By Andrew Chanin

May was an amazing month for AST Space Mobile (NASDAQ: ASTS). On May 15th, 2024, ASTS* announced a definitive agreement with AT&T* to team up to create a space-based broadband network for AT&T cellular customers.¹

As early as this summer, ASTS is looking to send its first commercial satellites to a Florida launch base for blast off into low Earth orbit. The AT&T announcement sent ASTS stock soaring over 100% with investors rewarding the company for executing its goal of partnering with leading telecommunication companies to provide additional service for their Earth-based clientele.

If one success wasn’t enough, a mere two weeks later, ASTS announced a major definitive agreement with another US telecom provider, Verizon*. ASTS is aiming to offer satellite capabilities that will allow for 100% coverage across the continental US for Verizon customers. This deal comes with $100 million in commitments from Verizon to fund this endeavor.²

These two mega partnerships have sent ASTS stock price up over 400% since May 1st. Historically, telecommunications have been a conservative and slow-moving industry so the move to work with ASTS shows a commitment to satellite-to-phone service.  These agreements show strong support for ASTS connectivity and an important vote of confidence in this critical space company.

As of June 20^th, 2024, ASTS was the largest holding in UFO, the Space ETFTM by Procure, with a weight of 8.66%. UFO is a compilation of global corporations involved in the space sector. The fund increased 8.25% in net asset value (NAV) during the month of May. Please click here for the fund’s standardized performance. 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).

To learn more about the Procure Space ETF, visit www.ProcureETFs.com.

Andrew Chanin

CEO

ProcureAM, LLC

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¹“AT&T and AST SpaceMobile Announce Definitive Commercial Agreement,” May 15, 2024, www.ast-science.com.

² “AST SpaceMobile and Verizon Announce Plans to Target 100 Percent Geographical Coverage of the Continental United States from Space on Premium 850 MHz Cellular Spectrum,” May 29, 2024, www.ast-science.com.

As of June 17th, 2024, AST SpaceMobile (ASTS) was a 7.86% holding, AT&T (ATT) was a 0.00% holding, Verizon (VZ) was a 0.00% 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.

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. 

Please consider the Funds 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 Funds’ principal risks. It is not possible to invest in an index.

UFO is distributed by Quasar Distributors LLC.