N-CSRS 1 fp0068094_ncsrs.htm

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-22668

 

ETF Series Solutions
(Exact name of registrant as specified in charter)

 

615 East Michigan Street

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

 

Kristina R. Nelson

ETF Series Solutions

615 East Michigan Street

Milwaukee, WI 53202
(Name and address of agent for service)

 

(414) 765-6076

Registrant's telephone number, including area code

 

Date of fiscal year end: December 31

 

Date of reporting period: June 30, 2021

 

 

 

Item 1. Reports to Stockholders.

 

(a)

 

 

 

 

Semi-Annual Report

 

June 30, 2021

 

Defiance Quantum ETF

Ticker: QTUM

 

Defiance Next Gen Connectivity ETF

Ticker: FIVG

 

Defiance Nasdaq Junior Biotechnology ETF

Ticker: IBBJ

 

Defiance Next Gen SPAC Derived ETF

Ticker: SPAK

 

Defiance Next Gen H2 ETF

Ticker: HDRO

 

Defiance Next Gen Altered Experience ETF

Ticker: PSY

 

Defiance Hotel, Airline, and Cruise ETF

Ticker: CRUZ

 

 

Defiance ETFs

 

TABLE OF CONTENTS

 

 

Page

Letters to Shareholders

1

Portfolio Allocations

9

Schedules of Investments

12

Statements of Assets and Liabilities

29

Statements of Operations

30

Statements of Changes in Net Assets

31

Financial Highlights

38

Notes to Financial Statements

45

Expense Examples

56

Review of Liquidity Risk Management Program

58

Approval of Advisory Agreements and Board Considerations

59

Federal Tax Information

68

Information About Portfolio Holdings

68

Information About Proxy Voting

69

Information About the Funds’ Trustees

69

Frequency Distribution of Premiums and Discounts

69

 

 

Defiance Quantum ETF

 

Letters to Shareholders
(Unaudited)

 

 

Dear Shareholders,

 

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the Defiance Quantum ETF (“QTUM” or the “Fund”). The following information pertains to the period from January 1, 2021 through June 30, 2021 (the “current fiscal period”).

 

The Fund seeks to track the total return performance, before fees and expenses, of the BlueStar Quantum Computing and Machine Learning Index® (the “Index”). The Index is a rules-based index that tracks the performance of a group of globally listed stocks of companies involved in a range of industries, collectively defined, by BlueStar Indexes, as quantum computing and machine learning companies. Index components are reviewed semi-annually for eligibility, and the weights are re-set accordingly.

 

The Fund had positive performance during the current fiscal period. The market price for QTUM increased 20.42% and the Net Asset Value (“NAV”) increased 20.40%, while the S&P 500®, a broad market index, increased 15.25% over the same period. The Fund’s Index increased 20.93%. Meanwhile, outstanding shares ended the current fiscal period at 2,300,000.

 

For the current fiscal period, the largest positive contributor to return was Teradata Corporation, adding 1.65% to the return of the Fund, gaining 122.39% with an average weighting of 2.16%. The second largest contributor to return was Microstrategy, Inc., adding 0.89% to the return of the Fund, gaining 71.02% with an average weighting of 2.26%. The third largest contributor to return was Blackberry, Ltd., adding 0.68% to the return of the Fund, gaining 84.59% with an average weighting of 1.65%.

 

For the current fiscal period, the largest negative contributor to return was IQE plc, detracting 0.48% from the return of the Fund, declining 36.62% with an average weighting of 1.05%. The security contributing second-most negatively was Atos SE, detracting 0.44% from the return of the Fund, and declining 32.42% with an average weighting of 0.99%. The third largest negative contributor to return was Alteryx, Inc., detracting 0.39% from the return of the Fund, and declining 29.37% with an average weight of 0.99%.

 

We look forward to keeping you well informed as things progress.

 

Sincerely,

 

Matthew Bielski, Chief Executive Officer
Defiance ETFs LLC, Adviser to the Fund

 

1

 

 

Defiance Next Gen Connectivity ETF

 

Letters to Shareholders
(Unaudited) (Continued)

 

 

Dear Shareholders,

 

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the Defiance Next Gen Connectivity ETF (“FIVG” or the “Fund”). The following information pertains to the period from January 1, 2021 through June 30, 2021 (the “current fiscal period”).

 

The Fund seeks to track the total return performance, before fees and expenses, of the BlueStar 5G Communications Index™ (the “Index”). The Index is a rules-based index that tracks the performance of a group of US-listed stocks, of global companies that are involved in the development of, or are otherwise instrumental in the rollout of 5G networks. Index components are reviewed semi-annually for eligibility, and the weights are re-set accordingly.

 

The Fund had positive performance during the current fiscal period. The market price for FIVG increased 13.78% and the Net Asset Value (“NAV”) increased 13.72%, while the S&P 500®, a broad market index, increased 15.25% over the same period. The Fund’s Index increased 13.90%. Meanwhile, outstanding shares ended the current fiscal period at 33,700,000.

 

For the current fiscal period, the largest positive contributor to return was NXP Semiconductors N.V., adding 1.45% to the return of the Fund, gaining 30.13% with an average weighting of 5.41%. The second largest contributor to return was Nokia Corporation, adding 0.99% to the return of the Fund, gaining 36.06% with an average weighting of 3.11%. The third largest contributor to return was Analog Devices, Inc., adding 0.83% to the return of the Fund, gaining 17.56% with an average weighting of 5.09%.

 

For the current fiscal period, the largest negative contributor to return was Inseego Corporation, detracting 0.26% from the return of the Fund, declining 34.78% with an average weighting of 0.52%. The security contributing second-most negatively was Qualcomm, Inc., detracting 0.20% from the return of the Fund, and declining 5.23% with an average weighting of 4.35%. The third largest negative contributor to return was Xilinx, Inc., detracting 0.10% from the return of the Fund, and declining 2.02% with an average weight of 3.29%.

 

We look forward to keeping you well informed as things progress.

 

Sincerely,

 

Matthew Bielski, Chief Executive Officer
Defiance ETFs LLC, Adviser to the Fund

 

2

 

 

Defiance Nasdaq Junior Biotechnology ETF

 

Letters to Shareholders
(Unaudited) (Continued)

 

 

Dear Shareholders,

 

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the Defiance Nasdaq Junior Biotechnology ETF (“IBBJ” or the “Fund”). The following information pertains to the period from January 1, 2021 through June 30, 2021 (the “current fiscal period”).

 

The Fund seeks to track the total return performance, before fees and expenses, of The Nasdaq Junior Biotechnology Index (the “Index”). The Index is designed to track the performance of a set of securities listed on The Nasdaq Stock Market® that are classified as either biotechnology or pharmaceutical according to the Industry Classification Benchmark.

 

The Fund had negative performance during the current fiscal period. The market price for IBBJ decreased 4.17% and the Net Asset Value (“NAV”) decreased 4.23%, while the Nasdaq Biotechnology Index increased 8.17% over the same period. The Fund’s Index decreased 3.95%. Meanwhile, outstanding shares ended the current fiscal period at 250,000.

 

For the current fiscal period, the largest positive contributor to return was Intellia Therapeutics, Inc., adding 1.98% to the return of the Fund, gaining 197.63% with an average weighting of 1.25%. The second largest contributor to return was Beam Therapeutics, Inc., adding 0.82% to the return of the Fund, gaining 57.66% with an average weighting of 1.37%. The third largest contributor to return was GW Pharmaceuticals plc, adding 0.73% to the return of the Fund, gaining 89.72% with an average weighting of 1.04%.

 

For the current fiscal period, the largest negative contributor to return was Chemocentryx, Inc., detracting 0.97% from the return of the Fund, declining 78.38% with an average weighting of 0.78%. The security contributing second-most negatively was Immunovant, Inc., detracting 0.86% from the return of the Fund, and declining 77.12% with an average weighting of 0.54%. The third largest negative contributor to return was Amicus Therapeutics, Inc., detracting 0.82% from the return of the Fund, and declining 58.25% with an average weight of 0.89%.

 

We look forward to keeping you well informed as things progress.

 

Sincerely,

 

Matthew Bielski, Chief Executive Officer
Defiance ETFs LLC, Adviser to the Fund

 

3

 

 

Defiance Next Gen SPAC Derived ETF

 

Letters to Shareholders
(Unaudited) (Continued)

 

 

Dear Shareholders,

 

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the Defiance Next Gen SPAC Derived ETF (“SPAK” or the “Fund”). The following information pertains to the period from January 1, 2021 through June 30, 2021 (the “current fiscal period”).

 

The Fund seeks to track the total return performance, before fees and expenses, of the Indxx SPAC & NextGen IPO Index (the “Index”). The Index is a passive rules-based index that tracks the performance of the common stock of newly listed Special Purpose Acquisition Companies (“SPACs”), ex-warrants, and initial public offerings (“IPOs”) derived from acquisition companies.

 

The Fund had negative performance during the current fiscal period. The market price for SPAK decreased 7.75% and the Net Asset Value (“NAV”) decreased 7.72%, while the S&P 500®, a broad market index, increased 15.25% over the same period. The Fund’s Index decreased 7.44%. Meanwhile, outstanding shares ended the current fiscal period at 2,300,000.

