The Defiance Connective Technologies ETF (UFOX) sits at the intersection of two growing sectors: the public-market space industry and the artificial intelligence buildout, with approximately $834 million in net assets as of April 27, 2026, a 0.30% expense ratio, and 61 holdings deliberately constructed to span both sides of the convergence.¹ The fund’s top positions illustrate the thesis directly: pure-play space names Rocket Lab (RKLB) at 4.82% and AST SpaceMobile (ASTS) at 3.69% sit alongside the AI infrastructure cornerstones NVIDIA (NVDA) at 4.91% and Broadcom (AVGO) at 5.16%.¹ With SpaceX’s confidential SEC filing on April 1, 2026 putting space squarely back into the public-market spotlight at a reported $1.75 trillion to $2 trillion valuation,² and AI infrastructure capex tracking toward $635 billion or more in 2026,³ UFOX (UFOX) offers a single-ticker approach to the listed names operating where these two sectors meet.
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Trade ASTS with leverage| Quick Facts | UFOX Space ETF |
| Ticker | UFOX (Nasdaq) |
| Fund Name | Defiance Connective Technologies ETF |
| Underlying Index | BlueStar® Connective Technologies Index |
| Net Assets (AUM) | Approximately $834.35 million as of April 27, 2026 |
| Expense Ratio | 0.30% |
| Inception Date | March 4, 2019 |
| Number of Holdings | 61 as of April 27, 2026 |
| Beta (5-Year) | Approximately 1.27 |
UFOX fund profile and what it holds
UFOX trades on Nasdaq, is sponsored by Defiance ETFs, and tracks the BlueStar® Connective Technologies Index, administered by MarketVector Indexes GmbH. The index tracks U.S.- listed companies in connective technologies, including satellite communications and space-related companies.⁴ The fund uses a modified market-cap-weighted methodology with a 5% individual security cap and semi-annual rebalancing.⁴
The portfolio splits cleanly along the AI and space convergence. On the space side, Rocket Lab (RKLB), AST SpaceMobile (ASTS), and EchoStar (SATS) anchor exposure to launch, satellite communications, and orbital operations. On the AI infrastructure side, NVIDIA (NVDA), Broadcom (AVGO), Marvell Technology (MRVL), and Cisco Systems (CSCO) anchor exposure to the GPUs, networking silicon, and connectivity hardware powering both terrestrial and space-based AI workloads. As of April 27, 2026, the top ten positions represented approximately 37% of net assets, with sector exposure of approximately 77.45% Technology, 10.29% Industrials, 8.25% Communication Services, and 4.01% Real Estate.¹⁻⁵
| Company | Ticker | % of Net Assets |
| Broadcom | AVGO | 5.16% |
| NVIDIA | NVDA | 4.91% |
| Rocket Lab | RKLB | 4.82% |
| Apple | AAPL | 4.32% |
| AST SpaceMobile | ASTS | 3.69% |
| MaxLinear | MXL | 3.18% |
| Cisco Systems | CSCO | 3.08% |
| Oracle | ORCL | 2.93% |
| EchoStar | SATS | 2.48% |
| Marvell Technology | MRVL | 2.46% |
This is not a fund built around a single mega-cap; it is a fund built around a thesis. The intersection of AI and space is not a marketing concept, it is a real and measurable revenue overlap. The chips that train large language models are the same chips processing geospatial intelligence in orbit. The networking silicon that connects AI data centers is the same silicon enabling satellite-to-ground links. The companies in the UFOX portfolio sit on both sides of that overlap. Holdings are subject to change at any time and should not be considered recommendations to buy or sell any security. For the complete and most current holdings list, visit defianceetfs.com/ufox.
Performance: triple-digit trailing one-year return, with broad-market sensitivity
UFOX produced a total return of approximately 101.71% over the trailing one-year period, with a since-inception annualized return of approximately 19.97%, both as of May 1, 2026.⁶ The fund’s beta over the trailing five-year period was approximately 1.27, indicating somewhat higher market sensitivity than the broad market.⁶
Standardized Performance as of 04/30/2026
| YTD | 1 Month | 3 Months | 6 Months | 1 Year | 3 Years | 5 Years | Since Inception | |
| Total Return NAV (%) | 31.88% | 23.28% | 26.80% | 24.34% | 99.11% | 41.31% | 19.83% | 19.79% |
| Market Price (%) | 31.94% | 23.37% | 27.03% | 24.31% | 99.55% | 41.38% | 19.81% | 19.80% |
For more details visit www.defianceetfs.com/ufox/#standardized-performance
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 833.333.9383. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.
