SUMMARY PROSPECTUS | February 28, 2020
Procure
ETF Trust II
Procure Space ETF (UFO)
Beginning on January 1, 2021, as permitted by regulations adopted
by the SEC, paper copies of the Fund’s shareholder reports
will no longer be sent by mail, unless you specifically request
paper copies of the Fund’s reports from your financial
intermediary, such as a broker-dealer or bank. Instead, the reports
will be made available on a website, and you will be notified by
mail each time a report is posted and provided with a website link
to access the report.
If you already elected to receive shareholder reports
electronically, you will not be affected by this change and you
need not take any action. Please contact your financial
intermediary to elect to receive shareholder reports and other Fund
communications electronically.
You may elect to receive all future Fund reports in paper free of
charge. Please contact your financial intermediary to inform them
that you wish to continue receiving paper copies of Fund
shareholder reports and for details about whether your election to
receive reports in paper will apply to all funds held with your
financial intermediary.
This summary prospectus is designed to provide investors with key
fund information in a clear and concise format. Before you invest,
you may want to review the Fund’s full prospectus, which
contains more information about the Fund and its risks. The
Fund’s full prospectus dated February 28, 2020 and
statement of additional information dated February 28,
2020, are all incorporated by reference into this Summary
Prospectus. All this information may be obtained at no cost either:
online at www.ProcureETFs.com, by sending an email request to
info@procuream.com or by calling ProcureAM LLC at
866-690-3837.
UFO
LISTED ON NYSE ARCA | CUSIP
# 74280R205
Investment Objective
Procure
Space ETF (the “Fund”) seeks investment results that
correspond generally to the performance, before the Fund’s
fees and expenses, of an equity index called the “S-Network
Space Index” (the “Underlying Index”) developed
by S-Network Global Indexes (the “Index
Provider”).
Fees and Expenses of the Fund
This
table describes the fees and expenses that you may pay if you buy
and hold shares of the Fund (“Shares”). Investors
purchasing Shares of the Fund in the Secondary Market may be
subject to costs (including customary brokerage commissions)
charged by their broker.
Shareholder Fees (fees paid directly from your
investment):
No
shareholder fees are levied by the Fund for purchases and sales
made on the Secondary Market.
Annual Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment):
|
Management
Fees
|
0.75%
|
|
Distribution
and/or Service (12b-1) Fees
|
0.00%
|
|
Other
Expenses
|
0.96%
|
|
Chief
Compliance Officer Fees
|
0.53%
|
|
Trustee
Fees
|
0.43%
|
|
Remaining
Other Expenses
|
0.00%
|
|
Total Annual Fund Operating
Expenses(1)
|
1.71%
|
(1)
ProcureAM, LLC, the investment adviser to the Fund, has voluntarily
agreed to waive its expenses and reimburse the Fund to the extent
necessary to ensure that Total Annual Fund Operating Expenses do
not exceed 0.75%.
Example.
This
example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other funds. This example
does not take into account brokerage commissions that you pay when
purchasing or selling Shares of the Fund.
The
example assumes that you invest $10,000 in the Fund for the time
periods indicated and then redeem all of your Shares at the end of
those periods. The example also assumes that your investment has a
5% return each year and that the Fund’s operating expenses
remain at current levels. The return of 5% and estimated expenses
are for illustration purposes only and should not be considered
indicators of expected Fund expenses or performance, which may be
greater or less than the estimates. Although your actual costs may
be higher or lower, based on these assumptions your costs would
be:
Portfolio Turnover
The
Fund pays transaction costs, such as commissions, when it buys and
sells securities (or “turns over” its portfolio). A
higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Shares are held in a
taxable account. These costs, which are not reflected in annual
fund operating expenses or in the Example, affect the Fund’s
performance. The Fund will rebalance quarterly, and hence annual
turnover is expected to be less than 20% due to Underlying Index
rules regarding corporate actions and bankruptcy. For the period
from the Fund’s commencement of operations on April 10, 2019
to the fiscal year ended October 31, 2019, the portfolio turnover
rate of the Fund was 17%.