 

For the current fiscal period, the largest positive contributor to return was Virgin Galactic Holdings, Inc., adding 4.13% to the return of the Fund, gaining 93.85% with an average weighting of 2.82%. The second largest contributor to return was Vertiv Holdings Company, adding 1.24% to the return of the Fund, gaining 46.22% with an average weighting of 3.23%. The third largest contributor to return was Draftkings, Inc. – Class A, adding 1.19% to the return of the Fund, gaining 12.05% with an average weighting of 8.90%.

 

For the current fiscal period, the largest negative contributor to return was Opendoor Technologies, Inc., detracting 1.76% from the return of the Fund, declining 22.00% with an average weighting of 3.49%. The security contributing second-most negatively was Vivint Smart Home, Inc., detracting 0.84% from the return of the Fund, and declining 36.39% with an average weighting of 1.47%. The third largest negative contributor to return was Desktop Metal, Inc. – Class A, detracting 0.83% from the return of the Fund, and declining 33.14% with an average weight of 1.25%.

 

We look forward to keeping you well informed as things progress.

 

Sincerely,

 

Matthew Bielski, Chief Executive Officer
Defiance ETFs LLC, Adviser to the Fund

 

4

 

 

Defiance Next Gen H2 ETF

 

Letters to Shareholders
(Unaudited) (Continued)

 

 

Dear Shareholders,

 

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the Defiance Next Gen H2 ETF (“HDRO” or the “Fund”). The following information pertains to the period from inception on March 9, 2021 through June 30, 2021 (the “current fiscal period”).

 

The Fund seeks to track the total return performance, before fees and expenses, of the BlueStar Hydrogen & NextGen Fuel Cell Index (the “Index”). The index is a rules-based index that tracks the performance of a group of globally listed equities and of companies involved in the development of hydrogen-based energy sources and fuel cell technologies. Index components are reviewed quarterly for eligibility, and the weights are re-set accordingly.

 

The Fund had negative performance during the current fiscal period. The market price for HDRO decreased 10.51% and the Net Asset Value (“NAV”) decreased 10.71%, while the S&P 500®, a broad market index, increased 11.38% over the same period. The Fund’s Index decreased 9.56%. Meanwhile, outstanding shares ended the current fiscal period at 1,575,000.

 

For the current fiscal period, the largest positive contributor to return was AFC Energy plc, adding 0.95% to the return of the Fund, gaining 30.40% with an average weighting of 4.40%. The second largest contributor to return was Cell Impact AB, adding 0.66% to the return of the Fund, gaining 22.88% with an average weighting of 3.76%. The third largest contributor to return was Air Liquide S.A., adding 0.53% to the return of the Fund, gaining 12.64% with an average weighting of 4.27%.

 

For the current fiscal period, the largest negative contributor to return was Fuelcell Energy, Inc., detracting 2.83% from the return of the Fund, declining 45.33% with an average weighting of 4.61%. The security contributing second-most negatively was Plug Power, Inc., detracting 1.91% from the return of the Fund, and declining 20.17% with an average weighting of 8.29%. The third largest negative contributor to return was Ballard Power Systems, Inc., detracting 1.22% from the return of the Fund, and declining 22.20% with an average weight of 5.54%.

 

We look forward to keeping you well informed as things progress.

 

Sincerely,

 

Matthew Bielski, Chief Executive Officer
Defiance ETFs LLC, Adviser to the Fund

 

5

 

 

Defiance Next Gen Altered Experience ETF

 

Letters to Shareholders
(Unaudited) (Continued)

 

 

Dear Shareholders,

 

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the Defiance Next Gen Altered Experience ETF (“PSY” or the “Fund”). The following information pertains to the period from inception on May 27, 2021 through June 30, 2021 (the “current fiscal period”).

 

The Fund seeks to track the total return performance, before fees and expenses, of the BITA Medical Psychedelics, Cannabis, and Ketamine Index (the “Index”). The Index is a passive rules-based index that tracks the performance of public listed life sciences companies on North American Exchanges conducting federally legal medical activities in the Psychedelic, Medical cannabis, Hemp and CBD industries.

 

The Fund had negative performance during the current fiscal period. The market price for PSY decreased 2.53% and the Net Asset Value (“NAV”) decreased 2.45%, while the S&P 500®, a broad market index, increased 2.43% over the same period. The Fund’s Index decreased 2.47%. Meanwhile, outstanding shares ended the current fiscal period at 275,000.

 

For the current fiscal period, the largest positive contributor to return was Cybin, Inc., adding 1.78% to the return of the Fund, gaining 43.14% with an average weighting of 4.86%. The second largest contributor to return was Field Trip Health, Ltd., adding 0.86% to the return of the Fund, gaining 23.41% with an average weighting of 4.66%. The third largest contributor to return was Compass Pathways plc, adding 0.51% to the return of the Fund, gaining 9.94% with an average weighting of 5.48%.

 

For the current fiscal period, the largest negative contributor to return was Charlottes Web Holdings, Inc., detracting 2.02% from the return of the Fund, declining 26.67% with an average weighting of 6.68%. The security contributing second-most negatively was Medipharm Labs Corporation, detracting 1.22% from the return of the Fund, and declining 24.36% with an average weighting of 4.29%. The third largest negative contributor to return was Corbus Pharmaceuticals Holdings, Inc., detracting 0.96% from the return of the Fund, and declining 15.67% with an average weight of 5.60%.

 

We look forward to keeping you well informed as things progress.

 

Sincerely,

 

Matthew Bielski, Chief Executive Officer
Defiance ETFs LLC, Adviser to the Fund

 

6

 

 

Defiance Hotel, Airline, and Cruise ETF

 

Letters to Shareholders
(Unaudited) (Continued)

 

 

Dear Shareholders,

 

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the Defiance Hotel, Airline, and Cruise ETF (“CRUZ” or the “Fund”). The following information pertains to the period from inception on June 3, 2021 through June 30, 2021 (the “current fiscal period”).

 

The Fund seeks to track the total return performance, before fees and expenses, of the BlueStar Global Hotels, Airlines, and Cruises Index (the “Index”). The Index is a rules-based weighted index of companies primarily engaged in the passenger airline, hotel and cruise industries. The Index is reconstituted on a semi-annual basis and rebalanced quarterly.

 

The Fund had negative performance during the current fiscal period. The market price for CRUZ decreased 6.63% and the Net Asset Value (“NAV”) decreased 7.19%, while the S&P 500®, a broad market index, increased 2.58% over the same period. The Fund’s Index decreased 7.25%. Meanwhile, outstanding shares ended the current fiscal period at 275,000.

 

For the current fiscal period, the largest positive contributor to return was Ryman Hospitality Properties, Inc., adding 0.06% to the return of the Fund, gaining 5.94% with an average weighting of 1.08%. The second largest contributor to return was Shangri -La Asia, Ltd., adding 0.05% to the return of the Fund, gaining 5.44% with an average weighting of 0.83%. The third largest contributor to return was Controladora Vuela Compañía de Aviación S.A.B. de C.V., adding 0.02% to the return of the Fund, gaining 3.34% with an average weighting of 0.16%.

 

For the current fiscal period, the largest negative contributor to return was Carnival Corporation, detracting 0.93% from the return of the Fund, declining 13.69% with an average weighting of 6.44%. The security contributing second-most negatively was Southwest Airlines Company, detracting 0.59% from the return of the Fund, and declining 9.33% with an average weighting of 5.91%. The third largest negative contributor to return was International Consolidated Airlines Group SA, detracting 0.43% from the return of the Fund, and declining 13.91% with an average weight of 2.80%.

 

We look forward to keeping you well informed as things progress.

 

Sincerely,

 

Matthew Bielski, Chief Executive Officer
Defiance ETFs LLC, Adviser to the Fund

 

7

 

 

Defiance ETFs

 

Letters to Shareholders
(Unaudited) (Continued)

 

 

Must be preceded or accompanied by a current Fund prospectus.

 

Investing involves risk. Principal loss is possible. As ETFs, the Funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. The Funds are not actively managed and would not sell a security due to current or projected under-performance unless that security is removed from the Index or is required upon a reconstitution of the Index. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk. The value of stocks of information technology companies are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition. The Funds are considered to be non-diversified, so they may invest more of their assets in the securities of a single issuer or a smaller number of issuers. Investments in foreign securities involve certain risks including risk of loss due to foreign currency fluctuations or to political or economic instability. This risk is magnified in emerging markets. Small and mid-cap companies are subject to greater and more unpredictable price changes than securities of large-cap companies.

 

The possible applications of quantum computing and 5G technologies are only in the exploration stages, and the possible returns are uncertain and may not be realized in the near future.

 

Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the Funds’ underlying assets and cash at the end of the trading day.

 

The S&P 500® Index is a broad-based index of 500 stocks, which is widely recognized as representative of the equity market in general.

 

It is not possible to invest directly in the Index.

 

Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.

 

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Current and future portfolio holdings are subject to risk.

 

Past performance is no guarantee of future results.

