Why UFO Was Built Without an SPV

Why UFO was built without an SPV

By ProcureAM Research

There is a version of investing that looks less like a brokerage account and more like bottle service. For years, owning a slice of certain private companies meant playing by nightclub rules, all through a structure called a special purpose vehicle, or SPV.

The velvet rope

An SPV is a private pool built to hold shares of a single private company. The mechanics tend to read like a night out:

A bouncer at the door

Accredited-investor check

A cover charge

Access premium above the share price

A no-leaving policy

Multi-year lockup

A price set by the books

Mark-to-model NAV*, not the market

The UFO way

When the Procure Space ETF^® launched in 2019, it went the other way, holding the space economy as it exists in the public market.

No private sleeve inside the wrapper. No mark-to-model input into NAV. No accreditation gate for shareholders.

No bouncer. No cover charge. No back room. No rope.

What you see is what you own.

An ETF wrapper does its best work when the things inside it trade. Read the full breakdown of why UFO was built this way.

*NAV (Net Asset Value): the per-share value of a fund’s assets minus its liabilities, calculated once at the end of each trading day. An ETF’s market price may trade above or below its NAV.

Important Information

For a complete list of holdings in UFO, visit procureetfs.com/ufo. Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

Please consider the Fund’s investment objectives, risks, and charges and expenses carefully before you invest. This and other important information is contained in the Fund’s summary prospectus and prospectus, which can be obtained by visiting procureetfs.com. Read carefully before you invest.

Investing involves risk. Principal loss is possible. The Fund is also subject to the following risks: Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the funds. Brokerage commissions will reduce returns.

Aerospace and defense companies can be significantly affected by government aerospace and defense regulation and spending policies. The exploration of space by private industry and the harvesting of space assets is a business based in future and is witnessing new entrants into the market. Investments in the Fund will be riskier than traditional investments in established industry sectors. The Fund is considered to be concentrated in securities of companies that operate or utilize satellites which are subject to manufacturing delays, launch delays or failures, and operational and environmental risks that could limit their ability to utilize the satellites needed to deliver services to customers. Investing in foreign securities are volatile, harder to price, and less liquid than U.S. securities. Securities of small- and mid-capitalization companies may experience much more price volatility, greater spreads between their bid and ask prices and significantly lower trading volumes than securities issued by large, more established companies. The Fund is not actively managed so it would not take defensive positions in declining markets unless such positions are reflected in the underlying index. Please refer to the summary prospectus for a more detailed explanation of the Fund’s principal risks. It is not possible to invest in an index.

UFO is distributed by Quasar Distributors LLC.

The Real UFO Story Behind Disclosure Day

by ProcureAM Research

There’s a moment early in Spielberg’s Disclosure Day where Daniel Kellner realizes the data he’s just stolen from Wardex could change how seven billion people see the world, if he can get it out before the company’s CEO catches up to him. It’s a great movie moment. It’s also, funny enough, something the real space economy pulls off every single day, just with a lot less running and no one trying to stop it.

Right now, thousands of satellites are quietly doing exactly what the movie treats as a plot twist: watching, recording, and handing over proof. Wildfires as they spread. Crops as they stress. Coastlines as they erode. Troop movements. Illegal deforestation. No conspiracy, no cover up, just cameras in orbit and a very short delay before the world gets to see what they saw.

That’s the industry the Procure Space ETF^® (TICKER: UFO) actually tracks. Not science fiction, the companies building the satellites, the launches, and the ground systems behind all that data. Take Planet Labs*: its whole business is imaging the planet daily so governments, insurers, and researchers get proof they can actually check, not a headline they have to take on faith.

And this isn’t a niche curiosity. The global space economy hit a record $686 billion in 2025,¹ with forecasts pushing it toward $1.8 trillion by 2035.² Investment is catching up fast too, topping $45 billion in 2025, up from about $25 billion the year before.³

$45 billion

invested into the space economy in 2025, up from about $25 billion the year before.³

UFO the Procure Space ETF^® isn’t a bet on one company or a promise of what happens next. It’s exposure to an industry that’s already doing the thing one of this summer’s biggest sci-fi movies treats as fantasy. Spielberg needed aliens to make disclosure dramatic. The space economy does it before breakfast.

Learn more about UFO

¹ Payload, “Breaking Down the $686B Space Economy,” https://www.payloadspace.com, July 2026 (data from the Space Foundation, State of the Global Space Economy, 2026)
² Aranca, “The Growth of the Space Economy,” https://www.aranca.com, July 2025
³ Space Capital, Space IQ Report, https://www.spacecapital.com, March 2026

Important Information

*As of July 21st, 2026, Planet Labs PBC (PL) was a 4.09% holding in the Procure Space ETF^® (NASDAQ: UFO).