Principal Investment
Objective
The
Fund invests, under normal circumstances, at least 80% of its net
assets in companies of the Underlying Index that receive at least
50% of their revenues or profits from space-related businesses, as
described below. This policy is “non-fundamental,”
which means that it may be changed without the majority of the
Fund’s outstanding shares as defined in the Investment
Company Act of 1940, as amended (the “1940 Act”). The
Fund will provide at least 60 days’ prior written notice of
any changes in such non-fundamental policy.
Principal Investment Strategy
The
Fund, using a “passive” or “indexing”
investment approach, seeks investment results that correlate to the
performance, before the Fund’s fees and expenses, of the
Underlying Index which tracks a portfolio of companies engaged in
space-related businesses, including those companies utilizing
satellite technology. The Fund will provide shareholders with at
least 60 days’ written notice prior to any material change in
this Fund’s investment strategy.
The
Board of Trustees (the “Board”) of the Trust may change
the Fund’s investment strategy, index provider or other
policies without shareholder approval. Also, in certain
circumstances, it may not be possible or practicable to purchase
all of the component securities that make up the Underlying Index.
In those circumstances, the Fund may purchase a sample of the
component securities in the Underlying Index in proportions
expected by the Advisor to deliver the performance of the
Underlying Index. There may also be instances when the Advisor may
choose to overweight another component security in the Underlying
Index or purchase (or sell) securities not in the Underlying Index,
which the Advisor believes are an appropriate substitute for one or
more Underlying Index components in seeking to accurately track the
Underlying Index, such as: (i) regulatory requirements possibly
affecting the Fund’s ability to hold a security in the
Underlying Index, or (ii) liquidity concerns possibly affecting the
Fund’s ability to purchase or sell a security in the
Underlying Index. In addition, from time to time, securities are
added to or removed from the Underlying Index. The Fund may sell
securities that are represented in the Underlying Index or purchase
securities that are not yet represented in the Underlying Index in
anticipation of their removal from or addition to the Underlying
Index pursuant to scheduled reconstitutions and rebalancing of the
Underlying Index. The Fund will concentrate its investments (i.e.,
invest 25% or more of its assets) in securities issued by companies
whose principal business activities are in the same industry or
group of industries to the extent the Underlying Index is so
concentrated. As of February 21, 2020, the Index was concentrated
in the securities of companies that utilize satellite technology,
which represent a significant portion of the Underlying Index. The
Fund is “non-diversified” for purposes of the 1940 Act,
which means that the Fund may invest in fewer securities at any one
time than a diversified fund.
The Underlying Index
The
Fund has licensed as its Underlying Index the S-Network Space
Index, an equity securities index created and developed by
S-Network Global Indexes, Inc. (the “Index Provider”),
a developer and publisher of custom and proprietary indexes. The
Index Provider is independent of, and not affiliated with, either
the Fund or the Advisor. The Underlying Index is designed to serve
as an equity benchmark for a globally traded portfolio of companies
that are engaged in space-related business, such as those utilizing
satellite technology. The component companies of the Underlying
Index are small-capitalization, medium-capitalization, and
large-capitalization equity securities listed on recognized global
stock exchanges. As of February 21, 2020, the Underlying Index is
focused on U.S. companies, which account for approximately 82% of
its index components. In addition, the Underlying Index is
considered concentrated in the securities of companies that utilize
satellite technology, which currently account for approximately 70%
of the index weight. The Underlying Index is a modified
capitalization-weighted, free float- and space revenue
percentage-adjusted equity index that is created and maintained
according to a rules-based methodology and a predetermined
selection process.
Although
there is no legal definition of “space,” a commonly
accepted definition is that the edge of space begins at the
Kármán line, which is 100 kilometers (62 miles) above the
Earth’s surface. This is approximately the point where there
is not enough air to provide lift to a winged vehicle. This
definition is supported by the Fédération
Aéronautique Internationale (an international aeronautics and
astronautics standards-setting body), as well as many other
organizations.
