the manufacturing of SIM cards.

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CNBC host Jim Cramer has criticized the new space ETF launched by Cathie Wood’s Ark Invest, saying “there aren’t enough genuine space-related stocks to make a decent ETF.”

Cathie Wood&#39;s Ark Space Exploration ETF Has &#39;No Reason&#39; To Exist, Says Cramer

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CNBC host Jim Cramer has criticized the new space ETF launched by Cathie Wood&rsquo;s Ark Invest, saying &ldquo;there aren&rsquo;t enough genuine space-related stocks to make a decent ETF.&rdquo;

What Happened: The highly anticipated ARK Space Exploration &amp; Innovation ETF (BATS:<a class="ticker" href="/stock/ARKX#BATS">ARKX</a>), which tracks publicly traded companies in the space industry, began trading on Tuesday. The fund declined almost 1% in its first trading session, but also recovered by about 1% in the extended session.

&ldquo;One look at the newly launched ARK Space Exploration ETF tells you everything you need to know about how managers can&rsquo;t resist creating new funds, even if there&rsquo;s no reason for them to exist,&rdquo; Cramer, the host of CNBC&rsquo;s Mad Money, <a href="https://www.cnbc.com/2021/03/30/cramer-says-theres-no-reason-for-arks-new-space-etf-to-exist.html">said</a>.

The three highest-weighted <a href="https://ark-funds.com/wp-content/fundsiteliterature/holdings/ARK_SPACE_EXPLORATION_&amp;_INNOVATION_ETF_ARKX_HOLDINGS.pdf">holdings</a> in the ETF are Trimble Inc. (NASDAQ:<a class="ticker" href="/stock/TRMB#NASDAQ">TRMB</a>), The 3D Printing ETF (BATS:<a class="ticker" href="/stock/PRNT#BATS">PRNT</a>) and Kratos Defense &amp; Security Solutions Inc. (NASDAQ:<a class="ticker" href="/stock/KTOS#NASDAQ">KTOS</a>).

Aerospace and defense firms Boeing Company (NYSE:<a class="ticker" href="/stock/BA#NYSE">BA</a>) and Thales SA (OTC:<a class="ticker" href="/stock/THLLY#OTC">THLLY</a>) as well as defense contractors L3Harris Technologies Inc. (NYSE:<a class="ticker" href="/stock/LHX#NYSE">LHX</a>) and Lockheed Martin Corporation (NYSE:<a class="ticker" href="/stock/LMT#NYSE">LMT</a>) have been added to the fund due to their space exposure.

However, the ETF also includes tech companies such as Amazon.com Inc. (NASDAQ:<a class="ticker" href="/stock/AMZN#NASDAQ">AMZN</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="/stock/GOOGL#NASDAQ">GOOGL</a>), Netflix Inc. (NASDAQ:<a class="ticker" href="/stock/NFLX#NASDAQ">NFLX</a>), tractor manufacturer Deere &amp; Company (NYSE:<a class="ticker" href="/stock/DE#NYSE">DE</a>), and Chinese e-commerce giants JD.com Inc. (NASDAQ:<a class="ticker" href="/stock/JD#NASDAQ">JD</a>), Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="/stock/BABA#NYSE">BABA</a>) and Tencent Holdings Limited (OTC:<a class="ticker" href="/stock/TCEHY#OTC">TCEHY</a>).

&ldquo;Maybe &hellip; don&rsquo;t launch a space ETF if you have to pad it out with Netflix and Deere,&rdquo; Cramer said.

Why It Matters: &nbsp;The ARK Space Exploration ETF is Cathie Wood and ARK&#39;s first ETF launch in nearly two years. The ETF has said it will invest at least 80% of its assets in domestic and foreign companies that are engaged in the investment theme of space exploration and innovation, as per a <a href="https://www.sec.gov/Archives/edgar/data/1579982/000110465921003837/tm212832d1_485apos.htm">regulatory filing</a>.

Ark defines space exploration as &ldquo;leading, enabling or benefitting from technologically enabled products and/or services that occur beyond the surface of the Earth.&rdquo;

Cathie Wood and her Ark Investment Management funds are well known for having large weighting in high-conviction stocks like Tesla Inc. (NASDAQ:<a class="ticker" href="/stock/TSLA#NASDAQ">TSLA</a>).

Ark&#39;s other active ETFs include ARK Fintech Innovation ETF (NYSE:<a class="ticker" href="/stock/ARKF#NYSE">ARKF</a>), ARK Genomic Revolution ETF (NYSE:<a class="ticker" href="/stock/ARKG#NYSE">ARKG</a>), ARK Innovation ETF (NYSE:<a class="ticker" href="/stock/ARKK#NYSE">ARKK</a>), ARK Autonomous Technology &amp; Robotics ETF (NYSE:<a class="ticker" href="/stock/ARKQ#NYSE">ARKQ</a>) and ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="/stock/ARKW#NYSE">ARKW</a>).

Cathie Wood's Ark Space Exploration ETF Has 'No Reason' To Exist, Says Cramer

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