The case for the intersection: where AI and space create overlapping demand
The fundamental case for UFOX rests on a thesis that has hardened over the past 18 months: AI and space are not two separate themes that happen to use similar hardware, they are increasingly the same theme. The AI buildout needs space, and the space industry has become an AI story. Reported figures suggest the global space economy could grow to roughly $1.8 trillion by 2035, up from approximately $630 billion in 2023, according to a 2024 World Economic Forum and McKinsey & Company analysis,⁷ while AI infrastructure capex from the largest U.S. hyperscalers is projected to reach $635 billion or more in 2026 alone.³ The convergence shows up in four concrete places.
Orbital compute is becoming a real category. NVIDIA (NVDA) has launched a dedicated Space-1 hardware platform built around the Vera Rubin GPU architecture, designed for orbital data centers, geospatial intelligence inference, and autonomous space operations.² The thesis is straightforward: low-earth orbit offers solar power, natural cooling, and proximity to imaging payloads, making it a viable site for certain AI workloads. Companies including Starcloud, Axiom Space, and a growing roster of defense-focused operators have begun procuring orbital compute hardware, with NVIDIA reportedly indicating expectations of large-scale chip purchases from space industry customers as the segment scales.²
AI is rewriting how satellites operate. Modern constellations rely on machine learning models for autonomous collision avoidance, on-board image processing, dynamic spectrum allocation, and predictive maintenance. The chips, software, and networking gear that enable that intelligence layer come from the same supply chain serving terrestrial data centers. UFOX holdings such as Broadcom (AVGO), Marvell Technology (MRVL), and MaxLinear (MXL) sell into both ground-based AI infrastructure and the satellite communications value chain, giving the portfolio direct exposure to a supplier base whose addressable market is expanding on both fronts.
The launch and operations layer is scaling alongside the compute layer. Rocket Lab (RKLB), the third-largest UFOX holding at 4.82%, has built a vertically integrated operation spanning launch, spacecraft manufacturing, and on-orbit operations, one of the few publicly traded companies with that combination of capabilities, and a key domestic supplier of the deployment infrastructure that AI-enabled space services depend on.
Connectivity is the third leg of the convergence. Direct-to-cell satellite networks are moving from concept to commercial deployment, with AT&T’s commercial partnership with AST SpaceMobile (ASTS), a top-five UFOX holding. The infrastructure powering those satellite-to-handset links draws on the same semiconductor and networking hardware that runs ground-based 5G systems and AI inference at the network edge, creating a potential revenue overlap between the satellite layer and the connective technology companies in the portfolio.
SpaceX confidentially filed registration paperwork with the U.S. Securities and Exchange Commission on April 1, 2026, with reports indicating a possible June 2026 public offering target at a valuation estimated to be in the range of $1.75 trillion to $2 trillion, and as much as 30% of the offering reportedly allocated to retail investors.² The IPO is widely viewed as a watershed moment for the listed space sector: expected to deepen public-market liquidity, sharpen analyst coverage, and draw renewed retail and institutional capital toward the kind of satellite, launch, and AI infrastructure companies that populate the UFOX portfolio. (UFOX does not currently hold SpaceX, which remains a private company.)
Risks: concentration, valuation, and execution
Stretched valuations top the risk list. Several space industry holdings trade at price-to-sales multiples that reflect significant expected future growth, and companies in early commercial phases may continue to operate at losses for an extended period. Dilution risk through equity issuance has been meaningful across the segment.
Concentration in narrow industries is structural. UFOX is non-diversified and sector-concentrated in technology, communications, and satellite communications and space industry companies, which historically have experienced higher volatility than broad equity indices. Single-stock drawdowns of 30% or more on company-specific news events have been common across the satellite and space segment, and the fund’s 1.27 trailing five-year beta reflects that elevated sensitivity.⁶ Technology and operational execution risk is real. Space industry companies face launch risk, satellite reliability risk, and intense competition from both private and government entities, including SpaceX. Timelines for direct-to-cell coverage rollout, on-orbit computing, and reusable launch operations can extend, and execution missteps can be material to single-stock prices. Forward-looking events including the SpaceX IPO remain subject to regulatory review and market conditions.