 

The Defiance ETFs are distributed by Foreside Distributors, LLC

 

8

 

 

Defiance ETFs

 

Portfolio Allocations

As of June 30, 2021 (Unaudited)

 

 

Defiance Quantum ETF

 

Country

Percentage of
Net Assets

United States

61.1%

Japan

12.6

Netherlands

4.2

Taiwan

4.1

France

3.8

China

3.0

Israel

1.5

Ireland

1.4

Italy

1.4

Germany

1.4

Switzerland

1.3

Finland

1.3

India

1.3

Canada

1.1

Short-Term Investments and Other Assets and Liabilities

0.5

Total

100.0%

 

Defiance Next Gen Connectivity ETF

 

Sector

Percentage of
Net Assets

Information Technology (a)

73.0%

Communication Services

16.0

Real Estate

9.1

Consumer Discretionary

1.0

Industrials

0.6

Short-Term Investments and Other Assets and Liabilities

0.3

Total

100.0%

 

(a)

To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 8 in Notes to Financial Statements.

 

9

 

 

Defiance ETFs

 

Portfolio Allocations

As of June 30, 2021 (Unaudited) (Continued)

 

 

Defiance Nasdaq Junior Biotechnology ETF

 

Country

Percentage of
Net Assets

United States

88.6%

China

3.7

Ireland

2.6

Canada

1.2

Hong Kong

0.6

Spain

0.6

Denmark

0.5

Israel

0.5

Netherlands

0.4

United Kingdom

0.3

Short-Term Investments and Other Assets and Liabilities

0.3

Germany

0.3

Switzerland

0.2

Belgium

0.1

France

0.1

Total

100.0%

 

Defiance Next Gen SPAC Derived ETF

 

Sector

Percentage of
Net Assets

Special Purpose Acquisition Companies

36.8%

Industrials

15.9

Consumer Discretionary

14.8

Information Technology

9.3

Health Care

7.7

Financials

4.4

Materials

3.9

Communication Services

2.8

Consumer Staples

2.1

Real Estate

1.8

Short-Term Investments and Other Assets and Liabilities

0.4

Energy

0.1

Total

100.0%

 

10

 

 

Defiance ETFs

 

Portfolio Allocations

As of June 30, 2021 (Unaudited) (Continued)

 

 

Defiance Next Gen H2 ETF

 

Country

Percentage of
Net Assets

United States

24.5%

United Kingdom

16.9

Norway

14.2

Canada

10.2

Sweden

8.9

Ireland

7.8

Republic of Korea

7.4

Germany

3.6

France

3.1

Israel

1.5

Denmark

1.3

Short-Term Investments and Other Assets and Liabilities

0.6

Total

100.0%

 

Defiance Next Gen Altered Experience ETF

 

Country

Percentage of
Net Assets

Canada

70.9%

United States

18.7

United Kingdom

6.6

Short-Term Investments and Other Assets and Liabilities

3.8

Total

100.0%

 

Defiance Hotel, Airline, and Cruise ETF

 

Country

Percentage of
Net Assets

United States

67.8%

United Kingdom

4.6

Ireland

3.9

Japan

3.8

Spain

2.9

China

2.7

France

2.4

Australia

2.1

Singapore

1.8

Canada

1.7

Thailand

1.3

Switzerland

1.2

Germany

1.1

Hong Kong

0.7

Brazil

0.6

Mexico

0.5

Short-Term Investments and Other Assets and Liabilities

0.5

Panama

0.4

Total

100.0%

 

11

 

 

Defiance Quantum ETF

 

Schedule of Investments
June 30, 2021 (Unaudited)

 

 

 

Shares

 

Security Description

 

Value

 
     

COMMON STOCKS — 99.5%

       

Communication Services — 6.8%

    654  

Alphabet, Inc. - Class A (a)

  $ 1,596,931  
    8,432  

Baidu, Inc. - ADR (a)

    1,719,285  
    489,755  

Koninklijke KPN NV

    1,529,831  
    59,500  

Nippon Telegraph & Telephone Corporation

    1,551,696  
    121,825  

Orange SA - ADR

    1,393,678  
              7,791,421  
       

Consumer Discretionary — 1.5%

    7,381  

Alibaba Group Holding, Ltd. - ADR (a)

    1,673,863  
         
       

Industrials — 10.7%

    11,685  

Airbus SE (a)

    1,502,682  
    18,015  

Booz Allen Hamilton Holding Corporation

    1,534,518  
    28,100  

Hitachi, Ltd.

    1,610,452  
    4,071  

Lockheed Martin Corporation

    1,540,263  
    96,900  

Mitsubishi Electric Corporation

    1,407,796  
    4,226  

Northrop Grumman Corporation

    1,535,855  
    17,724  

Raytheon Technologies Corporation

    1,512,034  
    36,300  

Toshiba Corporation

    1,571,506  
              12,215,106  
       

Information Technology — 79.1% (b)

    5,575  

Accenture plc - Class A

    1,643,454  
    19,697  

Advanced Micro Devices, Inc. (a)(c)

    1,850,139  
    19,983  

Alteryx, Inc. - Class A (a)

    1,718,938  
    16,359  

Ambarella, Inc. (a)

    1,744,360  
    9,467  

Analog Devices, Inc. (c)

    1,629,839  
    11,696  

Applied Materials, Inc.

    1,665,510  
    2,307  

ASML Holding NV - NY

    1,593,768  
    113,000  

Asustek Computer, Inc.

    1,506,667  
    24,288  

Atos SE

    1,477,604  
    103,873  

BlackBerry, Ltd. (a)(c)

    1,269,328  
    16,362  

Brooks Automation, Inc.

    1,558,971  
    12,574  

Cadence Design Systems, Inc. (a)

    1,720,375  
    13,652  

Cerence, Inc. (a)(c)

    1,456,805  
    20,203  

Cirrus Logic, Inc. (a)

    1,719,679  
    99,414  

Cloudera, Inc. (a)

    1,576,706  
    11,976  

Elastic NV - (a)

    1,745,622  
    46,596  

FormFactor, Inc. (a)(c)

    1,698,890  
    9,300  

Fujitsu, Ltd.

    1,742,860  
    100,643  

Hewlett Packard Enterprise Company (c)

    1,467,375  
    39,169  

Infineon Technologies AG

    1,570,959  
    27,633  

Intel Corporation

    1,551,317  
    10,446  

International Business Machines Corporation (c)

    1,531,279  
       

COMMON STOCKS — 99.5% (Continued)

       

Information Technology — 79.1% (b) (Continued)

    5,013  

KLA Corporation

  $ 1,625,265  
    2,483  

Lam Research Corporation

    1,615,688  
    31,516  

Lattice Semiconductor Corporation (a)

    1,770,569  
    31,280  

Marvell Technology, Inc. (c)

    1,824,562  
    15,295  

Maxim Integrated Products, Inc.

    1,611,481  
    45,000  

MediaTek, Inc.

    1,553,701  
    10,375  

Microchip Technology, Inc.

    1,553,553  
    20,022  

Micron Technology, Inc. (a)

    1,701,470  
    6,204  

Microsoft Corporation

    1,680,664  
    3,069  

MicroStrategy, Inc. - Class A (a)(c)

    2,039,351  
    8,821  

MKS Instruments, Inc. (c)

    1,569,697  
    38,361  

National Instruments Corporation

    1,621,903  
    33,600  

NEC Corporation

    1,731,616  
    286,882  

Nokia Corporation - ADR (a)

    1,526,212  
    101,100  

NTT Data Corporation

    1,578,577  
    2,268  

NVIDIA Corporation

    1,814,627  
    7,977  

NXP Semiconductors NV (c)

    1,641,028  
    42,294  

ON Semiconductor Corporation (a)

    1,619,014  
    21,684  

Onto Innovation, Inc. (a)(c)

    1,583,799  
    11,851  

QUALCOMM, Inc.

    1,693,863  
    142,300  

Renesas Electronics Corporation (a)

    1,539,799  
    9,610  

Reply SpA

    1,579,557  
    13,567  

Splunk, Inc. (a)

    1,961,517  
    42,464  

STMicroelectronics NV - NY

    1,544,840  
    11,515  

Synaptics, Inc. (a)(c)

    1,791,504  
    6,147  

Synopsys, Inc. (a)

    1,695,281  
    13,469  

Taiwan Semiconductor Manufacturing Company, Ltd. - ADR

    1,618,435  
    32,978  

Teradata Corporation (a)(c)

    1,647,911  
    12,628  

Teradyne, Inc.

    1,691,647  
    8,446  

Texas Instruments, Inc.

    1,624,166  
    58,888  

Tower Semiconductor, Ltd. (a)

    1,733,074  
    192,935  

Wipro, Ltd. - ADR

    1,506,822  
    12,505  

Xilinx, Inc.

    1,808,723  
              90,540,361  
       

Materials — 1.4%

    55,100  

JSR Corporation

    1,668,042  
                 
       

TOTAL COMMON STOCKS (Cost $93,169,669)

    113,888,793  

 

The accompanying notes are an integral part of these financial statements.