The
Index Provider considers a company to be in a “space-related
business” if its product(s) or service(s) either have as
their essential purpose — or are entirely dependent upon
— “space-based functions”. Space-based functions
include any kind of function carried out by hardware, software, or
humans physically located in space. The revenue produced by
space-related business is referred to as “space-related
revenues.”
Examples
of current space-related businesses (or “Space Industry
Segments”) include satellite-based telecommunications;
transmission of television and radio content via satellite; rocket
and satellite manufacturing, deployment, operation, and
maintenance; manufacturing of ground equipment that is used with
satellite systems; space technology and hardware; and space-based
imagery and intelligence services.
In the
case of companies that make products that go into space (such as
launch vehicles), or companies that operate or maintain systems
used in space (such as satellites), the space-related nature of the
business is clear. In the case of companies whose products and
services are used wholly on Earth, space must play an essential
role in the business. For example, a company that manufactures GPS
navigation systems as its primary business is wholly dependent upon
those products’ GPS satellite connectivity and therefore is
engaged in a space-related business. By contrast, an automaker that
incorporates a GPS navigation system into its automobiles is not
considered to be engaged in a space-related business because the
GPS system is not essential to the operation of the automobile and
accounts for a negligible part of the selling price.
In
addition to companies exclusively focused on space, the Underlying
Index includes certain companies whose products and services span
both space-related and other types of businesses. An example of
such a company would be a defense contractor that manufactures
systems and hardware involving space but does not derive a
sufficient percentage of its revenues from space to qualify as a
non-diversified space company. Another example would be a company
that transmits television or radio content both via satellite and
via terrestrial wired or wireless services; its space-related
revenue is considered to be only that which is derived from
customers who subscribe to content delivery via
satellite.
The
Index Provider believes that in the future, additional companies
engaged in other space-related businesses will emerge. These
businesses would include space colonization/infrastructure; space
resource exploration/extraction; space-based military/defense
systems; space tourism, including transportation and hospitality;
and space technologies that enable the space economy.
The Underlying Index Security Selection and Weighting
Process
Each
candidate for inclusion as a component of the Underlying Index must
first meet all of the following eligibility criteria: (a) listing
on a national stock exchange in any geographic region, (b) being
engaged in one or more of the Space Industry Segments, and (c)
having a three-month average daily trading volume of at least USD
1,000,000 on each Underlying Index semi-annual reconstitution
snapshot date, which is the last trading day of the month prior to
a reconstitution date. If a company’s stock has been trading
for less than three calendar months, but more than 22 trading days,
the company’s average daily trading volume for its entire
trading history shall be used to calculate turnover
eligibility.
The
Index Provider’s assessment of whether a company is engaged
in one or more of the Space Industry Segments (per the criteria
listed above) is based on mention of space-related business in the
company’s annual filings. In addition, a company’s
space-related revenue must constitute either (a) a minimum of 20%
of the company’s total annual revenue, or (b) more than $500
million in annual revenue. In all cases, space-related revenues are
determined through review by the Index Provider of the
company’s regulatory filings and investor-focused materials,
including quarterly earnings announcements and analyst
presentations, as well as other reliable data sources. Space
revenues are then divided by the company’s total revenues to
determine its percentage of space-related revenues. Accordingly,
the Underlying Index methodology considers the factual reporting of
revenue statistics rather than more subjective factors to determine
eligibility.
The
screening process discussed above identifies candidate stocks
according to their Global Industry Classification Standard
(“GICS”) sub-industry, and then reviews them to ensure
that such companies meet at least one of the following additional
criteria for inclusion as a component of the Underlying
Index:
●
the
company was a “prime manufacturer” (i.e., the
contractor responsible for managing subcontractors and delivering
the product to the customer) for a satellite in the past five
years;
●
the
company was a “prime manufacturer” or operator of a
launch vehicle in the past five years;
●
the
company currently operates or utilizes
satellites;
●
the
company manufactures space vehicle components (for satellites,
launch vehicles, or other spacecraft); or
●
the
company manufactures ground equipment dependent upon satellite
systems.
