Who Decides What Counts as a Space Company?
|
|
|
Who Decides What Counts as a Space Company?
BY PROCUREAM RESEARCH
|
| Somewhere around 100 kilometers, or 62 miles, up, the air thins past the point where a wing can hold anything aloft. Fly higher and a plane stops working as a plane. That altitude is called the Kármán line, and by broad convention, supported by the Fédération Aéronautique Internationale among others, it marks where space begins. |
| That line answers one question well. It tells you where space is. It tells you nothing about which companies belong to it. A satellite ground station in Colorado never leaves the ground, and a rocket company spends most of its year on a factory floor. |
| So the harder question comes next. If space starts 62 miles overhead, what makes a company sitting down here a space company? There are two ways to answer. |
| Judgment. A manager studies the industry, forms a view about which companies will matter, and builds a portfolio around that conviction. The answer shifts whenever the manager’s thinking shifts. |
| Rules. Guidelines are written down in advance, published, and applied to every company the same way. |
| The distinction matters more than it might appear. In a sector this young, nobody has settled on a definition of the space economy. Whoever writes that definition determines what ends up inside a space industry portfolio, and specifically inside a space ETF. |
| One set of rules already exists, and what it produces is worth examining. |
| The test has two halves, and most people only remember one |
| The Procure Space ETF® follows a published methodology. The rules ask whether a company’s products either have space-based functions as their essential purpose, or depend on space-based functions to work at all. |
| The first half is the obvious one. Things that go to space, and things that operate in space. Launch vehicles. Satellites. Nobody argues about these. |
| The second half is where the sorting actually happens. For a company whose products never leave the surface of the Earth, space has to play an essential role in the business. A GPS smartwatch without its satellite connectivity is a step counter with a clock. A car with GPS navigation still drives. One of those is a space company and the other is a car with a nice feature, and the test tells you which is which without anyone having to hold an opinion about it. |
| From there the rules get specific. At least 80% of UFO is comprised of space-based companies that derive a majority of their revenue from rocket and satellite manufacturing and operation, ground equipment used with satellite systems, space technology and hardware, space-based imagery and intelligence services, and telecommunications, television and radio broadcasting. |
| Notice what the rules never ask. Which company employs the best engineers? Which one wins the next contract? Which one happens to be trendy? |
| What rules find that judgment misses |
| Applied across the market, rules produce results that look nothing like a space movie. |
| As of September 4, 2026, Trimble* and Garmin* were the two largest positions in UFO, at 6.78% and 6.62%. Neither builds a rocket. Both run precision positioning businesses that would collapse without a constellation overhead. Behind them sit Sirius XM* at 5.88%, a radio company whose entire product is beamed down from orbit, and Viasat* at 5.81%. Four of the largest positions, and not one of them builds a launch vehicle.1 |
|
6.78%
Trimble Inc, UFO’s largest holding as of September 4, 2026. It does not build rockets.
|
|
| The names you would picture rank lower. SpaceX* was at 5.29%, Rocket Lab* at 3.55%, and Planet Labs* at 3.35%. |
| They qualify under the first half of the test rather than the second, and their weights in UFO come from a modified capitalization weighted, free float and space revenue adjusted formula. Not from how photogenic the business is. |
| That inversion makes the clearest case for writing the rules down. Every space story has a launch in it. Launch is one segment of a chain that also includes the ground stations, the receivers, the imagery, and the recurring revenue underneath all of it. |
| What that costs |
| A published rule takes individual security selection out of the equation. No manager’s view about which companies will survive the decade sits between an investor and the sector. |
| That cuts both ways, and it is worth being direct about it. A manager who reads a downturn correctly can protect capital that a rule will not. A manager who reads it wrong can do damage a rule would never have caused. Passive and active are not better and worse, they are different bets. Active management wagers on a person. A rules-based approach wagers on a sector and on the rules that define it. |
| For an industry this young, the appeal of the second bet is that it can be audited. The methodology is published in advance, and UFO publishes its holdings every day. |
| Both approaches draw a line somewhere. Only one of them lets you read it before you invest. |
|
|
|
1 ProcureAM, www.procureetfs.com/ufo, September 2026
|
| Important Information |
| *As of September 4, 2026, Trimble Inc (TRMB) was a 6.78% holding, Garmin Ltd (GRMN) was a 6.62% holding, Sirius XM Holdings Inc (SIRI) was a 5.88% holding, Viasat Inc (VSAT) was a 5.81% holding, Space Exploration Technologies Corp (SPCX) was a 5.29% holding, Rocket Lab Corp (RKLB) was a 3.55% holding, and Planet Labs PBC (PL) was a 3.35% 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. |
| 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 Funds’ principal risks. It is not possible to invest in an index. |
| UFO is distributed by Quasar Distributors LLC. |
|
A Satellite Used to Be a Mirror. Now It Is a Router.