 

12

 

 

Defiance Quantum ETF

 

Schedule of Investments
June 30, 2021 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

SHORT-TERM INVESTMENTS — 0.4%

    503,538  

First American Government Obligations Fund - Class X, 0.03% (d)

  $ 503,538  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $503,538)

    503,538  
 

Units

           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 16.6%

    18,960,801  

Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (d)(e)

    18,960,801  
       

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $18,960,801)

    18,960,801  
                 
       

TOTAL INVESTMENTS — 116.5% (Cost $112,634,008)

    133,353,132  
       

Liabilities in Excess of Other Assets — (16.5)%

    (18,909,722 )
       

NET ASSETS — 100.0%

  $ 114,443,410  

 

Percentages are stated as a percentage of net assets.

 

ADR

American Depositary Receipt.

NY

New York Registry Shares.

(a)

Non-income producing security.

(b)

To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 8 in Notes to Financial Statements.

(c)

All or part of this security is on loan as of June 30, 2021. The total value of securities on loan is $18,561,628.

(d)

Rate shown is the annualized seven-day yield as of June 30, 2021.

(e)

Privately offered liquidity fund.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

13

 

 

Defiance Next Gen Connectivity ETF

 

Schedule of Investments
June 30, 2021 (Unaudited)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7%

       

Communication Services — 16.0%

    196,293  

Altice USA, Inc. - Class A (a)

  $ 6,701,443  
    1,289,319  

AT&T, Inc.

    37,106,601  
    278,389  

BCE, Inc.

    13,730,146  
    35,091  

Charter Communications, Inc. - Class A (a)(b)

    25,316,402  
    430,638  

KT Corporation - ADR (a)

    6,007,400  
    440,477  

Lumen Technologies, Inc. (b)

    5,986,082  
    638,698  

Orange SA - ADR

    7,306,705  
    133,594  

Rogers Communications, Inc. - Class B

    7,099,185  
    207,798  

SK Telecom Company, Ltd. - ADR (a)

    6,526,935  
    1,729,560  

Telefonica SA - ADR

    8,128,932  
    202,397  

T-Mobile US, Inc. (a)

    29,313,158  
    655,620  

Verizon Communications, Inc.

    36,734,389  
    836,032  

Vodafone Group plc - ADR (b)

    14,321,228  
              204,278,606  
       

Consumer Discretionary — 1.0%

    3,797  

Amazon.com, Inc. (a)

    13,062,288  
         
       

Industrials — 0.6%

    200,949  

Maxar Technologies, Inc. (b)

    8,021,884  
         
       

Information Technology — 73.0% (c)

    612,655  

A10 Networks, Inc. (a)(b)

    6,898,495  
    303,768  

ADTRAN, Inc. (b)

    6,272,809  
    779,621  

Advanced Micro Devices, Inc. (a)(b)

    73,229,800  
    319,607  

Airgain, Inc. (a)

    6,590,296  
    301,407  

Akamai Technologies, Inc. (a)

    35,144,056  
    618,658  

Akoustis Technologies, Inc. (a)(b)

    6,625,827  
    251,543  

Amdocs, Ltd.

    19,459,367  
    293,186  

Analog Devices, Inc. (b)

    50,474,902  
    98,069  

Apple, Inc.

    13,431,530  
    34,657  

Arista Networks, Inc. (a)(b)

    12,556,578  
    26,871  

Broadcom, Inc.

    12,813,168  
    153,747  

Calix, Inc. (a)

    7,302,983  
    131,697  

Cambium Networks Corporation (a)

    6,367,550  
    704,785  

Casa Systems, Inc. (a)

    6,251,443  
    1,702,221  

Ceragon Networks, Ltd. (a)

    6,417,373  
    147,209  

CEVA, Inc. (a)

    6,962,986  
    286,196  

Ciena Corporation (a)

    16,281,691  
    230,797  

Cisco Systems, Inc.

    12,232,241  
    155,672  

Clearfield, Inc. (a)

    5,829,916  
    312,821  

CommScope Holding Company, Inc. (a)

    6,666,216  
    285,165  

Comtech Telecommunications Corporation

    6,889,586  
       

COMMON STOCKS — 99.7% (Continued)

       

Information Technology — 73.0% (c) (Continued)

    204,416  

Corning, Inc.

  $ 8,360,614  
    145,975  

CSG Systems International, Inc.

    6,887,101  
    168,876  

CTS Corporation

    6,275,432  
    119,925  

Dell Technologies, Inc. - Class C (a)

    11,952,925  
    314,184  

DZS, Inc. (a)

    6,519,318  
    629,261  

EMCORE Corporation (a)

    5,801,786  
    564,796  

Extreme Networks, Inc. (a)

    6,303,123  
    103,350  

F5 Networks, Inc. (a)(b)

    19,291,311  
    88,411  

GDS Holdings, Ltd. - ADR (a)(b)

    6,939,379  
    728,447  

Hewlett Packard Enterprise Company

    10,620,757  
    91,188  

II-VI, Inc. (a)(b)

    6,619,337  
    609,764  

Infinera Corporation (a)(b)

    6,219,593  
    621,121  

Inseego Corporation (a)(b)

    6,267,111  
    218,730  

Intel Corporation

    12,279,502  
    86,749  

InterDigital, Inc.

    6,335,280  
    32,120  

IPG Photonics Corporation (a)(b)

    6,769,932  
    307,164  

Juniper Networks, Inc.

    8,400,935  
    254,494  

Keysight Technologies, Inc. (a)

    39,296,419  
    162,098  

Lattice Semiconductor Corporation (a)(b)

    9,106,666  
    1,949,258  

Limelight Networks, Inc. (a)(b)

    6,140,163  
    80,190  

Lumentum Holdings, Inc. (a)(b)

    6,577,986  
    111,938  

MACOM Technology Solutions Holdings, Inc. (a)

    7,172,987  
    503,779  

Marvell Technology, Inc. (b)

    29,385,429  
    184,884  

Maxim Integrated Products, Inc.

    19,479,378  
    174,227  

MaxLinear, Inc. (a)

    7,402,905  
    184,037  

National Instruments Corporation

    7,781,084  
    589,557  

NeoPhotonics Corporation (a)

    6,019,377  
    211,284  

NetScout Systems, Inc. (a)

    6,030,045  
    5,619,688  

Nokia Corporation - ADR (a)

    29,896,740  
    17,954  

NVIDIA Corporation

    14,364,995  
    204,585  

NXP Semiconductors NV

    42,087,226  
    96,656  

Qorvo, Inc. (a)

    18,910,746  
    469,097  

QUALCOMM, Inc.

    67,048,034  
    213,555  

Radware, Ltd. (a)

    6,573,223  
    1,663,521  

Resonant, Inc. (a)(b)

    5,339,902  
    793,801  

Ribbon Communications, Inc. (a)

    6,040,826  
    396,852  

Sierra Wireless, Inc. (a)

    7,536,220  
    145,415  

Silicom, Ltd. (a)

    6,406,985  
    139,983  

Skyworks Solutions, Inc.

    26,841,740  
    3,060,649  

Telefonaktiebolaget LM Ericsson - ADR

    38,502,964  
    20,913  

Ubiquiti, Inc. (b)

    6,528,830  
    391,092  

Viavi Solutions, Inc. (a)(b)

    6,906,685  
    66,255  

VMware, Inc. - Class A (a)(b)

    10,598,812  

 

The accompanying notes are an integral part of these financial statements.

 

14

 

 

Defiance Next Gen Connectivity ETF

 

Schedule of Investments
June 30, 2021 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7% (Continued)

       

Information Technology — 73.0% (c) (Continued)

    208,451  

Xilinx, Inc.

  $ 30,150,353  
              934,668,969  
       

Real Estate — 9.1%

    122,771  

American Tower Corporation

    33,165,358  
    47,238  

CoreSite Realty Corporation

    6,358,235  
    116,924  

Crown Castle International Corporation

    22,811,872  
    80,167  

CyrusOne, Inc. (b)

    5,733,544  
    54,278  

Digital Realty Trust, Inc.

    8,166,668  
    24,232  

Equinix, Inc.

    19,448,603  
    82,011  

QTS Realty Trust, Inc. - Class A

    6,339,450  
    27,733  

SBA Communications Corporation

    8,838,507  
    575,357  

Uniti Group, Inc.

    6,093,031  
              116,955,268  
       

TOTAL COMMON STOCKS (Cost $1,054,702,197)

    1,276,987,015  
                 
       

SHORT-TERM INVESTMENTS — 0.2%

       
    2,939,551  

First American Government Obligations Fund - Class X, 0.03% (d)

    2,939,551  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $2,939,551)

    2,939,551  
 

Units

           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 9.0%

    115,662,184  

Mount Vernon Liquid Assets Portfolio, LLC, 0.11% (d)(e)

    115,662,184  
       

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $115,662,184)

    115,662,184  
                 
       

TOTAL INVESTMENTS — 108.9% (Cost $1,173,303,932)

    1,395,588,750  
       

Liabilities in Excess of Other Assets — (8.9)%

    (114,263,411 )
       

NET ASSETS — 100.0%

  $ 1,281,325,339  

 

Percentages are stated as a percent of net assets.

 

ADR

American Depositary Receipt.

(a)

Non-income producing security.

(b)

All or part of this security is on loan as of June 30, 2021. The total value of securities on loan is $112,294,350.

(c)

To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 8 in Notes to Financial Statements.

