REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
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☒
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Pre‑Effective Amendment No.
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☐
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Post‑Effective Amendment No. 373
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☒
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and
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REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
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☒
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Amendment No. 374
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☒
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☒
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immediately upon filing pursuant to paragraph (b)
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☐
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on pursuant to paragraph (b)
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☐
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60 days after filing pursuant to paragraph (a)(1)
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☐
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on pursuant to paragraph (a)(1)
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☐
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75 days after filing pursuant to paragraph (a)(2)
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☐
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on pursuant to paragraph (a)(2) of Rule 485.
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ETF Series Solutions
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By: /s/ Michael D. Barolsky
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Michael D. Barolsky, Esq.
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Vice President and Secretary
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Signature
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Title
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*/s/ David A. Massart
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Trustee
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David A. Massart
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*/s/ Janet D. Olsen
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Trustee
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Janet D. Olsen
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*/s/ Leonard M. Rush
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Trustee
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Leonard M. Rush
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*/s/ Michael A. Castino
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Trustee
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Michael A. Castino
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*/s/ Paul R. Fearday
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President
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Paul R. Fearday
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*/s/ Elizabeth A. Winske
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Assistant Treasurer (acting principal financial officer)
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Elizabeth A. Winske
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*By: /s/ Michael D. Barolsky
Michael D. Barolsky, Attorney-in-Fact
pursuant to Powers of Attorney
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Exhibit
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Exhibit No.
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Instance Document
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EX-101.INS
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Schema Document
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EX-101.SCH
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Calculation Linkbase Document
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EX-101.CAL
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Definition Linkbase Document
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EX-101.DEF
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Label Linkbase Document
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EX-101.LAB
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Presentation Linkbase Document
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EX-101.PRE
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Document and Entity Information |
Total |
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Prospectus: | |
Document Type | 485BPOS |
Document Period End Date | Jul. 27, 2018 |
Registrant Name | ETF Series Solutions |
Central Index Key | 0001540305 |
Amendment Flag | false |
Document Creation Date | Jul. 27, 2018 |
Document Effective Date | Jul. 27, 2018 |
Prospectus Date | Jul. 27, 2018 |
Defiance Future Tech ETF | Defiance Future Tech ETF | |
Prospectus: | |
Trading Symbol | AUGR |
Defiance Quantum ETF | Defiance Quantum ETF | |
Prospectus: | |
Trading Symbol | QTUM |
Defiance Vehicle & Technology Innovators ETF | Defiance Vehicle & Technology Innovators ETF | |
Prospectus: | |
Trading Symbol | ZCAR |
Defiance Future Tech ETF | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defiance Future Tech ETF | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Objective | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Defiance Future Tech ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the BlueStar Augmented and Virtual Reality Index (the “Index”).
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Fees and Expenses of the Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Expense Example | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
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Although your actual costs may be higher or lower, based on these assumptions your costs would be: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Portfolio Turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.
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Principal Investment Strategies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Fund uses a “passive management” (or indexing) approach to track the total return performance, before fees and expenses, of the Index. BlueStar Augmented and Virtual Reality Index The Index consists of a modified equal-weighted portfolio of the stock of companies whose products or services are predominantly tied to the development or commercialization of augmented or virtual reality technologies. Such technologies include artificial intelligence; gaming systems; graphic processing units; image and touch display manufacturing; sensors used for touch, depth, or image perception; and software or applications dependent on augmented and virtual reality. The companies included in the Index are screened semi-annually from the universe of globally-listed stocks (including in emerging markets) by BlueStar Global Investors, LLC (“BlueStar” or “Index Provider”) based primarily on descriptions of a company’s primary business activities in regulatory filings (e.g., financial statements, annual reports, investor presentations), analyst reports, and industry-specific trade publications. Companies identified by BlueStar’s screening process are then screened for investibility, including a minimum market capitalization of US$150 million and minimum liquidity thresholds. The Index is rebalanced and reconstituted semi-annually after the close of business on the third Friday of June and December each year based on data as of the Tuesday before the second Friday of June and December each year. As of July 20, 2018, the Index had 62 constituents, 24 of which were listed on a non-U.S. exchange. At the time of each rebalance and reconstitution of the Index, each constituent is equally-weighted, subject to a downward adjustment for securities trading below certain liquidity thresholds. Additionally, the weight of each Index component may rise and/or fall between Index rebalance dates. The Index was established in 2018 and is owned by the Index Provider. The Fund’s Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index or in depositary receipts representing such component securities. The Fund expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning the Fund will generally invest in all of the component securities of the Index in the same approximate proportions as in the Index. However, the Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Index as a whole, when the Fund’s sub-adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). The Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund’s sub-adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of May 4, 2018, the Index was concentrated in the group of software and information technology services industries and had significant exposure to other information technology sector industries, including the semiconductor industry and the technology hardware industry.