The
companies thus chosen for inclusion in the Underlying Index are
separated into two tranches:
The
first tranche (“Non-diversified Tranche”) comprises
“non-diversified” companies that derive at least 50%
(but typically 100%) of their total annual revenues from
space-related business. Companies included in the Non-diversified
Tranche are accorded an aggregate weight of 80% of the total
Underlying Index weight (100%).
The
second tranche (“Diversified Tranche”) comprises
companies in which space-related business plays a significant role
in the generation of revenues but produces less than 50% of total
annual revenues. Companies included in the Diversified Tranche are
accorded an aggregate weight of 20% of the total Underlying Index
weight (100%).
Each
stock’s weight within its respective tranche is determined by
its “Modified Market Capitalization,” which is a
company’s full market capitalization that has been
mathematically modified by one or more factors for the purpose of
weighting in an index. Modified Market Capitalization for companies
eligible for inclusion in the Underlying Index is determined by
multiplying a) the company’s full market capitalization by b)
the company’s “Float Factor” by c) the percentage
of total revenues the company derives from space. A company’s
Modified Market Capitalization is a percentage of a company’s
total market capitalization ranging from 0% to 100%.
The
Float Factor is the percentage of the company’s shares
outstanding that are unencumbered from trading freely on the open
market. It is determined by deducting shares that are a) restricted
from sale to the public, b) held by a governmental entity, c) held
by company insiders in size that requires reporting to the SEC or a
similar international regulatory body (>5%) and/or d) held by
investors in size subject to reporting to the SEC or a similar
international regulatory body (>5%) from the company’s
total shares outstanding. The resulting percentage is the
company’s Float Factor.
Next,
the Non-diversified Tranche of the Underlying Index is given 80% of
the weight of the Underlying Index and the Diversified Tranche is
given 20% of the weight. The within-tranche weights for the
Non-diversified Tranche are capped at 6%, with the excess weight
redistributed proportionally to the remaining constituents within
the same tranche. The within-tranche company weights for the
Diversified Tranche are capped at 12%, with the excess weight
redistributed proportionally to the remaining constituents within
the same tranche. The final index weight of each component stock
will then be the product of its within-tranche weight and the
overall weight assigned to that stock’s tranche (the tranche
weight). Accordingly, the maximum weight of any constituent in the
Non-diversified Tranche will be 4.8% (6% X 80%) and the maximum
weight of any constituent in the Diversified Tranche will be 2.4%
(12% X 20%).
Capping
is applied separately to each of the tranches. The following steps
are taken to weight the constituents in the Underlying
Index:
Step 1.
Multiply each selected company’s full market capitalization
by its Float Factor.
Step 2.
Multiply each selected company’s float market capitalization
derived in Step 1 by its space-related revenue
percentage.
Step 3.
The combination of Steps 1 & 2 above results in the
company’s Modified Market Capitalization, which is used to
weight the companies included in the Non-diversified and
Diversified tranches. Each tranche is weighted
separately.
Step 4.
Capping procedures are then applied to each tranche separately. The
capping procedure is implemented by identifying those companies
whose uncapped weights are in excess of the desired cap weight. The
weights of these companies are then set at the cap weight, and the
weight over the cap weight is then redistributed across the
remaining stocks in the exact proportion of the original weights of
those stocks. Capping is applied separately to each of the
tranches.
Step 5.
The weights derived in Step 4 are modified by the respective
tranche weights (80% for the non-diversified tranche and 20% for
the diversified tranche) to determine each stock’s final
Underlying Index weight.
Although
there is no stated maximum or minimum number of Underlying Index
components required for inclusion in the Underlying Index, the
Index Provider intends to conform to RIC diversification
requirements as defined in Sub-Chapter M of the IRS code and,
therefore, will maintain at least 22 component securities in the
Underlying Index, nor will any stock have a weight greater than 25%
of the total Underlying Index, and the combined weight of all
stocks with weights greater than 5% will be less than
50%.