(d)

Rate shown is the annualized seven-day yield as of June 30, 2021.

(e)

Privately offered liquidity fund.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

15

 

 

Defiance Nasdaq Junior Biotechnology ETF

 

Schedule of Investments
June 30, 2021 (Unaudited)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7%

       

Health Care — 99.7% (a)

    1,655  

AC Immune SA (b)

  $ 13,124  
    3,105  

Adaptimmune Therapeutics plc - ADR (b)

    13,227  
    725  

Adicet Bio, Inc. (b)

    7,460  
    2,230  

Adverum Biotechnologies, Inc. (b)

    7,805  
    1,115  

Aeglea BioTherapeutics, Inc. (b)

    7,760  
    1,065  

Aerie Pharmaceuticals, Inc. (b)

    17,051  
    2,710  

Affimed NV (b)

    23,035  
    1,400  

Agios Pharmaceuticals, Inc. (b)

    77,154  
    3,645  

Akebia Therapeutics, Inc. (b)

    13,815  
    795  

Akero Therapeutics, Inc. (b)

    19,724  
    785  

Akouos, Inc. (b)

    9,852  
    1,815  

Alector, Inc. (b)

    37,806  
    3,650  

Alkermes plc (b)

    89,498  
    1,220  

Allakos, Inc. (b)

    104,151  
    3,220  

Allogene Therapeutics, Inc. (b)

    83,978  
    1,480  

Allovir, Inc. (b)

    29,215  
    875  

Altimmune, Inc. (b)

    8,619  
    915  

ALX Oncology Holdings, Inc. (b)

    50,032  
    8,875  

Amarin Corporation plc - ADR (b)

    38,872  
    6,055  

Amicus Therapeutics, Inc. (b)

    58,370  
    1,085  

Amphastar Pharmaceuticals, Inc. (b)

    21,874  
    625  

AnaptysBio, Inc. (b)

    16,206  
    290  

ANI Pharmaceuticals, Inc. (b)

    10,164  
    870  

Annexon, Inc. (b)

    19,584  
    1,830  

Apellis Pharmaceuticals, Inc. (b)

    115,656  
    870  

Applied Molecular Transport, Inc. (b)

    39,794  
    595  

Applied Therapeutics, Inc. (b)

    12,364  
    480  

Aprea Therapeutics, Inc. (b)

    2,342  
    2,195  

Arbutus Biopharma Corporation (b)

    6,651  
    600  

Arcturus Therapeutics Holdings, Inc. (b)

    20,304  
    1,145  

Arcutis Biotherapeutics, Inc. (b)

    31,247  
    2,245  

Ardelyx, Inc. (b)

    17,017  
    1,380  

Arena Pharmaceuticals, Inc. (b)

    94,116  
    1,115  

Arvinas, Inc. (b)

    85,855  
    915  

Assembly Biosciences, Inc. (b)

    3,550  
    1,915  

Atara Biotherapeutics, Inc. (b)

    29,778  
    2,130  

Athenex, Inc. (b)

    9,841  
    685  

Atreca, Inc. - Class A (b)

    5,836  
    2,915  

Aurinia Pharmaceuticals, Inc. (b)

    37,778  
    1,230  

Autolus Therapeutics plc - ADR (b)

    8,167  
    1,330  

Avadel Pharmaceuticals plc - ADR (b)

    8,951  
    855  

Avidity Biosciences, Inc. (b)

    21,127  
    950  

Avrobio, Inc. (b)

    8,445  
    855  

Axsome Therapeutics, Inc. (b)

    57,678  
       

COMMON STOCKS — 99.7% (Continued)

       

Health Care — 99.7% (a) (Continued)

    1,425  

Beam Therapeutics, Inc. (b)

  $ 183,412  
    4,045  

BioCryst Pharmaceuticals, Inc. (b)

    63,951  
    2,245  

BioDelivery Sciences International, Inc. (b)

    8,037  
    825  

Black Diamond Therapeutics, Inc. (b)

    10,057  
    1,535  

Bluebird Bio, Inc. (b)

    49,089  
    3,400  

Bridgebio Pharma, Inc. (b)

    207,264  
    565  

Cabaletta Bio, Inc. (b)

    4,859  
    1,685  

Calithera Biosciences, Inc. (b)

    3,522  
    1,140  

Cara Therapeutics, Inc. (b)

    16,268  
    570  

Castle Biosciences, Inc. (b)

    41,798  
    430  

Cellectis SA - ADR (b)

    6,652  
    1,590  

ChemoCentryx, Inc. (b)

    21,290  
    1,320  

Chiasma, Inc. (b)

    6,244  
    1,015  

Chinook Therapeutics, Inc. (b)

    14,332  
    2,380  

Clovis Oncology, Inc. (b)

    13,804  
    1,470  

Codexis, Inc. (b)

    33,310  
    1,725  

Coherus Biosciences, Inc. (b)

    23,857  
    800  

Collegium Pharmaceutical, Inc. (b)

    18,912  
    1,905  

Compugen, Ltd. (b)

    15,773  
    730  

Concert Pharmaceuticals, Inc. (b)

    3,081  
    1,090  

Constellation Pharmaceuticals, Inc. (b)

    36,842  
    675  

Cortexyme, Inc. (b)

    35,775  
    855  

Crinetics Pharmaceuticals, Inc. (b)

    16,117  
    1,570  

Cymabay Therapeutics, Inc. (b)

    6,845  
    1,635  

Cytokinetics, Inc. (b)

    32,357  
    1,480  

CytomX Therapeutics, Inc. (b)

    9,368  
    1,320  

Deciphera Pharmaceuticals, Inc. (b)

    48,325  
    1,750  

Dicerna Pharmaceuticals, Inc. (b)

    65,310  
    300  

Eagle Pharmaceuticals, Inc./DE (b)

    12,840  
    1,545  

Editas Medicine, Inc. (b)

    87,509  
    775  

Eiger BioPharmaceuticals, Inc. (b)

    6,603  
    460  

Enanta Pharmaceuticals, Inc. (b)

    20,245  
    5,310  

Endo International plc (b)

    24,851  
    2,320  

Epizyme, Inc. (b)

    19,279  
    640  

Esperion Therapeutics, Inc. (b)

    13,536  
    2,140  

Fate Therapeutics, Inc. (b)

    185,731  
    2,095  

FibroGen, Inc. (b)

    55,790  
    1,135  

Flexion Therapeutics, Inc. (b)

    9,341  
    1,080  

Forma Therapeutics Holdings, Inc. (b)

    26,881  
    780  

Frequency Therapeutics, Inc. (b)

    7,769  
    745  

Fulcrum Therapeutics, Inc. (b)

    7,808  
    965  

Fusion Pharmaceuticals, Inc. (b)

    7,797  
    960  

G1 Therapeutics, Inc. (b)

    21,062  
    165  

Galapagos NV - ADR (b)

    11,367  

 

The accompanying notes are an integral part of these financial statements.

 

16

 

 

Defiance Nasdaq Junior Biotechnology ETF

 

Schedule of Investments
June 30, 2021 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7% (Continued)

       

Health Care — 99.7% (a) (Continued)

    1,350  

Gamida Cell, Ltd. (b)

  $ 8,654  
    1,290  

Generation Bio Company (b)

    34,701  
    1,090  

Genmab AS - ADR (b)

    44,505  
    7,250  

Geron Corporation (b)

    10,222  
    1,415  

Global Blood Therapeutics, Inc. (b)

    49,553  
    1,730  

Gossamer Bio, Inc. (b)

    14,048  
    2,720  

Grifols SA - ADR

    47,192  
    3,240  

Halozyme Therapeutics, Inc. (b)

    147,128  
    740  

Harpoon Therapeutics, Inc. (b)

    10,264  
    1,300  

Homology Medicines, Inc. (b)

    9,451  
    1,230  

Hutchmed China, Ltd. - ADR (b)

    48,302  
    750  

Ideaya Biosciences, Inc. (b)

    15,742  
    585  

IGM Biosciences, Inc. (b)

    48,672  
    725  

I-Mab - ADR (b)

    60,864  
    495  

Immunic, Inc. (b)

    6,069  
    8,740  

ImmunityBio, Inc. (b)

    124,807  
    4,550  

ImmunoGen, Inc. (b)

    29,984  
    2,230  

Immunovant, Inc. (b)

    23,571  
    1,580  

Innoviva, Inc. (b)

    21,188  
    4,765  

Inovio Pharmaceuticals, Inc. (b)

    44,172  
    535  

Inozyme Pharma, Inc. (b)

    9,116  
    2,620  

Insmed, Inc. (b)

    74,565  
    1,550  

Intellia Therapeutics, Inc. (b)

    250,960  
    755  

Intercept Pharmaceuticals, Inc. (b)

    15,077  
    1,850  

Intra-Cellular Therapies, Inc. (b)

    75,517  
    3,685  

Ironwood Pharmaceuticals, Inc. (b)

    47,426  
    800  

iTeos Therapeutics, Inc. (b)

    20,520  
    2,055  

IVERIC bio, Inc. (b)

    12,967  
    1,165  

Jounce Therapeutics, Inc. (b)

    7,922  
    3,915  

Kadmon Holdings, Inc. (b)