For a complete list of holdings in UFO, visit: https://procureetfs.com/ufo/. Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

Aerospace and defense companies can be significantly affected by government aerospace and defense regulation and spending policies. The exploration of space by private industry and the harvesting of space assets is a business based in future and is witnessing new entrants into the market. Investments in the Fund will be riskier than traditional investments in established industry sectors. The Fund is considered to be concentrated in securities of companies that operate or utilize satellites which are subject to manufacturing delays, launch delays or failures, and operational and environmental risks that could limit their ability to utilize the satellites needed to deliver services to customers. Investing in foreign securities are volatile, harder to price, and less liquid than U.S. securities. Securities of small- and mid-capitalization companies may experience much more price volatility, greater spreads between their bid and ask prices and significantly lower trading volumes than securities issued by large, more established companies. The Fund is not actively managed so it would not take defensive positions in declining markets unless such positions are reflected in the underlying index. Please refer to the summary prospectus for a more detailed explanation of the Funds’ principal risks. It is not possible to invest in an index.

UFO is distributed by Quasar Distributors LLC.

Space: An Industry in Acceleration

Investing in the space economy through an exchange-traded fund

By ProcureAM Research

The space industry has recently gained a great deal of media attention, and for good reason. Activity has expanded rapidly over the past year, driven by the record-breaking SpaceX^* initial public offering¹, a wave of space-exploration contracts, and continued mergers and acquisitions. A 2024 World Economic Forum and McKinsey & Company report estimated that the space economy could reach $1.8 trillion by 2035, more than double its 2023 value.²

Global space economy projected to more than double, from $630B in 2023 to $1.8T by 2035. Source: World Economic Forum and McKinsey, 2024.

So how can investors position themselves in the space economy as it accelerates? One approach is a basketed investment vehicle such as the Procure Space ETF^® (ticker: UFO), which offers broad exposure across the space sector rather than concentrating in a handful of individual stocks.

In June, NASA reaffirmed its goal of establishing a long-term presence on the Moon and is accelerating that effort. As part of its Moon Base program, NASA announced nearly $600 million in commercial lunar payload awards³:

•

Firefly Aerospace^* received $144.2 million to deliver its Blue Ghost lander to the Moon.

•

Intuitive Machines^* was awarded $148.3 million, and Astrobotic^* received $297.9 million to build two additional landers for missions targeted for late 2028.

NASA also outlined plans to support future Mars exploration. Astrobotic and Intuitive Machines were among seven companies selected for NASA’s Mars surface-mobility (STRIDE) contracts.⁴

Mergers and acquisitions are reshaping the space industry as companies expand their capabilities to compete. Rocket Lab^* agreed to acquire the satellite communications operator Iridium^* in a roughly $8 billion deal announced in late June, with the aim of creating a vertically integrated space company.⁵ In July, Voyager Technologies^* completed its acquisition of Astrobotic, which had recently won multiple NASA contracts.⁶ Several of the companies involved in this consolidation are held by the Procure Space ETF^®.

While some space funds concentrate heavily on aerospace and defense, UFO’s exposure spans satellite, communications, launch, and space-application companies. That composition is intended to reflect the breadth of the space economy rather than a single segment. As the first pure-play space ETF, launched in 2019⁷, the Fund draws on years of dedicated focus on the industry.

Selecting individual securities requires time, research, and carries meaningful risk. The Procure Space ETF^® is designed to track an index of space-economy companies, giving investors a rules-based way to participate in the sector’s growth. The Fund’s aim is to represent the current and emerging companies shaping the space industry.

Learn More About the Procure Space ETF^®

Footnotes

1. SpaceX began trading on the Nasdaq (SPCX) on June 12, 2026 in what was widely reported as the largest IPO in history, raising roughly $75 billion at a $135 offer price. NPR/Houston Public Media (June 12, 2026); SmartAsset: SpaceX IPO.