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Principal Investment Risks | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and/or ability to meet its objectives. For more information about the risks of investing in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Funds—Principal Investment Risks”.
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Performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.defianceetfs.com.
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Label | Element | Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Defiance Future Tech ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Defiance Future Tech ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Defiance Future Tech ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the BlueStar Augmented and Virtual Reality Index (the “Index”).
|
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Exchange Traded Fund Commissions [Text] | rr_ExpenseExchangeTradedFundCommissions | This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | Estimated for the current fiscal year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Expense Example | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
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Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund uses a “passive management” (or indexing) approach to track the total return performance, before fees and expenses, of the Index. BlueStar Augmented and Virtual Reality Index The Index consists of a modified equal-weighted portfolio of the stock of companies whose products or services are predominantly tied to the development or commercialization of augmented or virtual reality technologies. Such technologies include artificial intelligence; gaming systems; graphic processing units; image and touch display manufacturing; sensors used for touch, depth, or image perception; and software or applications dependent on augmented and virtual reality. The companies included in the Index are screened semi-annually from the universe of globally-listed stocks (including in emerging markets) by BlueStar Global Investors, LLC (“BlueStar” or “Index Provider”) based primarily on descriptions of a company’s primary business activities in regulatory filings (e.g., financial statements, annual reports, investor presentations), analyst reports, and industry-specific trade publications. Companies identified by BlueStar’s screening process are then screened for investibility, including a minimum market capitalization of US$150 million and minimum liquidity thresholds. The Index is rebalanced and reconstituted semi-annually after the close of business on the third Friday of June and December each year based on data as of the Tuesday before the second Friday of June and December each year. As of July 20, 2018, the Index had 62 constituents, 24 of which were listed on a non-U.S. exchange. At the time of each rebalance and reconstitution of the Index, each constituent is equally-weighted, subject to a downward adjustment for securities trading below certain liquidity thresholds. Additionally, the weight of each Index component may rise and/or fall between Index rebalance dates. The Index was established in 2018 and is owned by the Index Provider. The Fund’s Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index or in depositary receipts representing such component securities. The Fund expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning the Fund will generally invest in all of the component securities of the Index in the same approximate proportions as in the Index. However, the Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Index as a whole, when the Fund’s sub-adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). The Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund’s sub-adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of May 4, 2018, the Index was concentrated in the group of software and information technology services industries and had significant exposure to other information technology sector industries, including the semiconductor industry and the technology hardware industry.
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Strategy Portfolio Concentration [Text] | rr_StrategyPortfolioConcentration | To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of May 4, 2018, the Index was concentrated in the group of software and information technology services industries and had significant exposure to other information technology sector industries, including the semiconductor industry and the technology hardware industry. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Heading] | rr_RiskHeading | Principal Investment Risks | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and/or ability to meet its objectives. For more information about the risks of investing in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Funds—Principal Investment Risks”.
