Decision comes as Pentagon releases monumental "UAP" report to Congress
LEVITTOWN, PA / ACCESSWIRE / June 29, 2021 / ProcureAM, a wholly owned subsidiary of Procure Holdings, LLC, has added an unidentified aerial phenomena "UAP" risk disclosure to the Procure Space ETF (Nasdaq:UFO) prospectus. This announcement comes after top U.S. intelligence and military officials released an unclassified report addressing numerous sightings of unexplainable objects.
The report, a stipulation of the coronavirus-relief package passed in December 2020, was mandated by Congress amid increasing confirmed footage purporting to show UAPs.
"UFOs, once a figment of science fiction, have now captured mainstream attention and present legitimate national security concerns," said Andrew Chanin, Co-Founder and CEO of ProcureAM. "Whether originating from foreign adversaries or extraterrestrial activity, UAPs have potentially wide-reaching implications that we need to start taking seriously. We are truly just scratching the surface of what we know."
According to the fund's disclosure, UAPs are "flying objects that look or move unlike any known aircraft used by the U.S. or any foreign country" and "could create unintentional or deliberate operational, data security, ‘cyber' and other interference with the operation of satellites and other objects in space."
The UFO ETF, launched in 2019, is the world's first fund to offer pure-play exposure to the global space economy. At least 80% of the fund's components are required to receive a majority of their revenue from space-related activities. For more information, please visit www.ProcureETFs.com.
ProcureAM, LLC (ProcureAM) is an innovative exchange-traded product (ETP) issuer based in Levittown, Pennsylvania. Established by renowned industry veterans Robert Tull and Andrew Chanin, ProcureAM offers a unique platform for the creation of both proprietary and partnered ETPs. ProcureAM listens to clients and endeavors to provide investors with access to distinct investment opportunities. Whether you are looking to invest in ETPs or create one, contact ProcureAM to explore your performance potential: www.ProcureETFs.com.
Gregory FCA for ProcureAM
Jill Fritz, 484-832-7034
Please consider the Funds investment objectives, risks, and charges and expenses carefully before you invest. This and other important information is contained in the Fund's summary prospectus and prospectus, which can be obtained by visiting procureetfs.com. Read carefully before you invest.
Investing involves risk. Principal loss is possible. The Fund is also subject to the following risks: Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the funds. Brokerage commissions will reduce returns. Aerospace and defense companies can be significantly affected by government aerospace and defense regulation and spending policies. The exploration of space by private industry and the harvesting of space assets is a business based in future and is witnessing new entrants into the market. Investments in the Fund will be riskier than traditional investments in established industry sectors. The Fund is considered to be concentrated in securities of companies that operate or utilize satellites which are subject to manufacturing delays, launch delays or failures, and operational and environmental risks that could limit their ability to utilize the satellites needed to deliver services to customers. A UAP, formerly known as an "unidentified flying object" or "UFO", is a flying object that looks or moves unlike any known aircraft used by the US or any foreign country. Recently, the US military has acknowledged the existence of UAPs and confirmed the authenticity of certain videos and images purporting to show UAPs. Given that currently there is no identification of these observed phenomena, it is possible that UAPs could create unintentional or deliberate operational, data security, "cyber" and other interference with the operation of satellites and other objects in space. Such activities could result in a significant adverse impact on the Fund's securities, thereby causing the Fund's investment in such portfolio securities to lose value and adversely affecting the Fund's ability to fulfill its investment objectives. 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.