NOTE 1 – ORGANIZATION
Procure Space ETF (the “Fund”) is a non-diversified
series of Procure ETF Trust II (the “Trust”), an
open-end management investment company consisting of multiple
investment series, organized as a Delaware statutory trust on
December 19, 2017. The Trust is registered with the SEC under the
Investment Company Act of 1940, as amended (the “1940
Act”), as an open-end management investment company and the
offering of the Fund’s shares (“Shares”) is
registered under the Securities Act of 1933, as amended (the
“Securities Act”). 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”). The Fund commenced operations on
April 10, 2019.
The Fund currently offers one class of Shares, which has no front
end sales load, no deferred sales charges, and no redemption fees.
The Fund may issue an unlimited number of Shares of beneficial
interest, with no par value. All Shares of the Fund have equal
rights and privileges.
Shares of the Fund are listed and traded on the NYSE Arca, Inc.
Market prices for the Shares may be different from their net asset
value (“NAV”). The Fund issues and redeems Shares on a
continuous basis at NAV only in blocks of 25,000 shares, called
“Creation Units.” Creation Units are issued and
redeemed principally in-kind for securities included in a specified
Index. Once created, Shares generally trade in the secondary market
at market prices that change throughout the day in quantities less
than a Creation Unit. Except when aggregated in Creation Units,
Shares are not redeemable securities of a Fund. Shares of a Fund
may only be purchased or redeemed by certain financial institutions
(“Authorized Participants”). An Authorized Participant
is either (i) a broker-dealer or other participant in the clearing
process through the Continuous Net Settlement System of the
National Securities Clearing Corporation or (ii) a DTC participant
and, in each case, must have executed a Participant Agreement with
the Distributor. Most retail investors do not qualify as Authorized
Participants nor have the resources to buy and sell whole Creation
Units. Therefore, they are unable to purchase or redeem the Shares
directly from a Fund. Rather, most retail investors may purchase
Shares in the secondary market with the assistance of a broker and
are subject to customary brokerage commissions or
fees.
Authorized Participants pay fixed transaction fees to offset the
transfer and other transaction costs associated with the issuance
and redemption of Creation Units. The fixed transaction fee will be
the same regardless of the number of Creation Units issued or
redeemed by an investor. The fixed transaction fee charged by the
Fund for each creation and redemption order is $500. Fixed
transaction fees may be waived when the Advisor or Sub-Advisor
believes that waiver of the fee is in the best interest of the
Fund. An additional variable fee of up to four (4) times the fixed
transaction fee (expressed as a percentage of the value of the
Deposit Securities) for creations or (expressed as a percentage
value of the Fund Securities) for redemptions may be imposed for
(1) creations/redemption effected outside the Clearing Process and
(2) cash creations/redemptions (to offset the Fund's brokerage and
other transaction costs associated with using cash to purchase the
requisite Deposit/Fund Securities). Investors are responsible for
the costs of transferring the securities constituting the
Deposit/Fund Securities to the account of the Fund or on their
order. Such variable charges, if any, are included in
“Transaction Fees” in the Statement of Changes in Net
Assets.
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies
consistently followed by the Fund. These policies are in conformity
with accounting principles generally accepted in the United States
of America (“U.S. GAAP”).
Procure
Space ETF
NOTES TO FINANCIAL STATEMENTS
October
31, 2019 (Continued)
The Fund follows the investment company accounting and reporting
guidance of the Financial Accounting Standards Board
(“FASB”) Accounting Standards Codification
(“ASC”) Topic 946 Financial Services
– Investment
Companies.
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A.
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Security Valuation. Securities listed on a securities exchange,
market or automated quotation system for which quotations are
readily available (except for securities traded on NASDAQ),
including securities traded over the counter, are valued at the
last quoted sale price on the primary exchange or market (foreign
or domestic) on which they are traded on the valuation date (or at
approximately 4:00 pm Eastern Time if a security’s primary
exchange is normally open at that time), or, if there is no such
reported sale on the valuation date, at the most recent quoted bid
price. For securities traded on NASDAQ, the NASDAQ Official Closing
Price will be used.