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Risk Lose Money [Text] | rr_RiskLoseMoney | You can lose money on your investment in the Fund. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | Although the Fund intends to invest in a variety of securities and instruments, the Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.defianceetfs.com.
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Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.defianceetfs.com | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defiance Future Tech ETF | Defiance Future Tech ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | none | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 208 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Defiance Quantum ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defiance Quantum ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Objective | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Defiance Quantum ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the BlueStar Quantum Computing and Machine Learning Index (the “Index”).
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Fees and Expenses of the Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Expense Example | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Portfolio Turnover | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.
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Principal Investment Strategies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Fund uses a “passive management” (or indexing) approach to track the total return performance, before fees and expenses, of the Index. BlueStar Quantum Computing and Machine Learning Index The Index consists of a modified equal-weighted portfolio of the stock of companies whose products or services are predominantly tied to the development of quantum computing and machine learning technology. Quantum computing” refers to hardware and software designed to take advantage of extremely fast computers that leverage the field of quantum mechanics, a branch of physics dealing with particles and the complexities in which they naturally behave. Such technologies include research and development of quantum computers; use of quantum computing for applied sciences or communications; development of technology-enabled interactions between quantum and traditional computers; development of advanced hardware and/or software used in machine learning; production of specialized machinery used in advanced semiconductor and integrated circuit packaging; or the production and/or processing of raw materials used in quantum computing. The companies included in the Index are screened semi-annually from the universe of globally-listed stocks (including in emerging markets) by BlueStar Global Investors, LLC (“BlueStar” or “Index Provider”) based primarily on descriptions of a company’s primary business activities in regulatory filings (e.g., financial statements, annual reports, investor presentations), analyst reports, and industry-specific trade publications. Companies identified by BlueStar’s screening process are then screened for investibility, including a minimum market capitalization of US$150 million and minimum liquidity thresholds. The Index is rebalanced and reconstituted semi-annually after the close of business on the third Friday of June and December each year based on data as of the Tuesday before the second Friday of June and December each year. As of May 4, 2018, the Index had 58 constituents, 16 of which were listed on a non-U.S. exchange. At the time of each rebalance and reconstitution of the Index, each constituent is equally-weighted, subject to a downward adjustment for securities trading below certain liquidity thresholds. Additionally, the weight of each Index component may rise and/or fall between Index rebalance dates. The Index was established in 2018 and is owned by the Index Provider. The Fund’s Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index or in depositary receipts representing such component securities. The Fund expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning the Fund will generally invest in all of the component securities of the Index in the same approximate proportions as in the Index. However, the Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Index as a whole, when the Fund’s sub-adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). The Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund’s sub-adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of May 4, 2018, the Index was concentrated in the group of software and information technology services industries and in the semiconductor industry and had significant exposure to other information technology sector industries, including the technology hardware industry.
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Principal Investment Risks | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and/or ability to meet its objectives. For more information about the risks of investing in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund—Principal Investment Risks.”
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Performance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.defianceetfs.com.
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Label | Element | Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Defiance Quantum ETF | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Defiance Quantum ETF | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Defiance Quantum ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the BlueStar Quantum Computing and Machine Learning Index (the “Index”).
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
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Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.