    15,151  
    1,470  

Kala Pharmaceuticals, Inc. (b)

    7,791  
    970  

Kaleido Biosciences, Inc. (b)

    7,217  
    555  

KalVista Pharmaceuticals, Inc. (b)

    13,298  
    1,020  

Kamada, Ltd. (b)

    5,936  
    670  

Karuna Therapeutics, Inc. (b)

    76,373  
    1,710  

Karyopharm Therapeutics, Inc. (b)

    17,647  
    530  

Keros Therapeutics, Inc. (b)

    22,509  
    1,095  

Kezar Life Sciences, Inc. (b)

    5,946  
    735  

Kiniksa Pharmaceuticals, Ltd. - Class A (b)

    10,239  
    1,165  

Kodiak Sciences, Inc. (b)

    108,345  
    505  

Krystal Biotech, Inc. (b)

    34,340  
    1,510  

Kura Oncology, Inc. (b)

    31,483  
    350  

Larimar Therapeutics, Inc. (b)

    3,437  
    570  

Legend Biotech Corporation - ADR (b)

    23,398  
       

COMMON STOCKS — 99.7% (Continued)

       

Health Care — 99.7% (a) (Continued)

    380  

Ligand Pharmaceuticals, Inc. (b)

  $ 49,852  
    1,075  

Luminex Corporation

    39,560  
    1,365  

MacroGenics, Inc. (b)

    36,664  
    380  

Madrigal Pharmaceuticals, Inc. (b)

    37,016  
    1,325  

Magenta Therapeutics, Inc. (b)

    12,959  
    5,670  

MannKind Corporation (b)

    30,902  
    835  

Marinus Pharmaceuticals, Inc. (b)

    14,980  
    1,110  

MediciNova, Inc. (b)

    4,718  
    820  

Medpace Holdings, Inc. (b)

    144,837  
    1,010  

MeiraGTx Holdings plc (b)

    15,655  
    1,585  

Mersana Therapeutics, Inc. (b)

    21,524  
    1,755  

Myriad Genetics, Inc. (b)

    53,668  
    1,030  

NanoString Technologies, Inc. (b)

    66,734  
    4,150  

Nektar Therapeutics (b)

    71,214  
    965  

Neoleukin Therapeutics, Inc. (b)

    8,907  
    630  

NextCure, Inc. (b)

    5,059  
    1,755  

NGM Biopharmaceuticals, Inc. (b)

    34,609  
    745  

Nkarta, Inc. (b)

    23,609  
    1,010  

Nurix Therapeutics, Inc. (b)

    26,795  
    1,735  

Ocular Therapeutix, Inc. (b)

    24,602  
    875  

Odonate Therapeutics, Inc. (b)

    3,054  
    1,420  

Omeros Corporation (b)

    21,073  
    15,255  

OPKO Health, Inc. (b)

    61,783  
    1,520  

Orchard Therapeutics plc - ADR (b)

    6,673  
    835  

ORIC Pharmaceuticals, Inc. (b)

    14,771  
    1,430  

Osmotica Pharmaceuticals plc (b)

    4,304  
    1,545  

Ovid therapeutics, Inc. (b)

    6,041  
    4,515  

Pacific Biosciences of California, Inc. (b)

    157,890  
    1,000  

Pacira BioSciences, Inc. (b)

    60,680  
    1,070  

Paratek Pharmaceuticals, Inc. (b)

    7,297  
    1,230  

Passage Bio, Inc. (b)

    16,285  
    2,625  

PDL BioPharma, Inc. (b)(f)

    6,484  
    1,000  

Personalis, Inc. (b)

    25,300  
    645  

PetIQ, Inc. (b)

    24,897  
    465  

Phibro Animal Health Corporation - Class A

    13,429  
    815  

Pliant Therapeutics, Inc. (b)

    23,733  
    1,415  

Poseida Therapeutics, Inc. (b)

    14,178  
    4,700  

Precigen, Inc. (b)

    30,644  
    1,310  

Precision BioSciences, Inc. (b)

    16,401  
    1,000  

Protagonist Therapeutics, Inc. (b)

    44,880  
    1,005  

Prothena Corporation plc (b)

    51,667  
    1,445  

Provention Bio, Inc. (b)

    12,181  
    1,605  

PTC Therapeutics, Inc. (b)

    67,843  
    920  

Puma Biotechnology, Inc. (b)

    8,446  

 

The accompanying notes are an integral part of these financial statements.

 

17

 

 

Defiance Nasdaq Junior Biotechnology ETF

 

Schedule of Investments
June 30, 2021 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7% (Continued)

       

Health Care — 99.7% (a) (Continued)

    1,075  

Radius Health, Inc. (b)

  $ 19,608  
    570  

RAPT Therapeutics, Inc. (b)

    18,120  
    715  

Reata Pharmaceuticals, Inc. - Class A (b)

    101,194  
    1,060  

Redhill Biopharma, Ltd. - ADR (b)

    7,293  
    970  

REGENXBIO, Inc. (b)

    37,685  
    2,105  

Relay Therapeutics, Inc. (b)

    77,022  
    380  

Relmada Therapeutics, Inc. (b)

    12,164  
    840  

Repare Therapeutics, Inc. (b)

    26,191  
    1,060  

Replimune Group, Inc. (b)

    40,725  
    1,630  

Revance Therapeutics, Inc. (b)

    48,313  
    1,670  

REVOLUTION Medicines, Inc. (b)

    53,006  
    1,145  

Rhythm Pharmaceuticals, Inc. (b)

    22,419  
    3,875  

Rigel Pharmaceuticals, Inc. (b)

    16,818  
    1,445  

Rocket Pharmaceuticals, Inc. (b)

    63,999  
    2,035  

Rubius Therapeutics, Inc. (b)

    49,674  
    1,330  

Sage Therapeutics, Inc. (b)

    75,557  
    3,275  

Sangamo Therapeutics, Inc. (b)

    39,202  
    785  

Scholar Rock Holding Corporation (b)

    22,687  
    2,575  

Selecta Biosciences, Inc. (b)

    10,764  
    2,085  

Seres Therapeutics, Inc. (b)

    49,727  
    1,730  

SIGA Technologies, Inc. (b)

    10,864  
    3,675  

Spectrum Pharmaceuticals, Inc. (b)

    13,781  
    675  

Spero Therapeutics, Inc. (b)

    9,423  
    1,115  

SpringWorks Therapeutics, Inc. (b)

    91,887  
    835  

Stoke Therapeutics, Inc. (b)

    28,106  
    2,215  

Summit Therapeutics, Inc. (b)

    16,526  
    1,205  

Supernus Pharmaceuticals, Inc. (b)

    37,102  
    990  

Surface Oncology, Inc. (b)

    7,385  
    1,050  

Sutro Biopharma, Inc. (b)

    19,520  
    1,100  

Syndax Pharmaceuticals, Inc. (b)

    18,887  
    1,410  

Syros Pharmaceuticals, Inc. (b)

    7,685  
    870  

TCR2 Therapeutics, Inc. (b)

    14,277  
    8,950  

TherapeuticsMD, Inc. (b)

    10,651  
       

COMMON STOCKS — 99.7% (Continued)

       

Health Care — 99.7% (a) (Continued)

    1,485  

Theravance Biopharma, Inc. (b)

  $ 21,562  
    1,715  

Translate Bio, Inc. (b)

    47,231  
    1,375  

Travere Therapeutics, Inc. (b)

    20,061  
    1,145  

Tricida, Inc. (b)

    4,946  
    1,120  

Turning Point Therapeutics, Inc. (b)

    87,382  
    1,115  

Twist Bioscience Corporation (b)

    148,574  
    1,050  

uniQure NV (b)

    32,340  
    1,250  

UNITY Biotechnology, Inc. (b)

    5,800  
    510  

UroGen Pharma, Ltd. (b)

    7,788  
    1,265  

Vanda Pharmaceuticals, Inc. (b)

    27,210  
    1,170  

Vaxcyte, Inc. (b)

    26,337  
    1,530  

Veracyte, Inc. (b)

    61,169  
    3,915  

Verastem, Inc. (b)

    15,934  
    2,960  

Vir Biotechnology, Inc. (b)

    139,949  
    860  

Voyager Therapeutics, Inc. (b)

    3,552  
    1,170  

VYNE Therapeutics, Inc. (b)

    4,107  
    1,135  

WaVe Life Sciences, Ltd. (b)

    7,559  
    685  

XBiotech, Inc. (b)

    11,344  
    1,325  

Xencor, Inc. (b)

    45,699  
    935  

Xenon Pharmaceuticals, Inc. (b)

    17,410  
    1,510  

Xeris Pharmaceuticals, Inc. (b)

    6,146  
    990  

Y-mAbs Therapeutics, Inc. (b)

    33,462  
    1,395  

Zai Lab, Ltd. - ADR (b)

    246,902  
    940  

Zentalis Pharmaceuticals, Inc. (b)

    50,008  
    4,905  

ZIOPHARM Oncology, Inc. (b)

    12,949  
    1,270  

Zogenix, Inc. (b)

    21,946  
              8,215,429  
       

TOTAL COMMON STOCKS (Cost $7,656,977)

    8,215,429  
                 
       

CONTINGENT VALUE RIGHTS — 0.0% (c)

    43  

Adicet Bio, Inc. (b)(d)(e)

    0  
       

TOTAL CONTINGENT VALUE RIGHTS (Cost $0)

    0  

 

The accompanying notes are an integral part of these financial statements.