Conclusion
UFOX occupies a distinctive position in the thematic ETF landscape: a single ticker built around the convergence of AI and space, two of the most heavily capitalized investment themes in the public market today. The fund’s construction reflects a clear thesis. A 61-holding portfolio led by Rocket Lab, AST SpaceMobile, NVIDIA, and Broadcom, with a 5% per-security cap that limits concentration risk and a 0.30% expense ratio that compares favorably with the broader thematic ETF universe, gives investors balanced exposure to both sides of the intersection rather than forcing a choice between them.
For investors who view the AI infrastructure buildout and the public-market space industry as two halves of the same multi-year structural story rather than as competing single-event trades, UFOX provides a level of thematic focus that broad market indices cannot replicate. That focus is weighed against elevated valuations, concentration in narrow industries, and the volatility that comes with exposure to sectors still in the early stages of commercial scale.
Investors interested in adjacent Defiance thematic ETFs may also consider the Defiance Quantum ETF (QTUM), the Defiance AI Power & Infrastructure ETF (AIPO), and the Defiance Drone & Modern Warfare ETF (JEDI).
Footnotes
1. Holdings, net assets, and sector data sourced from Robinhood and Morningstar fund profile pages reporting Defiance Connective Technologies ETF (UFOX) data as of April 27, 2026.
2. SpaceX IPO timeline and valuation details from financial press coverage including Bloomberg, CNBC, and The Motley Fool, citing SpaceX confidential SEC filing dated April 1, 2026; references to NVIDIA’s Space-1 hardware platform and orbital compute customer activity from NVIDIA company communications and trade press coverage. As of May 1, 2026.
3. Aggregate U.S. hyperscaler capital expenditure projection for 2026 derived from analyst estimates and company guidance compiled in CreditSights and Goldman Sachs research published in late 2025 and early 2026.
4. Index methodology and fund structure data from defianceetfs.com/ufox.
5. Top-10 concentration figure derived from Morningstar fund profile data as of April 27, 2026.
6. Trailing return and beta data from StockAnalysis.com as of May 1, 2026. Standardized 1-month, 3-month, YTD, 1-year, 3-year, 5-year, and since-inception NAV and market price returns as of the most recent month-end are available at defianceetfs.com/ufox.
7. World Economic Forum and McKinsey & Company, “Space: The $1.8 Trillion Opportunity for Global Economic Growth,” 2024.
Disclosures
This article is sponsored content created in partnership with Defiance ETFs. It is intended for informational and educational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any securities.
The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contains this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectus can be requested by calling 833.333.9383.
Trailing five-year beta is an ETF’s volatility relative to a benchmark index, measured over the most recent 60 months of returns, where 1.0 equals the benchmark, above 1.0 indicates greater volatility, and below 1.0 indicates less.
Index Definition: The BlueStar® Connective Technologies Index tracks the performance of U.S.-listed Connective Technology Companies and Satellite Communications and Space Industry Companies, as determined by MarketVector Indexes GmbH. Connective Technology Companies offer hardware, software, or services related to the rollout of 5G or 6G networks or other connective technologies. Satellite Communications and Space Industry Companies are companies whose products or services are instrumental in satellite communications and the space industry. One cannot invest directly in an index.
Fund Risks: Investing involves risk, including possible loss of principal. The Fund is non-diversified and may invest a significant percentage of its assets in a small number of issuers, which may make the Fund more susceptible to risks affecting those issuers. The Fund is concentrated in the technology, communications, and satellite communications and space industry sectors, which may experience greater volatility than the broader market. Satellite Communications and Space Industry Risk: Companies engaged in satellite communications and the space industry may be significantly impacted by rapid technological advancement, intense competition from new entrants (including governments and the private sector), reliance on government demand and regulatory authorizations (including orbital position and spectrum allocation), launch and operational risks, and dependence on patent and intellectual property rights. Foreign securities risk and small- and mid-capitalization securities risk may also apply.
UFOX is distributed by Foreside Fund Services, LLC.
Foreside Fund Services, LLC is not affiliated with Defiance ETFs, MarketVector Indexes GmbH, or BlueStar Indexes.