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Expense Exchange Traded Fund Commissions [Text] | rr_ExpenseExchangeTradedFundCommissions | This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | Estimated for the current fiscal year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Expense Example | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
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Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Although your actual costs may be higher or lower, based on these assumptions your costs would be: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund uses a “passive management” (or indexing) approach to track the total return performance, before fees and expenses, of the Index. BlueStar Quantum Computing and Machine Learning Index The Index consists of a modified equal-weighted portfolio of the stock of companies whose products or services are predominantly tied to the development of quantum computing and machine learning technology. Quantum computing” refers to hardware and software designed to take advantage of extremely fast computers that leverage the field of quantum mechanics, a branch of physics dealing with particles and the complexities in which they naturally behave. Such technologies include research and development of quantum computers; use of quantum computing for applied sciences or communications; development of technology-enabled interactions between quantum and traditional computers; development of advanced hardware and/or software used in machine learning; production of specialized machinery used in advanced semiconductor and integrated circuit packaging; or the production and/or processing of raw materials used in quantum computing. The companies included in the Index are screened semi-annually from the universe of globally-listed stocks (including in emerging markets) by BlueStar Global Investors, LLC (“BlueStar” or “Index Provider”) based primarily on descriptions of a company’s primary business activities in regulatory filings (e.g., financial statements, annual reports, investor presentations), analyst reports, and industry-specific trade publications. Companies identified by BlueStar’s screening process are then screened for investibility, including a minimum market capitalization of US$150 million and minimum liquidity thresholds. The Index is rebalanced and reconstituted semi-annually after the close of business on the third Friday of June and December each year based on data as of the Tuesday before the second Friday of June and December each year. As of May 4, 2018, the Index had 58 constituents, 16 of which were listed on a non-U.S. exchange. At the time of each rebalance and reconstitution of the Index, each constituent is equally-weighted, subject to a downward adjustment for securities trading below certain liquidity thresholds. Additionally, the weight of each Index component may rise and/or fall between Index rebalance dates. The Index was established in 2018 and is owned by the Index Provider. The Fund’s Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index or in depositary receipts representing such component securities. The Fund expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning the Fund will generally invest in all of the component securities of the Index in the same approximate proportions as in the Index. However, the Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Index as a whole, when the Fund’s sub-adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). The Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund’s sub-adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of May 4, 2018, the Index was concentrated in the group of software and information technology services industries and in the semiconductor industry and had significant exposure to other information technology sector industries, including the technology hardware industry.
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Strategy Portfolio Concentration [Text] | rr_StrategyPortfolioConcentration | To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of May 4, 2018, the Index was concentrated in the group of software and information technology services industries and in the semiconductor industry and had significant exposure to other information technology sector industries, including the technology hardware industry. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Heading] | rr_RiskHeading | Principal Investment Risks | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and/or ability to meet its objectives. For more information about the risks of investing in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund—Principal Investment Risks.”
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Risk Lose Money [Text] | rr_RiskLoseMoney | You can lose money on your investment in the Fund. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | Although the Fund intends to invest in a variety of securities and instruments, the Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.defianceetfs.com.
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Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.defianceetfs.com | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defiance Quantum ETF | Defiance Quantum ETF | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | none | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 66 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 208 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Defiance Vehicle & Technology Innovators ETF | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defiance Vehicle & Technology Innovators ETF | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Objective | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Defiance Vehicle & Technology Innovators ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the BlueStar Autonomous Driving Index (the “Index”).
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Fees and Expenses of the Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Expense Example | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
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Although your actual costs may be higher or lower, based on these assumptions your costs would be: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Portfolio Turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.
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Principal Investment Strategies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Fund uses a “passive management” (or indexing) approach to track the total return performance, before fees and expenses, of the Index. BlueStar Autonomous Driving Index The Index consists of a modified equal-weighted portfolio of the stock of companies whose products or services are predominantly tied to autonomous driving technology. Such technologies include global positioning systems (GPS) and sensors, network connectivity, display and control systems, and autonomous automobile manufacturing. The companies included in the Index are screened semi-annually from the universe of globally-listed stocks (including in emerging markets) by BlueStar Global Investors, LLC (“BlueStar” or “Index Provider”) based primarily on descriptions of a company’s primary business activities in regulatory filings (e.g., financial statements, annual reports, investor presentations), analyst reports, and industry-specific trade publications. Companies identified by BlueStar’s screening process are then screened for investibility, including a minimum market capitalization of US$150 million and minimum liquidity thresholds. The Index is rebalanced and reconstituted semi-annually after the close of business on the third Friday of June and December each year based on data as of the Tuesday before the second Friday of June and December each year. As of May 4, 2018, the Index had 61 constituents, 25 of which were listed on a non-U.S. exchange. At the time of each rebalance and reconstitution of the Index, each constituent is equally-weighted, subject to a downward adjustment for securities trading below certain liquidity thresholds. Additionally, the weight of each Index component may rise and/or fall between Index rebalance dates. The Index was established in 2018 and is owned by the Index Provider. The Fund’s Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index or in depositary receipts representing such component securities. The Fund expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning the Fund will generally invest in all of the component securities of the Index in the same approximate proportions as in the Index. However, the Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Index as a whole, when the Fund’s sub-adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). The Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund’s sub-adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of May 4, 2018, the Index was concentrated in the semiconductor and automobile industries.