 

18

 

 

Defiance Nasdaq Junior Biotechnology ETF

 

Schedule of Investments
June 30, 2021 (Unaudited) (Continued)

 

 

Shares   Security Description  Value 
     SHORT-TERM INVESTMENTS — 0.3%     
 29,507   First American Government Obligations Fund - Class X, 0.03% (g)  $29,507 
     TOTAL SHORT-TERM INVESTMENTS (Cost $29,507)   29,507 
           
     TOTAL INVESTMENTS — 100.0% (Cost $7,686,484)   8,244,936 
     Liabilities in Excess of Other Assets — (0.0)% (c)   (2,725)
     NET ASSETS — 100.0%  $8,242,211 

 

Percentages are stated as a percent of net assets.

 

ADR

American Depositary Receipt.

(a)

To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 8 in Notes to Financial Statements.

(b)

Non-income producing security.

(c)

Represents less than 0.05% of net assets.

(d)

Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

(e)

This security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of this security is $0 which represents 0.00% of net assets.

(f)

This security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of this security is $16,285 which represents 0.08% of net assets.

(g)

Rate shown is the annualized seven-day yield as of June 30, 2021.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

19

 

 

Defiance Next Gen SPAC Derived ETF

 

Schedule of Investments
June 30, 2021 (Unaudited)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 62.8%

       

Communication Services — 2.8%

    18,228  

Advantage Solutions, Inc. (a)

  $ 196,680  
    5,914  

AST SpaceMobile, Inc. - Class A (a)

    76,527  
    6,354  

CuriosityStream, Inc. (a)

    86,668  
    4,523  

Digital Media Solutions, Inc. - Class A (a)

    43,783  
    7,793  

Genius Sports, Ltd. (a)

    146,275  
    5,131  

Playstudios, Inc. (a)

    38,072  
    52,818  

Skillz, Inc. (a)

    1,147,207  
              1,735,212  
       

Consumer Discretionary — 14.8%

    14,493  

Accel Entertainment, Inc. (a)

    172,032  
    14,939  

Arko Corporation (a)

    137,289  
    30,898  

Arrival SA (a)

    484,172  
    5,512  

Beachbody Company, Inc. (a)

    57,325  
    3,776  

Betterware de Mexico SAB de CV

    188,875  
    22,963  

Canoo, Inc. (a)

    228,252  
    16,730  

CarLotz, Inc. (a)

    91,346  
    65,184  

DraftKings, Inc. - Class A (a)

    3,400,649  
    6,439  

Electric Last Mile Solutions, Inc. (a)

    64,905  
    30,742  

Fisker, Inc. (a)

    592,706  
    9,449  

Golden Nugget Online Gaming, Inc. (a)

    120,569  
    13,834  

Hall of Fame Resort & Entertainment Company (a)

    54,368  
    20,699  

Kaixin Auto Holdings (a)

    48,643  
    5,666  

Landsea Homes Corporation (a)

    47,424  
    2,407  

Lazydays Holdings, Inc. (a)

    52,954  
    25,351  

Lordstown Motors Corporation - Class A (a)

    280,382  
    39,040  

Luminar Technologies, Inc. (a)

    856,928  
    12,036  

OneSpaWorld Holdings, Ltd. (a)

    116,629  
    6,778  

PARTS iD, Inc. (a)

    40,939  
    2,634  

PLBY Group, Inc. (a)

    102,436  
    15,134  

Porch Group, Inc. (a)

    292,692  
    29,455  

QuantumScape Corporation (a)

    861,853  
    10,484  

Rush Street Interactive, Inc. (a)

    128,534  
    11,686  

Shift Technologies, Inc. (a)

    100,266  
    18,895  

Target Hospitality Corporation (a)

    70,100  
    6,609  

The Original BARK Company (a)

    73,228  
    10,056  

Vivint Smart Home, Inc. (a)

    132,739  
    21,054  

XL Fleet Corporation (a)

    175,380  
              8,973,615  
       

Consumer Staples — 2.1%

    13,947  

AppHarvest, Inc. (a)

    223,152  
    3,717  

Bioceres Crop Solutions Corporation (a)

    52,224  
       

COMMON STOCKS — 62.8% (Continued)

       

Consumer Staples — 2.1% (Continued)

    8,369  

HF Foods Group, Inc. (a)

  $ 44,272  
    10,768  

Tattooed Chef, Inc. (a)

    230,973  
    14,941  

The Beauty Health Company - Class A (a)

    251,009  
    13,234  

Utz Brands, Inc.

    288,369  
    6,015  

Vintage Wine Estates, Inc. (a)

    72,180  
    7,988  

Whole Earth Brands, Inc. (a)

    115,826  
              1,278,005  
       

Energy — 0.1%

    11,998  

Falcon Minerals Corporation

    60,950  
                 
       

Financials — 4.4%

    8,769  

Blue Owl Capital, Inc. - Class A (a)

    112,945  
    28,659  

Broadmark Realty Capital, Inc.

    303,499  
    8,594  

Diginex, Ltd. (a)

    56,291  
    10,629  

Finance Of America Companies, Inc. - Class A (a)

    81,099  
    7,575  

GCM Grosvenor, Inc. - Class A

    78,931  
    6,736  

International General Insurance Holdings, Ltd.

    62,645  
    7,860  

Katapult Holdings, Inc. (a)

    84,966  
    16,020  

MetroMile, Inc. (a)

    146,583  
    22,634  

Open Lending Corporation - Class A (a)

    975,299  
    6,416  

Perella Weinberg Partners (a)

    82,510  
    25,854  

SoFi Technologies, Inc. (a)

    495,621  
    20,586  

UWM Holdings Corporation

    173,952  
              2,654,341  
       

Health Care — 7.7%

    16,160  

23andMe Holding Company - Class A (a)

    188,910  
    12,968  

AdaptHealth Corporation (a)

    355,453  
    6,702  

ATI Physical Therapy, Inc. - Class A (a)

    63,937  
    31,269  

Butterfly Network, Inc. (a)

    452,775  
    17,554  

Cano Health, Inc. - Class A (a)

    212,404  
    4,620  

CareMax, Inc. - Class A (a)

    59,598  
    8,420  

Cerevel Therapeutics Holdings, Inc. (a)

    215,720  
    7,787  

Clene, Inc. (a)

    87,526  
    5,335  

Clever Leaves Holdings, Inc. (a)

    54,150  
    25,062  

Clover Health Investments Corporation (a)

    333,826  
    5,360  

DermTech, Inc. (a)

    222,815  
    6,373  

Gemini Therapeutics, Inc. (a)

    41,233  
    15,293  

Hims & Hers Health, Inc. (a)

    166,541  
    9,569  

Immatics NV (a)

    111,096  

 

The accompanying notes are an integral part of these financial statements.

 

20

 

 

Defiance Next Gen SPAC Derived ETF

 

Schedule of Investments
June 30, 2021 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 62.8% (Continued)

       

Health Care — 7.7% (Continued)

    9,254  

Immunovant, Inc. (a)

  $ 97,815  
    69,018  

Multiplan Corporation (a)

    657,051  
    4,639  

Nautilus Biotechnology, Inc. (a)

    46,854  
    19,657  

New Frontier Health Corporation (a)

    219,569  
    4,131  

NRX Pharmaceuticals, Inc. (a)

    48,002  
    35,858  

Nuvation Bio, Inc. (a)

    333,838  
    25,740  

Quantum-Si, Inc. - Class A (a)

    315,572  
    7,747  

SOC Telemed, Inc. (a)

    44,081  
    13,414  

Talkspace, Inc. (a)

    111,470  
    26,092  

UpHealth, Inc. (a)

    175,860  
    3,247  

Vincerx Pharma, Inc. (a)

    42,179  
              4,658,275  
       

Industrials — 15.9%

    6,582  

Advent Technologies Holdings, Inc. (a)

    63,451  
    4,485  

AerSale Corporation (a)

    55,883  
    5,033  

Alta Equipment Group, Inc. (a)

    66,889  
    6,084  

Atlas Technical Consultants, Inc. (a)

    58,893  
    8,932  

Blade Air Mobility, Inc. - Class A (a)

    93,786  
    33,490  

ChargePoint Holdings, Inc. (a)

    1,163,443  
    74,336  

Clarivate plc (a)

    2,046,470  
    6,864  

Concrete Pumping Holdings, Inc. (a)

    58,138  
    10,488  

Custom Truck One Source, Inc. - Class A (a)

    99,846  
    31,227  

Desktop Metal, Inc. - Class A (a)

    359,111  
    9,530  

Eos Energy Enterprises, Inc. (a)

    171,159  
    24,046  

Hyliion Holdings Corporation (a)

    280,136  
    11,076  

Janus International Group, Inc. (a)

    156,504  
    8,410  

Lightning eMotors, Inc. (a)

    69,887  
    10,376  

Lion Electric Company (a)