|
|
|
A Satellite Used to Be a Mirror. Now It Is a Router.
by ProcureAM Research
|
|
|
| For most of the space age, a communications satellite worked like a mirror. A signal went up, bounced off, and came back down. Every connection needed a ground station nearby, so coverage came down to how many dishes a company could afford to build. |
| That is changing. Satellites in newer constellations link directly to one another in orbit and hand data from one spacecraft to the next. Information can cross an ocean without touching the ground in between. The satellite is no longer just a mirror. It works more like a router, and the group of satellites around it works like a network. |
| Why this is happening now |
| Three things came together. |
| Getting to orbit got easier. There were 325 orbital launches in 2025, about 25% more than the year before, according to BryceTech.1 More launches mean more satellites, and enough satellites in one system make a network rather than a handful of separate relays. |
| Satellites started talking to each other. Once spacecraft pass data between themselves, the system no longer needs a ground station within sight of every one of them. |
| The equipment got more ordinary. Satellite connections are increasingly built to work with standard commercial wireless hardware instead of specialty gear. |
| What it is being used for |
| Satellite communications used to be mainly one thing: selling capacity where ground networks did not reach. It now covers several distinct uses. |
● Phones. Some standard handsets can reach a satellite directly, with no extra hardware.
|
● Home and business internet. Satellite broadband has reached consumer scale. SpaceX reported crossing 10 million broadband customers on its Starlink service in February 2026.2
|
● Radio. Satellite radio sends the same audio across a whole country from orbit, rather than from local towers.
|
● Planes, ships and trucks. Staying connected while moving.
|
● Government and defense. A shift toward many small satellites rather than a few large ones.
|
● The equipment behind all of it. Antennas, ground stations, and the parts that go into the satellites themselves.
|
For a sense of scale, the global space economy reached $686 billion in 2025, up 12% on the year before.3
|
| The real limit is rockets |
Every forecast in this industry is, underneath, a launch forecast. Satellites only do their job once they are in orbit, and access to orbit is shared, scheduled and easily disrupted. Delays to a single vehicle can move service timelines for several operators at once.
|
That is the practical thing to watch in space-based communications: not how large the opportunity is described to be, but how many launches actually happen and how much hardware gets built.
|
| Where the fund fits |
| The Procure Space ETF® (Nasdaq: UFO) is comprised of a portfolio of companies involved in various aspects of the space industry, including space-based communications. |
| Satellite operators and network owners include Sirius XM Holdings*, Viasat*, Space Exploration Technologies Corp*, EchoStar*, AST SpaceMobile*, Iridium Communications*, Globalstar*, SES*, Eutelsat Communications* and Telesat*. On the build-and-equip side, holdings include MDA Space*, Gilat Satellite Networks* and Intellian Technologies*. |
| To learn more about UFO, the Procure Space ETF®, visit: https://www.procureetfs.com/ufo |
|
|
1 BryceTech, “Orbital Launches Year in Review 2025,” https://brycetech.com, April 2026
2 SpaceX, “Starlink,” https://www.spacex.com, February 2026. Figure refers to Starlink broadband customers, not Starlink direct-to-cell subscribers.