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Money market funds are valued at NAV.
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Securities for which quotations are not readily available are
valued at their respective fair values as determined in good faith
by the Board of Trustees (the “Board”). When a security
is “fair valued,” consideration is given to the facts
and circumstances relevant to the particular situation, including a
review of various factors set forth in the pricing procedures
adopted by the Fund’s Board. The use of fair value pricing by
a fund may cause the net asset value of its shares to differ
significantly from the net asset value that would be calculated
without regard to such considerations. As of October 31, 2019, the
Fund did not hold any fair valued securities.
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As described above, the Fund utilizes various methods to measure
the fair value of its investments on a recurring basis. U.S. GAAP
establishes a hierarchy that prioritizes inputs to valuation
methods. The three levels of inputs are:
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Level 1
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Unadjusted quoted prices in active markets for identical assets or
liabilities that the Fund has the ability to access.
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Level 2
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Observable inputs other than quoted prices included in Level 1 that
are observable for the asset or liability, either directly or
indirectly. These inputs may include quoted prices for the
identical instrument on an inactive market, prices for similar
instruments, interest rates, prepayment speeds, credit risk, yield
curves, default rates and similar data.
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Level 3
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Unobservable inputs for the asset or liability, to the extent
relevant observable inputs are not available; representing the
Fund’s own assumptions about the assumptions a market
participant would use in valuing the asset or liability, and would
be based on the best information available.
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The availability of observable inputs can vary from security to
security and is affected by a wide variety of factors, including,
for example, the type of security, whether the security is new and
not yet established in the marketplace, the liquidity of markets,
and other characteristics particular to the security. To the extent
that valuation is based on models or inputs that are less
observable or unobservable in the market, the determination of fair
value requires more judgment. Accordingly, the degree of judgment
exercised in determining fair value is greatest for instruments
categorized in Level 3.
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The inputs used to measure fair value may fall into different
levels of the fair value hierarchy. In such cases, for disclosure
purposes, the level in the fair value hierarchy within which the
fair value measurement falls in its entirety, is determined based
on the lowest level input that is significant to the fair value
measurement in its entirety.
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Procure
Space ETF
NOTES TO FINANCIAL STATEMENTS
October
31, 2019 (Continued)
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The following table presents a summary of the Fund’s
investments in securities, at fair value, as of October 31,
2019:
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Assets^
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Common
Stocks
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$12,297,891
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$—
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$—
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$12,297,891
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Short
Term Investments
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9,356
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—
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—
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9,356
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Total
Investments in Securities
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$12,307,247
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$—
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$—
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$12,307,247
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^ See Schedule of Investments for classifications by country and
industry.
During the period ended October 31, 2019, the Fund did not hold any
Level 3 securities.
B.
Federal Income
Taxes. The Fund has elected to
be taxed as a “regulated investment company” and
intends to distribute substantially all taxable income to its
shareholders and otherwise comply with the provisions of the
Internal Revenue Code applicable to regulated investment companies.
Therefore, no provisions for federal income taxes or excise taxes
have been made.
To
avoid imposition of the excise tax applicable to regulated
investment companies, the Fund intends to declare each year as
dividends, in each calendar year, at least 98.0% of its net
investment income (earned during the calendar year) and 98.2% of
its net realized capital gains (earned during the twelve months
ended October 31) plus undistributed amounts, if any, from prior
years.
Net
capital losses incurred after October 31, within the taxable year
are deemed to arise on the first business day of the Fund’s
next taxable year.