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Principal Investment Risks | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and/or ability to meet its objectives. For more information about the risks of investing in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund—Principal Investment Risks.”
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Performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.defianceetfs.com.
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Label | Element | Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Defiance Vehicle & Technology Innovators ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Defiance Vehicle & Technology Innovators ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Defiance Vehicle & Technology Innovators ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the BlueStar Autonomous Driving Index (the “Index”).
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
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Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available.
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Expense Exchange Traded Fund Commissions [Text] | rr_ExpenseExchangeTradedFundCommissions | This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | Estimated for the current fiscal year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Expense Example | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
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Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund uses a “passive management” (or indexing) approach to track the total return performance, before fees and expenses, of the Index. BlueStar Autonomous Driving Index The Index consists of a modified equal-weighted portfolio of the stock of companies whose products or services are predominantly tied to autonomous driving technology. Such technologies include global positioning systems (GPS) and sensors, network connectivity, display and control systems, and autonomous automobile manufacturing. The companies included in the Index are screened semi-annually from the universe of globally-listed stocks (including in emerging markets) by BlueStar Global Investors, LLC (“BlueStar” or “Index Provider”) based primarily on descriptions of a company’s primary business activities in regulatory filings (e.g., financial statements, annual reports, investor presentations), analyst reports, and industry-specific trade publications. Companies identified by BlueStar’s screening process are then screened for investibility, including a minimum market capitalization of US$150 million and minimum liquidity thresholds. The Index is rebalanced and reconstituted semi-annually after the close of business on the third Friday of June and December each year based on data as of the Tuesday before the second Friday of June and December each year. As of May 4, 2018, the Index had 61 constituents, 25 of which were listed on a non-U.S. exchange. At the time of each rebalance and reconstitution of the Index, each constituent is equally-weighted, subject to a downward adjustment for securities trading below certain liquidity thresholds. Additionally, the weight of each Index component may rise and/or fall between Index rebalance dates. The Index was established in 2018 and is owned by the Index Provider. The Fund’s Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index or in depositary receipts representing such component securities. The Fund expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning the Fund will generally invest in all of the component securities of the Index in the same approximate proportions as in the Index. However, the Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Index as a whole, when the Fund’s sub-adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). The Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund’s sub-adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of May 4, 2018, the Index was concentrated in the semiconductor and automobile industries.
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Strategy Portfolio Concentration [Text] | rr_StrategyPortfolioConcentration | To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of May 4, 2018, the Index was concentrated in the semiconductor and automobile industries. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Heading] | rr_RiskHeading | Principal Investment Risks | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | You can lose money on your investment in the Fund. The Fund is subject to the risks described below. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and/or ability to meet its objectives. For more information about the risks of investing in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund—Principal Investment Risks.”
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Risk Lose Money [Text] | rr_RiskLoseMoney | You can lose money on your investment in the Fund. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | Although the Fund intends to invest in a variety of securities and instruments, the Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. In the future, performance information for the Fund will be presented in this section. Updated performance information is available on the Fund’s website at www.defianceetfs.com.
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Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.defianceetfs.com | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defiance Vehicle & Technology Innovators ETF | Defiance Vehicle & Technology Innovators ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.35% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | none | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.35% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 113 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Prospectus Date | rr_ProspectusDate | Jul. 27, 2018 |
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