2. World Economic Forum and McKinsey & Company, “Space: The $1.8 Trillion Opportunity for Global Economic Growth” (April 2024). weforum.org

3. NASA, “NASA Awards More Moon Base Science, Previews New Opportunities” (June 30, 2026): Astrobotic $297.9M (two deliveries), Firefly $144.2M, Intuitive Machines $148.3M; missions targeted for late 2028. nasa.gov

4. NASA Science, “NASA Awards Contracts for Mars Advanced Surface Mobility Technology” (STRIDE, July 8, 2026); seven awardees include Astrobotic and Intuitive Machines. science.nasa.gov

5. Iridium Communications, “Rocket Lab to Acquire Iridium” (announced June 29, 2026); approximately $8 billion; transaction subject to closing conditions. investor.iridium.com

6. SpaceNews, “Voyager completes acquisition of Astrobotic” (July 13, 2026). spacenews.com

7. Procure Space ETF fund page; inception April 11, 2019; holdings as of July 21, 2026. procureetfs.com/ufo

Important Information

*As of July 21, 2026, Astrobotic Technology Inc. was a 0.00% holding, Firefly Aerospace Inc. (FLY) was a 1.79% holding, Intuitive Machines Inc. (LUNR) was a 1.52% holding, Iridium Communications Inc. (IRDM) was a 3.64% holding, Rocket Lab Corp (RKLB) was a 3.69% holding, Space Exploration Technologies Corp. (SPCX) was a 4.28% holding, and Voyager Technologies Inc. (VOYG) was a 1.09% holding in the Procure Space ETF^® (NASDAQ: UFO).

Aerospace and defense companies can be significantly affected by government aerospace and defense regulation and spending policies. The exploration of space by private industry and the harvesting of space assets is a business based in future and is witnessing new entrants into the market. Investments in the Fund will be riskier than traditional investments in established industry sectors. The Fund is considered to be concentrated in securities of companies that operate or utilize satellites which are subject to manufacturing delays, launch delays or failures, and operational and environmental risks that could limit their ability to utilize the satellites needed to deliver services to customers. Investing in foreign securities are volatile, harder to price, and less liquid than U.S. securities. Securities of small- and mid-capitalization companies may experience much more price volatility, greater spreads between their bid and ask prices and significantly lower trading volumes than securities issued by large, more established companies. The Fund is not actively managed so it would not take defensive positions in declining markets unless such positions are reflected in the underlying index. Please refer to the summary prospectus for a more detailed explanation of the Funds’ principal risks. It is not possible to invest in an index.

UFO is distributed by Quasar Distributors LLC.

Space vs. Aerospace & Defense: Which Deserves a Spot in Your Portfolio?

Thousands of investors just got in on SpaceX*, but they’re missing out on the bigger picture. The space industry beyond SpaceX we believe has the diversification and commercial upside to compete with traditional aerospace investments in portfolios across the board.

SpaceX’s initial public offering on June 12th, 2026 raised nearly $75 billion¹ with a valuation of $1.8 trillion,² a figure that many still cannot fathom. While SpaceX brought attention to the space industry, evaluating investment in space through SpaceX alone is grossly misleading. Investors who focus on just SpaceX are skipping the actual comparison that may put space ahead of classic aerospace and defense (A&D) investments: revenue dependence and what that means for an investor’s exposure.

Throughout the A&D industry, government reliance provides the risk of a singular revenue stream. In FY2025, U.S. government customers accounted for approximately 72% of Lockheed Martin’s* consolidated sales.³ Northrop Grumman’s* government-concentrated sales are historically cited around 95% to 98%.⁴ Investors should not ignore this massive concentration risk. Lockheed Martin’s own FY2024 10-K filing admits that any decision by the U.S. or other allied governments to cut spending would have an adverse impact on the company’s business.⁵ This is not a hypothetical situation. During the Federal government’s shutdown in 2025, General Dynamics* was forced to enter the commercial paper market to cover non-payment issues.⁶

SpaceX, in a way, faces this same risk as a leading player in the space industry. What sets SpaceX apart from the A&D majors is the scale of its commercial revenue: its Starlink business alone generated $11.4 billion in 2025⁸ — about 61% of the company’s roughly $18.7 billion in total revenue — which offsets its government dependency.⁷

The key factor that investors have missed in comparing space and A&D is that space generates about 78% of its revenues from commercial applications and only 22% from governments.⁹

The Procure Space ETF^® (ticker: UFO) demonstrates the diversity of the space industry. As the first pure-play space exchange-traded fund, its holdings include rocket and satellite manufacturers, as well as other space-related communications and industrial firms:

UFO Sector Allocation

How UFO’s holdings break down across industry sectors.¹⁰

Industrials52.17%

Communications & Media35.15%

Technology7.79%

Consumer Discretionary4.88%

As of June 30, 2026

The Procure Space ETF^® is a more complete visualization of what the space industry really is, much more commercialized and innovative rather than federally reliant. To capture the breadth of the industry, UFO has grown from 30 holdings to 64 as of June 2026,¹⁰ and its assets under management grew from $33 million to over $1 billion between the end of 2024 and May 2026.¹¹

A McKinsey & Company report estimates the global space economy to reach $1.8 trillion by 2035, up from $630 billion in 2023.¹² This is nearly twice the projected rate of global GDP growth and is just the beginning.