The
Fund recognizes the tax benefits of uncertain tax positions only
where the position is “more likely than not” to be
sustained assuming examination by tax authorities. The Fund has
analyzed its tax position and has concluded that no liability for
unrecognized tax benefits should be recorded related to uncertain
tax positions expected to be taken in the Fund’s 2019 tax
returns. The Fund identifies its major tax jurisdictions as U.S.
Federal, the State of New Jersey, and the State of Delaware;
however the Fund is not aware of any tax positions for which it is
reasonably possible that the total amounts of unrecognized tax
benefits will change materially in the next twelve
months.
As
of October 31, 2019, management has reviewed the tax positions for
open periods (for Federal purposes, three years from the date of
filing and for state purposes, four years from the date of filing),
as applicable to the Fund, and has determined that no provision for
income tax is required in the Fund’s financial
statements.
C.
Security Transactions and
Investment Income. Investment
securities transactions are accounted for on the trade date. Gains
and losses realized on sales of securities are determined on a
specific identification basis. Discounts/premiums on debt
securities purchased are accreted/amortized over the life of the
respective securities using the effective interest method. Dividend
income is recorded on the ex-dividend date. Interest income is
recorded on an accrual basis. Income, including gains, from
investments in foreign securities received by the Fund may be
subject to income, withholding or other taxes imposed by foreign
countries.
D.
Foreign Currency Translations
and Transactions. The Fund
may engage in foreign currency transactions. Foreign currency
transactions are translated into U.S. dollars on the following
basis: (i) market value of investment securities, assets and
liabilities at the daily rates of exchange, and (ii) purchases and
sales of investment securities, dividend and interest income and
certain expenses at the rates of exchange prevailing on the
respective dates of such transactions. For financial reporting
purposes, the Fund does not isolate changes in the exchange rate of
investment securities from the fluctuations arising from changes in
the market prices of securities for unrealized gains and losses.
However, for federal income tax purposes, the Fund does isolate and
treat as ordinary income the effect of changes in foreign exchange
rates on realized gains or losses from the sale of investment
securities and payables and receivables arising from trade-date and
settlement-date differences.
Procure
Space ETF
NOTES TO FINANCIAL STATEMENTS
October
31, 2019 (Continued)
E.
Distributions to
Shareholders. Distributions to
shareholders from net investment income are declared and paid for
the Fund on a quarterly basis. Net realized gains on
securities for the Fund normally are declared and paid on an annual
basis. Distributions are recorded on the ex-dividend
date.
F.
Use of Estimates.
The preparation of financial
statements in conformity with U.S. GAAP requires management to make
estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of increases and decreases in net assets from
operations during the reporting period. Actual results could differ
from those estimates.
G.
Share Valuation.
NAV per share of the Fund is
calculated by dividing the sum of the value of the securities held
by the Fund, plus cash and other assets, minus all liabilities
(including estimated accrued expenses) by the total number of
Shares outstanding for the Fund, rounded to the nearest cent. The
Fund’s Shares will not be priced on the days on which the
NYSE is closed for trading.
H.
Guarantees and
Indemnifications. In the normal
course of business, the Fund enters into contracts with service
providers that contain general indemnification clauses. The
Fund’s maximum exposure under these arrangements is unknown
as this would involve future claims that may be made against the
Fund that have not yet occurred. However, based on experience, the
Fund expects the risk of loss to be remote.
NOTE 3 – 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.
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.
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.
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.
Procure
Space ETF
NOTES TO FINANCIAL STATEMENTS
October
31, 2019 (Continued)
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.
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 NYSE Arca (the “Exchange” or
“NYSE Arca”) 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 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. 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.
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.
Procure
Space ETF
NOTES TO FINANCIAL STATEMENTS
October
31, 2019 (Continued)
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.
NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY
TRANSACTIONS.
Pursuant to an Investment Advisory Agreement (“Advisory
Agreement”) between the Trust, on behalf of the Fund, and
ProcureAM, LLC (the “Advisor”), the Advisor provides
investment advice to the Fund and oversees the day-to-day
operations of the Fund, subject to the direction and control of the
Board and the officers of the Trust.
