AT&T Inc

Procure Space ETF

NOTES TO FINANCIAL STATEMENTS

January 31, 2023 (Unaudited)

The following is a summary of significant accounting policies consistently followed by Procure Space ETF (“UFO”) and Procure Disaster Recovery Strategy ETF (“FIXT”) which is a 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. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

A.	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.

	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”) or the board designee. 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 Trust’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 January 31, 2023, the Trust did not hold any fair valued securities.
	As described above, the Trust 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:

	Level 1	Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

	Level 2	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.

	Level 3	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Trust’s own assumptions about the assumptions a market participant would use in valuing the asset or liabilities and would be based on the best information available.

	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.
	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.

	The following table presents a summary of the Trust’s investments in securities, at fair value, as of January 31, 2023:

Procure Space ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	58,986,054	$	—	$	—	$	58,986,054
Investments Purchased with Proceeds from Securities Lending Collateral*		—		—		—		6,850,761
Short Term Investments		145,503		—		—		145,503
Total Investments in Securities	$	59,131,557	$	—	$	—	$	65,982,318

Procure Disaster Recovery Strategy ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	658,159	$	—	$	—	$	658,159
Short Term Investments		1,281		—		—		1,281
Total Investments in Securities	$	659,440	$	—	$	—	$	659,440

^ See Schedule of Investments for classifications by country and industry.

^*Certain investments that are measured at fair value used the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.

Procure Space ETF
Schedule of Investments
January 31, 2023 (Unaudited)
	Shares		Value

COMMON STOCKS - 99.5%
Cayman Islands - 0.2%
Software - 0.2%
Arqit Quantum, Inc. (a)(b)		53,833	$	114,126
Total Cayman Islands				114,126

France - 4.7%
Aerospace & Defense - 0.2% (d)
Thales SA - ADR		1,024		135,010
Media - 4.5%
Eutelsat Communications SA - ADR		345,499		2,634,103
Total France				2,769,113

Israel - 0.2%
Communications Equipment - 0.2%
SatixFy Communications Ltd. (a)(b)		79,116		136,079
Total Israel				136,079

Italy - 0.1%
Aerospace & Defense - 0.1% (d)
Leonardo SpA - ADR		4,093		42,025
Total Italy				42,025

Japan - 4.1%
Media - 2.7%
Sky Perfect JSAT Holdings, Inc. - ADR		410,400		1,581,071
Professional Services - 1.4%
Weathernews, Inc.		15,400		833,681
Total Japan				2,414,752

Luxembourg - 5.1%
Media - 5.1%
SES SA		387,983		3,000,983
Total Luxembourg				3,000,983

Netherlands - 3.5%
Aerospace & Defense - 1.1% (d)
Airbus SE - ADR		5,389		672,125
Software - 2.4%
TomTom NV - ADR (a)		198,211		1,402,462
Total Netherlands				2,074,587

Switzerland - 4.6%
Household Durables - 4.6%
Garmin, Ltd.		27,875		2,756,280
Total Switzerland				2,756,280

United States - 77.0%
Aerospace & Defense - 33.2% (d)
Aerojet Rocketdyne Holdings, Inc. (a)		2,610		145,951
Astra Space, Inc. (a)(b)		491,781		312,674
Boeing Co. (a)		7,441		1,584,933
L3Harris Technologies, Inc.		6,118		1,314,269
Lockheed Martin Corp.		2,746		1,272,112
Maxar Technologies, Inc.		108,866		5,625,106
Northrop Grumman Corp.		2,466		1,104,867
Raytheon Technologies Corp.		13,394		1,337,391
Rocket Lab USA, Inc. (a)		669,614		3,327,981
Sidus Space, Inc. - Class A (a)(b)		23,348		9,573
Terran Orbital Corp. (a)		257,351		499,261
Virgin Galactic Holdings, Inc. (a)(b)		569,458		3,143,408
Total Aerospace & Defense				19,677,526
Communications Equipment - 6.4%
Comtech Telecommunications Corp.		44,487		705,564
ViaSat, Inc. (a)		88,807		3,059,401
Total Communications Equipment				3,764,965
Containers & Packaging - 0.4%
Ball Corp.		4,311		251,073
Diversified Telecommunication Services - 14.7%
AST SpaceMobile, Inc. (a)(b)		112,444		605,511
AT&T, Inc.		41,076		836,718
EchoStar Corp. - Class A (a)		97,152		1,817,714
Globalstar, Inc. (a)		1,655,320		2,334,001
Iridium Communications, Inc. (a)		52,679		3,152,312
Total Diversified Telecommunication Services				8,746,256
Electronic Equipment, Instruments & Components - 4.5%
Trimble, Inc. (a)		46,180		2,681,211
Industrial Conglomerates - 1.9%
Honeywell International, Inc.		5,426		1,131,212
Media - 11.2%
Comcast Corp. - Class A		38,104		1,499,392
DISH Network Corp. - Class A (a)		182,289		2,623,139
Sirius XM Holdings, Inc. (b)		432,640		2,504,986
Total Media				6,627,517
Professional Services - 4.7%
BlackSky Technology, Inc. (a)(b)		182,715		332,541
Planet Labs PBC (a)		498,143		2,465,808
Total Professional Services				2,798,349
Total United States				45,678,109
TOTAL COMMON STOCKS (Cost $74,377,183)				58,986,054

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 11.5%
Mount Vernon Liquid Assets Portfolio, LLC, 4.47% (c)				6,850,761
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,850,761)				6,850,761

SHORT-TERM INVESTMENTS - 0.2%
Money Market Funds - 0.2%
First American Government Obligations Fund - Class X, 4.14% (c)		145,503		145,503
TOTAL SHORT-TERM INVESTMENTS (Cost $145,503)				145,503

Total Investments (Cost $81,373,447) - 111.2%				65,982,318
Liabilities in Excess of Other Assets - (11.2)%				(6,651,431	)
TOTAL NET ASSETS - 100.0%			$	59,330,887

Percentages are stated as a percent of net assets.

ADR	American Depository Receipt

(a)	Non-income producing security.
(b)	This security or a portion of this security was out on loan at January 31, 2023.
(c)	Rate reflects annualized seven-day yield on January 31, 2023.
(d)	As of January 31, 2023, the Fund had a significant portion of its assets invested in the Aerospace & Defense industry.

The industry classifications listed above are in accordance with Global Industry Classification
Standard (GICS^®), which was developed by and/or is the exclusive property of MSCI, Inc. and
Standard & Poor Financial Services LLC ("S&P").