ProcureAM co-founder and CEO Andrew Chanin joins Wealth! for Yahoo Finance Space Week to offer tips for investing in the space industry.

Chanin explains that because it may be difficult for investors to grasp all companies with exposure to the space industry, a space equity traded fund (ETF) that consolidates such companies can be a useful tool. However, the ProcureAM founder says the management of an ETF is "extremely important," and investors should watch for an "actionable" plan from fund managers.

Chanin adds that the companies included in Procure's recent space ETF (UFO) are ones that "[enable] space technologies to make something that is maybe helping consumers. But then you also have other companies that are involved in areas like rocket launch, such as Rocket Lab (RKLB) ... where these types of companies are helping not just bring things to space, but hopefully helping to lower the cost and access to utilizing space as well."

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

Catch up on Yahoo Finance's special coverage as part of this week's Space Race: Investing in the Final Frontier series.

This post was written by Nicholas Jacobino