Under the Advisory Agreement, the Advisor agrees to pay all
expenses of the Trust, except brokerage and other transaction
expenses including taxes; legal fees or expenses, such as those for
litigation or arbitration; compensation and expenses of the
Independent Trustees, counsel to the Independent Trustees, and the
Trust’s chief compliance officer; expenses; distribution fees
and expenses paid by the Trust under any distribution plan adopted
pursuant to Rule 12b-1 under the 1940 Act; and the advisory fee
payable to the Advisor hereunder. For services provided to the
Fund, the Fund pays the Adviser 0.75% at an annual rate based on
the Fund’s average daily net assets. Certain officers and an
Interesed Trustee of the Trust are affiliated with the Advisor.
Those officers’ and Interested Trustee’s compensation
is paid for by the Advisor.
Penserra Capital Management, LLC serves as the Sub-Advisor (the
“Sub-Advisor”) to the Fund. The Sub-Advisor has overall
responsibility for selecting and continuously monitoring the
Fund’s investments. The Advisor has overall responsibility
for overseeing the investment of the Fund’s assets, managing
the Fund’s business affairs and providing certain clerical,
bookkeeping and other administrative services for the
Trust.
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global
Fund Services (the “Administrator”), provides fund
accounting, fund administration, and transfer agency services to
the Fund. The Advisor compensates the Administrator for these
services under an administration agreement between the two
entities. U.S. Bank National Association, a an affiliate of U.S.
Bank Global Fund Services, serves as the Fund’s custodian
pursuant to a custody agreement. Quasar Distributors, LLC, an
affiliate of U.S. Bank Global Fund Services, serves as the
Fund’s distributor pursuant to a distribution
agreement.
Procure
Space ETF
NOTES TO FINANCIAL STATEMENTS
October
31, 2019 (Continued)
The Fund pays, in the aggregate, each Independent Trustee an annual
fee of $12,000. The Chairmen of the Audit Committee, the Valuation
Committee and the Nominating and Governance Committee each receive
an additional annual fee of $1,000. In addition, the Independent
Trustees are reimbursed for all reasonable travel expenses relating
to their attendance at Board Meetings. The Fund paid Vigilant
Compliance, LLC ("Vigilant") $2,800 per month for Chief Compliance
Officer ("CCO") services rendered the first six (6) months from the
effective date of the CCO agreement executed between the Fund and
Vigilant, and $4,000 per month seven (7) onward. During the fiscal
period ended October 31, 2019, the Advisor paid $48,597, in the
aggregate, for Trustee and CCO fees on the Fund's behalf, as a
voluntary waiver of its management fee. Such voluntary waivers are
not subject to recoupment by the Advisor.
NOTE 5 – DISTRIBUTION PLAN
The Fund has adopted a Plan of Distribution pursuant to Rule 12b-1
under the 1940 Act. Under the Plan, the Fund may pay compensation
to the Distributor or any other distributor or financial
institution with which the Trust has an agreement with respect to
the Fund, with the amount of such compensation not to exceed an
annual rate of 0.25% of each Fund’s daily average net assets.
For the period ended October 31, 2019 the Fund did not incur any
12b-1 expenses.
NOTE 6 - PURCHASES AND SALES OF SECURITIES
The costs of purchases and sales of securities, excluding
short-term securities and in-kind transactions, for the period
ended October 31, 2019:
The costs of purchases and sales of in-kind transactions associated
with creations and redemptions for the period ended October 31,
2019:
Net capital gains or losses resulting from in-kind redemptions are
excluded from the Fund’s taxable gains and are not
distributed to shareholders.
There were no purchases or sales of U.S. Government obligations for
the period ended October 31, 2019.