The
Underlying Index is reconstituted semi-annually by the Index
Committee of the Index Provider in accordance with a rules-based
process. Companies that are components of the Underlying Index will
be screened periodically, and any company that no longer meets the
eligibility criteria described above will be removed from the
Underlying Index. Also, a candidate list of all identifiable
companies engaged in the Space Industry Segments will be screened
and companies will be added to the Underlying Index if they satisfy
the screening criteria. Finally, the Underlying Index is rebalanced
each quarter to reflect changes of more than 5% in the number of
float-adjusted shares.
As of
February 21, 2020, the Underlying Index contained 30 constituents
with market capitalizations ranging from $306 million to $276.5
billion. The inception date of the Underlying Index (when live
calculation of the index values began) was May 7,
2018.
In the
future, ProcureAM, LLC may seek exemptive relief to permit the Fund
to replace any manager without shareholder approval, and the Board
reserves the right to replace any manager with another manager
without the approval of shareholders if the Board believes it is in
the best interest of shareholders.
Principal Risks
Investors
should consider the principal risks associated with investing in
the Fund, which are summarized below. The value of an investment in
the Fund will fluctuate and you could lose money by investing in
the Fund. The Fund may not achieve its investment objective. The
Fund’s principal risks are presented in alphabetical order to
facilitate finding particular risks and comparing them with other
funds. Each risk summarized below is considered a “principal
risk” of investing in the Fund, regardless of the order in
which it appears. Different risks may be more significant at
different times depending on market conditions or other
factors.
Aerospace and Defense Companies Risk - Aerospace and defense
companies can be significantly affected by government aerospace and
defense regulation and spending policies because companies involved
in this industry rely to a significant extent on U.S. (and other)
government demand for their products and services. Thus, the
financial condition of, and investor interest in, aerospace and
defense companies are heavily influenced by governmental defense
spending policies which are typically under pressure from efforts
to control the U.S. (and other) government budgets.
Communication Services Risk - Companies in the
communications sector may be affected by industry competition,
substantial capital requirements, government regulation,
cyclicality of revenues and earnings, obsolescence of
communications products and services due to technological
advancement, a potential decrease in the discretionary income of
targeted individuals and changing consumer tastes and
interests.
Equity Securities Risk—The prices of equity securities
generally fluctuate in value more than fixed-income investments,
may rise or fall rapidly or unpredictably and may reflect real or
perceived changes in the issuing company’s financial
condition and changes in the overall market or economy. A decline
in the value of equity securities held by the Fund will adversely
affect the value of your investment in the Fund. Common stocks
generally represent the riskiest investment in a company and
dividend payments (if declared) to preferred stockholders generally
rank junior to payments due to a company’s debtholders. The
Fund may lose a substantial part, or even all, of its investment in
a company’s stock. Certain equity securities may be difficult
or impossible to sell at the time and the price that the Fund would
like. The Fund may have to lower the price of the security, sell
other securities instead or forego an investment opportunity, any
of which could have a negative effect on Fund management or
performance.
Foreign Securities Risk—The Underlying Index contains
equities listed in foreign markets. These securities markets are
subject to various regulations, market trading times and
contractual settlement dates. Market liquidity may also differ from
the U.S. equity markets as many foreign market shares trade OTC and
prices are not published to the official exchanges until after the
trades are completed. In addition, where all or a portion of the
Fund’s underlying securities trade in a market that is closed
when the market in which the Fund’s shares are listed and
trading in that market is open, there may be changes between the
last quote from its closed foreign market and the value of such
security during the Fund’s domestic trading day.
Consequently, this could lead to differences between the market
price of the Fund’s shares and the value of the shares of its
underlying portfolio holdings.
Index Construction Risk—A stock included in the
Underlying Index may not exhibit the factor trait or provide
specific factor exposure for which it was selected and consequently
the Fund’s holdings may not exhibit returns consistent with
that factor trait.