3 Space Foundation, “The State of the Global Space Economy,” https://www.spacefoundation.org, July 2026
|
| Important Information |
| *As of September 3, 2026, Sirius XM Holdings Inc (SIRI) was a 5.91% holding, Viasat Inc (VSAT) was a 5.71% holding, Space Exploration Technologies Corp (SPCX) was a 5.01% holding, EchoStar Corp (ECHO) was a 4.36% holding, AST SpaceMobile Inc (ASTS) was a 4.34% holding, Iridium Communications Inc (IRDM) was a 3.67% holding, Globalstar Inc (GSAT) was a 3.62% holding, MDA Space Ltd (MDA) was a 3.02% holding, SES SA (SESG) was a 1.73% holding, Eutelsat Communications SACA (ETL) was a 1.01% holding, Gilat Satellite Networks Ltd (GILT) was a 0.55% holding, Telesat Corp (TSAT) was a 0.51% holding, Intellian Technologies Inc (189300) was a 0.30% 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. |
| 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 Funds’ principal risks. It is not possible to invest in an index. |
| UFO is distributed by Quasar Distributors LLC. |
|
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.
|
|
| 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 tag set by the books
rather than the market |
Mark-to-model NAV |
|
For years, that was the only way to own a slice of certain private companies. A generation of investors made peace with the mechanics because they wanted the names on the list.
The structure has a name. It is called a special purpose vehicle or SPV: a private pool built to hold shares of a single private company, gated by accreditation, priced by model, locked up for years.
|
|
The choice in 2019
When the Procure Space ETF® (UFO) launched in 2019, the space economy already looked like it was going to matter. The companies driving it were a mix of public names and private ones, and every ETF sponsor building in the category faced the same choice: hold what trades or find a way to import what does not.
UFO went the first way. The VettaFi Space IndexSM, which the Procure Space ETF® tracks, holds its constituents as public-market equity, at index weight, priced off the same prints any brokerage account can see. No private sleeve inside the wrapper. No mark-to-model input into NAV. No accreditation gate for shareholders.
|
|
Why
An ETF wrapper does its best work when the things inside it trade.
That is the whole idea. Daily prints. Transparent NAV. A holdings file that says what it says. Investors buying an ETF are buying a structure that promises them a certain kind of transparency, and the transparency is the product as much as the exposure is.
Bringing a private company into that wrapper, through an SPV or otherwise, changes what the wrapper delivers. The illiquidity does not disappear because the wrapper is public. The valuation questions do not go away because the fund trades daily. Someone still has to run the SPV, and someone still has to pay for it.
UFO was built to hold the space economy as it exists in the public market. When a company in the theme goes public, the index picks it up. When it does not, it stays out.
|
|
The mechanics on the screen
UFO holds what it holds the way the index sets it, at the weight the index sets, at the price the market set this morning.
No bouncer. No cover charge. No back room. No rope.
|
|
|
What you see is what you own.
|
|
|
|
*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
The VettaFi Space IndexSM is a modified capitalization-weighted, free float- and space revenue percentage-adjusted equity index designed to serve as an equity benchmark for a globally traded portfolio of companies that are engaged in space-related business. It is not possible to invest in an index.
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.
|
|
Space: An Industry in Acceleration
|
|
|
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
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).
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 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 Funds’ 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
|
|
|
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. |
| 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 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
Communications & Media35.15%
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.
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).
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 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 Funds’ principal risks. It is not possible to invest in an index.
UFO is distributed by Quasar Distributors LLC.
This Fourth of July, the Final Frontier Flies American Colors
By ProcureAM Research
American companies are doing some of the most exciting work in space today, and a remarkable number of them are in one place, the Procure Space ETF® (NASDAQ: UFO). UFO is the world’s first pure-play exchange-traded fund focused on the global space economy. It holds U.S. names spanning launch, satellites, lunar landers, and aerospace. As the country marks its 250th birthday this Fourth of July, it is a fitting moment to meet some of the American companies inside the fund.
The new pioneers. A generation of American companies is doing the early, uncertain work of making space routine. SpaceX* builds and launches reusable rockets. Rocket Lab* builds and launches its own spacecrafts. Planet Labs* operates Earth-imaging satellites. Firefly Aerospace* and Intuitive Machines* are both reaching for the Moon, AST SpaceMobile* is working to connect everyday phones directly to satellites, and Redwire* builds the hardware and infrastructure other space companies rely on. Most of them did not exist a generation ago.
