The number of puns we could have used for this new listing were endless, so we will stick with saying that the ETF is out of this world.
Procure Trust is set to launch the Procure Space ETF (UFO), which awaits confirmation from the Securities and Exchange Commission. Tracking the S-Network Space Index, the fund is comprised of companies which receive at least 50% of revenue from space-related business.
Over two-thirds of the constituents work with satellite technology, with 60% of the companies based in the US. The remaining companies come from global exchanges, ranging from small to large cap.
UFO will charge 0.75%.
Similar to previous analysis of equity markets in the last few months, the S-Network Space Index shows a similar trend of a difficult Q4 in 2018. Nullifying any gains made from June to October, the index dipped 25% over the last three months of 2018. However, the UFO's benchmark bounced back after Christmas, jumping over 18% throughout January and February.