Issuer-Specific Changes Risk—The value of an
individual security or type of security can be more volatile than
the total market and can perform differently from the value of the
total market. The value of securities of smaller issuers can be
more volatile than that of larger issuers.
Large-Capitalization Securities Risk—The Fund is
subject to the risk that large-capitalization securities may
underperform other segments of the equity market or the total
equity market. Larger, more established companies may be unable to
respond quickly to new competitive challenges such as changes in
technology and may not be able to attain the high growth rate of
smaller companies, especially during extended periods of economic
expansion.
Liquidity Risk—The Fund’s shares are subject to
liquidity risk, which means that, in stressed market conditions,
the market for the Fund’s shares may become less liquid in
response to deteriorating liquidity in the markets for the
Fund’s underlying portfolio holdings. Please also note that
this adverse effect on liquidity for the Fund’s shares in
turn could lead to differences between the market price of the
Fund’s shares and the underlying value of those shares.
Further, the Underlying Index’s screening process requires
that each component security have a three month average trading
volume minimum of $1,000,000 on the date of the Underlying
Index’s semi-annual reconstitution date, therefore the number
of stocks available to the Underlying Index may be negatively
affected during stressed market conditions.
Market Price Risk—Shares are listed for trading on the
the Nasdaq Stock Market (the “Exchange” or
“NASDAQ”) and are bought and sold in the Secondary
Market at market prices. The market prices of Shares may fluctuate
continuously during trading hours, in some cases materially, in
response to changes in the net asset value (“NAV”) and
supply and demand for Shares, among other factors. Although it is
expected that the market price of Shares typically will remain
closely correlated to the NAV, the market price will generally
differ from the NAV because of timing reasons, supply and demand
imbalances and other factors. As a result, the trading prices of
Shares may deviate significantly from NAV during certain periods,
especially those of market volatility. The Investment Advisor
cannot predict whether Shares will trade above (premium), below
(discount) or at their NAV prices. Thus, an investor may pay more
than NAV when buying Shares in the Secondary Market and receive
less than NAV when selling Shares in the Secondary
Market.
New Fund Risk—The Fund is a new fund with a limited
operating history. As a new Fund, there can be no assurance that it
will grow to or maintain an economically viable size, in which case
it may experience greater tracking error to its Underlying Index
than it otherwise would at higher asset levels or it could
ultimately liquidate.
Non-Correlation Risk—The Fund’s return may not
match the return of the Underlying Index. For example, the Fund
incurs operating expenses not applicable to the Underlying Index,
and incurs costs in buying and selling securities, especially when
rebalancing the Fund’s securities holdings to reflect changes
in the composition of the Underlying Index. In addition, the
performance of the Fund and the Underlying Index may vary due to
asset valuation differences and differences between the
Fund’s portfolio and the Underlying Index resulting from
legal restrictions, cash flows or operational
inefficiencies.
Non-Diversification Risk—The Fund is classified as
“non-diversified.” This means that the Fund may invest
a large percentage of its assets in securities issued by or
representing a small number of issuers. As a result, the Fund may
be more susceptible to the risks associated with these particular
issuers or to a single economic, political or regulatory occurrence
affecting these issuers.
Passive Management Risk—Unlike many investment
companies, the Fund is not “actively” managed.
Therefore, it would not necessarily sell a security because the
security’s issuer was in financial trouble or defaulted on
its obligations under the security, or whose credit rating was
downgraded, unless that security is removed from the Underlying
Index. In addition, the Fund will not otherwise take defensive
positions in declining markets unless such positions are reflected
in the Underlying Index.