The established builders. The names behind American aerospace are here too. Boeing*, Lockheed Martin*, and Northrop Grumman* carry decades of engineering experience. They provided the institutional backbone that helped turn space from a national ambition into a working industry.
The connectivity layer. Much of space is delivered on the ground. Iridium Communications* and Globalstar* keep aircraft, ships, and remote regions connected, and Trimble* turns satellite positioning into precision tools for farming, construction, and surveying. It is the quiet layer most people use without noticing.
Chasing the next frontier has always been part of the American spirit. We are proud the Procure Space ETF® holds the American companies highlighted above along with many others. Happy Fourth of July!
To learn more about the space companies found within the Procure Space ETF® (NASDAQ: UFO), please visit www.ProcureETFs.com.
Important Information
*As of June 17, 2026, SpaceX (SPCX) was a 6.17% holding, Rocket Lab (RKLB) was a 5.03% holding, Trimble (TRMB) was a 4.96% holding, AST SpaceMobile (ASTS) was a 4.91% holding, Planet Labs (PL) was a 4.46% holding, Globalstar (GSAT) was a 3.04% holding, Iridium Communications (IRDM) was a 2.92% holding, Boeing (BA) was a 2.56% holding, Northrop Grumman (NOC) was a 2.46% holding, Lockheed Martin (LMT) was a 2.44% holding, Firefly Aerospace (FLY) was a 2.41% holding, Intuitive Machines (LUNR) was a 2.20% holding, Redwire (RDW) was a 1.86% 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.
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 Funds’ principal risks. It is not possible to invest in an index.
UFO is distributed by Quasar Distributors LLC.
Looking for the Next Rocket Lab?
By ProcureAM Research
Most investors hear about a space company right around the time everyone else does. The press cycle catches up, the analysts initiate coverage, and your buddy at the gym suddenly has opinions about satellite constellations.
The Procure Space ETF® (NASDAQ: UFO) tracks an index built to include pure-play space companies earlier than that. On June 16th, 2026, the VettaFi Space Index℠ completed its latest reconstitution and added a fresh batch of names. You may not have heard of these companies yet but give them a couple of years.
The pattern
Rocket Lab* now makes up 5.03% of the Procure Space ETF®, as of June 19th, 2026. AST SpaceMobile* accounts for 4.91%, Intuitive Machines* is 2.20%, and Redwire* is 1.86%. Each company was in UFO years before they made it onto most investors’ radar.
That is not the fund manager getting lucky four times. It is the methodology doing its job.
How a pure-play index filters stocks
While aerospace funds may include firms that have space exposure through government contracts and missiles, it’s often just a small part of their business.
UFO uses a different strategy. The VettaFi Space Index℠ defines the space category and which companies qualify. The index requires constituents to derive a meaningful share of revenue from space. Roughly 80% of the index consists of companies where space IS the business. The other 20% of firms have diversified exposure with real space ties. The result: when a pure-play company goes public or grows into the liquidity thresholds, the index picks it up.
Five new constituents worth a look (from the June 16 reconstitution):
- York Space Systems* (YSS), 2.24%. Manufactures satellites at scale for government and commercial missions.
- Hawkeye 360* (HAWK), 1.30%. Operates a constellation of satellites that maps radio-frequency activity worldwide for defense, intelligence, and commercial use.
- Filtronic PLC* (FTC LN), 0.61%. UK manufacturer of high-performance RF components used in satellite ground stations and space payloads.
- OHB SE* (OHB GR), 0.40%. European space firm that builds satellites for ESA, develops launch components, implements space systems, and processes satellite data.
- Frequency Electronics* (FEIM), 0.26%. Offers precision timing and frequency control hardware used in satellite, navigation, and defense systems.
Each company cleared the same pure-play threshold that brought Rocket Lab into the index years ago. That is the methodology working as designed.
The bigger picture
The space economy hit a record $613 billion in 2024,1 with private investment crossing $45 billion in 2025.2 Aranca projects the sector to reach $1.8 trillion by 2035.3 A lot of that growth will arrive as new public companies.
The space economy is too big to predict and too important to miss. UFO is built for that challenge.
See the full lineup of Procure Space ETF® constituents at procureetfs.com/ufo.