UFO’s pure play, diversified constituent base means no single company, including SpaceX itself, drives the fund’s performance. While space stocks broadly saw volatility around SpaceX’s June IPO, UFO’s construction spreads that exposure across dozens of companies rather than concentrating it in one name.

As of June 30, 2026, UFO’s year to date NAV Return was 31.76% and Market Value Return was 31.25%.¹³

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Funds may be lower or higher than the performance quoted. All performance is historical and includes reinvestment of dividends and capital gains. Performance data current to the most recent month end may be obtained by calling 866-690-ETFS (3837).

The comparison between space and A&D is one of diversification and investor exposure. Investors with different needs and tolerances may pursue one sector or another. Regardless, it seems like space is destined for the stars.

Learn more about the Procure Space ETF^®
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Footnotes

CNBC, “SpaceX Raising $75 Billion in Record-Setting IPO as Nasdaq Debut Awaits,” https://www.cnbc.com, June 2026.
SmartAsset, “SpaceX IPO: Valuation, Timeline and Investment Options,” https://smartasset.com, June 2026.
Lockheed Martin Corporation, Form 10-K for Fiscal Year 2025, https://www.sec.gov, January 2026.
Northrop Grumman Corporation, Form 10-K for Fiscal Year 2025, sales by customer category (U.S. Government $35,183M and International $5,990M of $41,954M in total sales; “Other Customers” $781M), https://www.sec.gov, February 2026.
Lockheed Martin Corporation, Form 10-K for Fiscal Year 2024, https://www.sec.gov, January 2025.
Federal News Network, “Vendors Starting to Take Shutdown-Related Austerity Measures,” https://federalnewsnetwork.com, October 2025; General Dynamics Corporation, Form 10-Q, https://www.sec.gov, 2025.
SpaceX, Form S-1 Registration Statement, U.S. Securities and Exchange Commission, 2026, as reported in Via Satellite, “SpaceX’s IPO Filing Gives First Look Into Company’s Financials” (Starlink $11.4 billion, about 61% of $18.7 billion total 2025 revenue), https://www.satellitetoday.com, May 2026.
SmartAsset, “SpaceX IPO: Valuation, Timeline and Investment Options,” https://smartasset.com, June 2026.
Space Foundation, The Space Report 2025 Q2 (commercial sector 78%, government 22% of the global space economy), https://www.spacefoundation.org, July 2025; corroborated by Orbital Radar, “The Global Space Economy,” https://orbitalradar.com, 2026.
ProcureAM, LLC, Procure Space ETF^® (UFO) Fact Sheet, data as of June 30, 2026, https://procureetfs.com/ufo/.
ProcureAM, LLC, “Procure Space ETF (UFO) Surpasses $1 Billion in Assets Under Management,” https://procureetfs.com, May 27, 2026.
McKinsey & Company and World Economic Forum, “Space: The $1.8 Trillion Opportunity for Global Economic Growth,” https://www.weforum.org, April 2024.
ProcureAM, LLC, “UFO Fund Facts and Performance,” https://procureetfs.com/ufo/, July 2026.

Important Information

*As of July 14, 2026, Space Exploration Technologies Corp (SPCX) was a 4.70% holding, Northrop Grumman Corp (NOC) was a 2.68% holding, Lockheed Martin Corp (LMT) was a 2.62% holding, and General Dynamics Corp (GD) was a 0.00% holding in the Procure Space ETF^® (NASDAQ: UFO).

Aerospace and defense companies can be significantly affected by government aerospace and defense regulation and spending policies. The exploration of space by private industry and the harvesting of space assets is a business based in future and is witnessing new entrants into the market. Investments in the Fund will be riskier than traditional investments in established industry sectors. The Fund is considered to be concentrated in securities of companies that operate or utilize satellites which are subject to manufacturing delays, launch delays or failures, and operational and environmental risks that could limit their ability to utilize the satellites needed to deliver services to customers. Investing in foreign securities are volatile, harder to price, and less liquid than U.S. securities. Securities of small- and mid-capitalization companies may experience much more price volatility, greater spreads between their bid and ask prices and significantly lower trading volumes than securities issued by large, more established companies. The Fund is not actively managed so it would not take defensive positions in declining markets unless such positions are reflected in the underlying index. Please refer to the summary prospectus for a more detailed explanation of the Funds’ principal risks. It is not possible to invest in an index.

UFO is distributed by Quasar Distributors LLC.