Satellite Companies Concentration Risk—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 (such as signal interference or space debris)
that could limit their ability to utilize the satellites needed to
deliver services to customers. Some companies that operate or
utilize satellites do not carry commercial launch or in-orbit
insurance for the full value of their satellites and could face
significant impairment charges if the satellites experience full or
partial failures. Rapid and significant technological changes in
the satellite communications industry or in competing terrestrial
industries may impair a company’s competitive position and
require significant additional capital expenditures. There are also
regulatory risks associated with the allocation of orbital
positions and spectrum under the International Telecommunication
Union (“ITU”) and the regulatory bodies in each of the
countries in which companies provide service. In addition, the
ground facilities used for controlling satellites or relaying data
between Earth and the satellites may be subject to operational and
environmental risks (such as natural disasters) or licensing and
regulatory risks. If a company does not obtain or maintain
regulatory authorizations for its satellites and associated ground
facilities, it may not be able to operate its existing satellites
or expand its operations.
Small and Mid-Capitalization Securities Risk—The Fund
may be subject to the risk that small- and mid-capitalization
securities may underperform other segments of the equity market or
the equity market as a whole. 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. Accordingly, it may be difficult
for the Fund to sell small- and mid-capitalization securities at a
desired time or price. Small- and mid-capitalization companies tend
to have inexperienced management as well as limited product and
market diversification and financial resources. Small- and
mid-capitalization companies have more speculative prospects for
future growth, sustained earnings and market share than large
companies, and may be more vulnerable to adverse economic, market
or industry developments than large capitalization
companies
Space Industry Risk—The exploration of space by
private industry and the utilization of space assets is a business
focused on the future and is witnessing new entrants into the
market. This is a global event with a growing number of corporate
participants looking to meet the future needs of a growing global
population. Therefore, investments in the Fund will be riskier than
traditional investments in established industry sectors and the
growth of these companies may be slower and subject to setbacks as
new technology advancements are made to expand into
space.
Performance Information
The
Fund is new and therefore does not have a performance history for a
full calendar year. In the future, performance information for the
Fund will be presented in this section. Updated performance
information is also available on the Fund’s website at
www.ProcureETFs.com.
Investment Advisor
ProcureAM,
LLC (the “Advisor”) is the investment advisor to the
Fund.
Sub-Advisor
Penserra
Capital Management LLC serves as the sub-advisor to the
Fund.
Portfolio Managers
The
professionals primarily responsible for the day-to-day management
of the Fund are as follows:
Sub-Advisor:
Dustin
Lewellyn, Ernesto Tong and Anand Desai of the Sub-Advisor have been
appointed as the Fund’s portfolio managers.
For
important information about the purchase and sale of Fund Shares,
tax information, and financial intermediary compensation, please
turn to Summary Information in the Prospectus.
Purchase and Sale of Fund Shares
Individual
Shares of the Fund may only be purchased and sold in Secondary
Market transactions through brokers and may not be purchased or
redeemed directly with the Fund. Shares of the Fund are listed for
trading on the NASDAQ and, because Shares trade at market prices
rather than NAV, Shares of the Fund may trade at a price greater
than (premium) or less than (discount) NAV.
The
Fund will issue and redeem Shares at NAV, only with Authorized
Participants, and only in a large specified number of Shares called
a “Creation Unit” or multiples thereof with certain
large institutional investors. A Creation Unit consists of 25,000
Shares. Creation Unit transactions are principally conducted in
exchange for the deposit or delivery of specific securities
specified by the Fund and distributed to the Authorized
Participants via the NSCC Portfolio Composition File
(“PCF”). Except when
aggregated in Creation Units, the Shares are not redeemable
securities of the Fund.
Tax Information
The
Fund intends to make distributions that may be taxed as ordinary
income or capital gains. Investors should consult their tax
advisors about specific situations.
Payments to Broker-Dealers and Other Financial
Intermediaries
If you
purchase the Fund through a broker-dealer or other financial
intermediary (such as a bank), the Advisor or other related
companies may pay the intermediary for the sale of Fund Shares and
related services. These payments may create a conflict of interest
by influencing the broker-dealer or other intermediary and your
salesperson to recommend the Fund over another investment. Ask your
salesperson or visit your financial intermediary’s website
for more information.
Grafico Azioni Procure Space ETF (AMEX:UFO)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Procure Space ETF (AMEX:UFO)
Storico
Da Dic 2023 a Dic 2024