NOTE 7 – FEDERAL INCOME TAXES
The components of distributable earnings (losses) and cost basis of
investments for federal income tax purposes at October 31, 2019
were as follows:
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Gross
Unrealized
Appreciation
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Gross
Unrealized
Depreciation
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Net
Unrealized
Appreciation
(Depreciation)
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$11,905,031
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$1,096,265
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$(693,529)
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$402,736
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Procure
Space ETF
NOTES TO FINANCIAL STATEMENTS
October
31, 2019 (Continued)
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Undistributed
Ordinary
Income
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Undistributed
Long-term
Gain
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Unrealized Appreciation/
(Depreciation)
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Total
Distributable
Earnings
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$—
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$—
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$(365,143)
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$402,736
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$37,593
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As of October 31, 2019, the Fund had accumulated capital loss
carryovers of:
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Capital Loss Carryover
ST
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Capital Loss
Carryover
LT
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Expires
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$(364,481)
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$-
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Indefinite
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Under current tax law, late-year currency losses realized after
October 31 of a Fund’s fiscal year may be deferred and
treated as occurring on the first business day of the following
fiscal year for tax purposes. The Fund deferred the following
late-year currency losses, which will be treated as arising on the
first business day of the year ended October 31, 2020:
U.S. GAAP requires that certain components of net assets relating
to permanent differences be reclassified between financial and tax
reporting. These reclassifications have no effect on net assets or
net asset value per share. For the period ended October 31, 2019,
there were no reclassifications made.
The tax character of distributions paid by the Fund during the
period ended October 31, 2019 is as follows:
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Period Ended
October 31, 2019
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$14,106
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$6,644
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During the period ended October 31, 2019 the Fund had no realized
net capital gains from in-kind redemptions, in which shareholders
would have exchanged Fund Shares for securities held by the Fund
rather than cash.
NOTE 8 – NEW ACCOUNTING PRONOUNCEMENTS
In August 2018, FASB issued Accounting Standards Update 2018-13,
Fair Value Measurement (Topic 820): Disclosure Framework –
Changes to the Disclosure Requirements for Fair Value Measurement
(“ASU 2018-13”). The primary focus of ASU 2018-13 is to
improve the effectiveness of the disclosure requirements for fair
value measurements. The changes affect all companies that are
required to include fair value measurement disclosures. In general,
the amendments in ASU 2018-13 are effective for all entities for
fiscal years and interim periods within those fiscal years,
beginning after December 15, 2019. An entity is permitted to early
adopt the removed or modified disclosures upon the issuance of ASU
2018-13 and may delay adoption of the additional disclosures, which
are required for public companies only, until their effective date.
Management has evaluated ASU 2018-13 and has early adopted the
relevant provisions of the disclosure framework.
Procure
Space ETF
NOTES TO FINANCIAL STATEMENTS
October
31, 2019 (Continued)
NOTE 9 – SUBSEQUENT EVENTS
Effective on December 9, 2019, the Procure Space ETF will
voluntarily transfer its primary listing to the NASDAQ Stock Market
and will no longer be listed on NYSE Arca, Inc. The transfer is
expected to take place on December 6, 2019, after market close. The
fund expects to begin trading on the NASDAQ Stock Market on
December 9, 2019, after market open, using its current ticker
symbol, “UFO”. Shares of the Fund will continue to
trade on the NYSE Arca until the transfer is
completed.
Also effective as of such date, all references in the Fund’s
Summary Prospectus, Statutory Prospectus and Statement of
Additional Information to “NYSE Arca, Inc. and “NYSE
Arca” specific to the listing exchange for the Fund are
hereby deleted and replaced with “The Nasdaq Stock
Market” and “NASDAQ”, respectively. This change
has no effect on the Fund’s investment objective or strategy
and is expected to be seamless for shareholders of the
Fund.
There were no other events or transactions that occurred during the
period subsequent to the end of the current fiscal period that
materially impacted the amounts or disclosures in the Fund’s
financial statements through the date the financial statements were
issued.
Procure Space ETF