1 Space Foundation, Space Report Q2 2025
2 Space IQ, 2026
3 Aranca, July 2025
Important Information
The VettaFi Space Index℠ is a modified capitalization-weighted, free float- and space revenue percentage-adjusted equity index designed to serve as an equity benchmark for a globally traded portfolio of companies that are engaged in space-related business. It is not possible to invest in an index.
*As of June 17, 2026, AST SpaceMobile (ASTS) was a 4.91% holding, Filtronic PLC (FTC LN) was a 0.61% holding, Frequency Electronics (FEIM) was a 0.26% holding, Hawkeye 360 (HAWK) was a 1.30% holding, Intuitive Machines (LUNR) was a 2.20% holding, OHB SE (OHB GR) was a 0.40% holding, Redwire Corp (RDW) was a 1.86%, Rocket Lab Corp (RKLB) was a 5.03% holding, York Space Systems (YSS) was a 2.24% 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.
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 Funds’ principal risks. It is not possible to invest in an index.
UFO is distributed by Quasar Distributors LLC.
Spire Global: Data From Orbit, Delivered to Earth
By ProcureAM Research
In the rapidly evolving space economy, not every company is launching rockets or manufacturing satellites. The world’s first pure-play space exchange-traded fund, the Procure Space ETF® (NASDAQ: UFO), is designed to provide exposure to all areas of the space sector. One of UFO’s 50+ constituents is Spire Global*, which represents a unique and increasingly important segment of the industry: space-based data and analytics.
Spire is building a global data infrastructure powered by satellites, turning information gathered from orbit into actionable insights for industries on Earth. Spire has positioned itself at the intersection of aerospace, data science, and artificial intelligence, an area many investors and governments see as one of the most scalable opportunities in the space economy.
Business Model: Space-to-Cloud Intelligence
Spire operates a “space-to-cloud” platform, collecting data via its proprietary satellite constellation and delivering insights through subscription-based services. At its core, the company monetizes three major data verticals:
- Maritime & Vessel Tracking: Monitoring global shipping routes and ocean activity
- Aviation Tracking: Providing real-time aircraft data for safety and logistics
- Weather & Climate Intelligence: Delivering predictive analytics for industries affected by weather
This model allows Spire to generate recurring revenue by selling data and analytics rather than hardware, making it more comparable to a SaaS (Software as a service) company than a traditional aerospace firm.
Key Markets and Customers
Spire’s data serves a wide range of industries including:
- Government & Defense: Intelligence, surveillance, and national security
- Aviation & Logistics: Flight tracking and operational efficiency
- Energy & Agriculture: Weather forecasting and climate risk mitigation
- Financial Services: Alternative data for trading and risk modeling
Its ability to deliver real-time, global datasets gives Spire a unique role in decision-making across sectors increasingly reliant on predictive analytics.
The Satellite Advantage
Spire’s competitive edge lies in its large constellation of nanosatellites (CubeSats). The company operates more than 100 satellites in low Earth orbit, enabling continuous global coverage. These satellites collect critical data points such as:
- GPS radio occultation data for weather forecasting
- Automatic Identification System (AIS) signals for maritime tracking
- ADS-B signals for aircraft monitoring
Because Spire designs, builds, and operates its satellites in-house, it maintains tight control over costs and innovation cycles, which is an advantage in a capital-intensive industry.
Strategic Shifts and Growth Initiatives
In recent years, Spire has made notable strategic moves to sharpen its focus:
- Divestiture of its maritime data business to strengthen its balance sheet and refocus on higher-growth segments
- Capital raise in 2026 to fund expansion in weather analytics, RF geolocation, and cybersecurity
- Continued investment in AI-driven weather modeling, including collaborations with major technology partners
These moves signal a transition from a broad data provider to a more focused, higher-margin analytics platform.
Why Spire Global Matters in the Space Economy
Spire embodies a broader trend: the monetization of data from space. While launch providers and satellite manufacturers often capture headlines, companies like Spire are quietly building the data layer of the space economy, arguably its most scalable and defensible segment.
By transforming raw satellite signals into actionable intelligence, Spire is helping industries:
- Predict weather disruptions
- Track global supply chains
- Enhance national security
- Improve environmental monitoring
Final Take
Spire Global is not a traditional space company, it’s a data company powered by space infrastructure. Its long-term success will depend less on launching satellites and more on how effectively it can turn data into indispensable insights.
As the demand for real-time, global intelligence continues to grow, Spire sits in a compelling position at the convergence of space, AI, and big data, a combination that could define the next phase of the space economy.
Within the Procure Space ETF®, Spire represents the information backbone of the space economy, a company turning orbital data into real-world decisions.
As the space sector matures, companies like Spire could define the next phase of growth: not just reaching space but understanding Earth from it.
For more information about the Procure Space ETF®, visit www.ProcureETFs.com.
Important Information:
*As of May 4th, 2026, Spire Global (SPIR) was a 0.62% holding and SpaceX 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.
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 Funds’ principal risks. It is not possible to invest in an index.
UFO is distributed by Quasar Distributors LLC.
Intuitive Machines in the Procure Space ETF:
A Bet on the Lunar Economy
By ProcureAM Research
The space economy is evolving quickly from satellite communications to something far more ambitious: building infrastructure on the Moon. While many space-focused investments concentrate on Earth orbit, the Procure Space ETF® (NASDAQ: UFO) goes a step further by including companies like Intuitive Machines*. This inclusion gives investors direct exposure to lunar missions, logistics, and infrastructure, positioning UFO for the next phase of space commercialization.
A New Kind of Space Company
Intuitive Machines is positioning itself as a cornerstone of NASA’s lunar ambitions, transforming what was once purely government-led exploration into a commercially driven ecosystem.
Founded in 2013, Intuitive Machines isn’t trying to be everything in space. Instead, it’s focused on a very specific and increasingly critical mission: delivering payloads to the Moon.
Through its partnership with NASA under the Commercial Lunar Payload Services (CLPS) initiative, the company is one of several private firms tasked with transporting science instruments, technology demonstrations, and infrastructure components to the lunar surface.
The Nova-C Lander and IM Missions
At the heart of Intuitive Machines’ business is its Nova-C lunar lander, a spacecraft designed to carry payloads to the Moon with precision.
Its first major mission, IM-1, made history with the Odysseus lander marking the first U.S. lunar landing since 1972. The mission demonstrated something critical: commercial companies can reach the Moon.
Follow-on missions aim to expand capabilities, targeting the Moon’s south pole, a region believed to contain water ice, a key resource for future lunar bases and deep-space missions.
Why the Moon Matters (Again)
The renewed interest in the Moon isn’t just about flags and footprints. It’s about infrastructure.
Programs like the Artemis program are laying the groundwork for sustained human presence. That requires:
- Cargo delivery
- Navigation systems
- Communications networks
- Resource extraction
This is where Intuitive Machines comes in, not as a one-off mission provider, but as a repeatable logistics platform.
Beyond Landers: A Lunar Economy Play
Intuitive Machines is expanding beyond transportation into:
- Lunar data services (navigation and communications)
- Surface operations (robotic deployment, mobility)
- Orbital infrastructure (relay satellites)
This positions the company as more than a contractor, it’s aiming to be a full-stack lunar services provider.
Wall Street Meets the Moon
As a publicly traded company, Intuitive Machines gives investors direct exposure to the lunar economy, a rare opportunity in a sector often dominated by private firms like SpaceX*.
The inclusion of Intuitive Machines in the Procure Space ETF® adds a layer of high-growth, frontier exposure to the portfolio. It brings upside tied to the next phase of space exploration, the commercialization of the Moon, while still fitting within a diversified ETF structure.
The Bottom Line
Intuitive Machines sits at the intersection of government demand and commercial execution. If NASA’s lunar strategy succeeds, companies like this won’t just benefit, they’ll be essential.
The real story isn’t just that we’re going back to the Moon.
It’s that this time, we’re bringing a business model with us.
For more information about the Procure Space ETF®, visit www.ProcureETFs.com.
Important Information:
*As of April 29th, 2026, Intuitive Machines (LUNR) was a 3.46% holding and SpaceX 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.
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 Funds’ principal risks. It is not possible to invest in an index.
UFO is distributed by Quasar Distributors LLC.