    201,709  
    14,547  

PAE, Inc. (a)

    129,468  
    8,968  

Proterra, Inc. (a)

    153,442  
    20,915  

Romeo Power, Inc. (a)

    170,248  
    17,413  

Skillsoft Corporation (a)

    171,518  
    11,590  

Stem, Inc. (a)

    417,356  
    63,388  

Vertiv Holdings Company

    1,730,492  
    27,219  

View, Inc. (a)

    230,817  
    36,751  

Virgin Galactic Holdings, Inc. (a)

    1,690,546  
              9,639,192  
       

Information Technology — 9.3%

    18,948  

Aeva Technologies, Inc. (a)

    200,280  
    20,776  

BTRS Holdings, Inc. (a)

    262,193  
    39,080  

E2open Parent Holdings, Inc. (a)

    446,294  
    6,534  

Global Blue Group Holding AG (a)

    64,817  
    5,748  

Grid Dynamics Holdings, Inc. - Class A (a)

    86,392  
       

COMMON STOCKS — 62.8% (Continued)

       

Information Technology — 9.3% (Continued)

    11,173  

indie Semiconductor, Inc. - Class A (a)

  $ 110,389  
    29,578  

Innoviz Technologies, Ltd. (a)

    312,640  
    32,483  

ironSource, Ltd. - Class A (a)

    341,072  
    4,169  

Kaleyra, Inc. (a)

    51,029  
    9,744  

Latch, Inc. (a)

    119,559  
    6,493  

LiveVox Holdings, Inc. (a)

    54,217  
    20,813  

Ouster, Inc. (a)

    259,954  
    17,974  

Paya Holdings, Inc. (a)

    198,074  
    24,368  

Payoneer Global, Inc. (a)

    252,696  
    164,563  

Paysafe, Ltd. (a)

    1,992,858  
    17,348  

Repay Holdings Corporation (a)

    417,046  
    7,409  

Taboola.com, Ltd. (a)

    76,683  
    6,890  

Triterras, Inc. - Class A (a)

    47,954  
    23,189  

Velodyne Lidar, Inc. (a)

    246,731  
    8,119  

WM Technology, Inc. (a)

    145,005  
              5,685,883  
       

Materials — 3.9%

    15,686  

Danimer Scientific, Inc. (a)

    392,934  
    14,461  

Hycroft Mining Holding Corporation (a)

    44,251  
    24,885  

MP Materials Corporation (a)

    917,261  
    23,207  

Origin Materials, Inc. (a)

    190,297  
    18,881  

PureCycle Technologies, Inc. (a)

    446,536  
    14,291  

Ranpak Holdings Corporation (a)

    357,704  
              2,348,983  
       

Real Estate — 1.8%

    57,913  

Opendoor Technologies, Inc. (a)

    1,026,798  
    22,979  

Ucommune International, Ltd. - Class A (a)

    51,013  
              1,077,811  
       

TOTAL COMMON STOCKS (Cost $42,190,365)

    38,112,267  
                 
       

SPECIAL PURPOSE ACQUISITION COMPANIES — 36.8%

    5,417  

10X Capital Venture Acquisition Corporation - Class A (a)

    53,953  
    5,976  

ACE Convergence Acquisition Corporation - Class A (a)

    59,491  
    6,522  

ACON S2 Acquisition Corporation - Class A (a)

    64,568  
    12,115  

AEA-Bridges Impact Corporation - Class A (a)

    118,000  
    23,532  

Ajax I - Class A (a)

    234,379  
    15,426  

Altimeter Growth Corporation (a)

    180,484  
    14,088  

Altimeter Growth Corporation 2 - Class A (a)

    144,402  

 

The accompanying notes are an integral part of these financial statements.

 

21

 

 

Defiance Next Gen SPAC Derived ETF

 

Schedule of Investments
June 30, 2021 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

SPECIAL PURPOSE ACQUISITION COMPANIES — 36.8% (Continued)

    6,888  

Altitude Acquisition Corporation - Class A (a)

  $ 67,434  
    9,305  

Alussa Energy Acquisition Corporation - Class A (a)

    92,213  
    11,417  

Apex Technology Acquisition Corporation - Class A (a)

    139,858  
    19,808  

Apollo Strategic Growth Capital - Class A (a)

    193,722  
    10,936  

Apollo Strategic Growth Capital II - Class A (a)

    106,517  
    25,984  

Ares Acquisition Corporation - Class A (a)

    253,344  
    13,430  

Ascendant Digital Acquisition Corporation - Class A (a)

    133,629  
    7,787  

Aspirational Consumer Lifestyle Corporation - Class A (a)

    77,714  
    5,579  

Atlantic Avenue Acquisition Corporation - Class A (a)

    54,172  
    12,992  

Atlas Crest Investment Corporation - Class A (a)

    129,400  
    15,843  

Austerlitz Acquisition Corporation I - Class A (a)

    157,163  
    31,687  

Austerlitz Acquisition Corporation II - Class A (a)

    308,315  
    19,228  

Avanti Acquisition Corporation - Class A (a)

    187,281  
    19,732  

Bluescape Opportunities Acquisition Corporation - Class A (a)

    193,571  
    15,655  

BowX Acquisition Corporation - Class A (a)

    180,033  
    5,069  

Bridgetown 2 Holdings, Ltd. - Class A (a)

    51,704  
    16,851  

Bridgetown Holdings, Ltd. - Class A (a)

    170,532  
    9,916  

Broadstone Acquisition Corporation - Class A (a)

    97,970  
    11,205  

Burgundy Technology Acquisition Corporation - Class A (a)

    110,369  
    6,698  

Capitol Investment Corporation V - Class A (a)

    66,779  
    8,858  

Capstar Special Purpose Acquisition Corporation - Class A (a)

    86,720  
    9,245  

Carney Technology Acquisition Corporation II - Class A (a)

    89,676  
    9,243  

CBRE Acquisition Holdings, Inc. - Class A (a)

    89,750  
    26,611  

CC Neuberger Principal Holdings II - Class A (a)

    263,183  
       

SPECIAL PURPOSE ACQUISITION COMPANIES — 36.8% (Continued)

    7,672  

Cerberus Telecom Acquisition Corporation - Class A (a)

  $ 76,183  
    7,470  

CF Finance Acquisition Corporation III (a)

    74,924  
    7,795  

CHP Merger Corporation - Class A (a)

    77,560  
    66,959  

Churchill Capital Corporation IV - Class A (a)

    1,929,758  
    9,188  

Churchill Capital Corporation V - Class A (a)

    92,523  
    35,859  

Churchill Capital Corporation VII - Class A (a)

    348,908  
    8,964  

CITIC Capital Acquisition Corporation - Class A (a)

    88,833  
    5,976  

Climate Change Crisis Real Impact I Acquisition Corporation - Class A (a)

    89,760  
    11,504  

CM Life Sciences, Inc. - Class A (a)

    161,171  
    26,861  

Cohn Robbins Holdings Corporation - Class A (a)

    264,581  
    25,575  

Compute Health Acquisition Corporation - Class A (a)

    251,146  
    6,295  

Concord Acquisition Corporation - Class A (a)

    62,006  
    24,275  

Conx Corporation - Class A (a)

    239,351  
    11,173  

D8 Holdings Corporation - Class A (a)

    111,395  
    5,865  

Decarbonization Plus Acquisition Corporation - Class A (a)

    60,468  
    7,308  

dMY Technology Group Inc III - Class A (a)

    78,123  
    9,695  

DPCM Capital, Inc. - Class A (a)

    95,787  
    21,827  

Dragoneer Growth Opportunities Corporation - Class A (a)

    217,397  
    8,858  

Dragoneer Growth Opportunities Corporation II (a)

    89,466  
    6,666  

Dragoneer Growth Opportunities Corporation III - Class A (a)

    66,660  
    19,244  

E.Merge Technology Acquisition Corporation - Class A (a)

    187,821  
    8,964  

East Resources Acquisition Company - Class A (a)

    87,489  
    8,113  

Empower, Ltd. - Class A (a)

    81,211  
    13,414  

Equity Distribution Acquisition Corporation - Class A (a)

    132,262  
    13,321  

Executive Network Partnering Corporation - Class A (a)

    129,747  
    11,124  

Falcon Capital Acquisition Corporation - Class A (a)

    103,231  
    13,642  

Far Peak Acquisition Corporation - Class A (a)

    135,738  

 

The accompanying notes are an integral part of these financial statements.

 

22

 

 

Defiance Next Gen SPAC Derived ETF

 

Schedule of Investments
June 30, 2021 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

SPECIAL PURPOSE ACQUISITION COMPANIES — 36.8% (Continued)

    6,463  

Fast Acquisition Corporation - Class A (a)

  $ 76,328  
    7,751  

FG New America Acquisition Corporation - Class A (a)

    79,138  
    7,919  

Fifth Wall Acquisition Corporation I - Class A (a)

    97,483  
    5,701  

Fintech Acquisition Corporation V - Class A (a)

    69,495  
    10,757  

FirstMark Horizon Acquisition Corporation - Class A (a)

    106,817  
    33,130  

Foley Trasimene Acquisition Corporation - Class A (a)

    323,680  
    9,094  

Fusion Acquisition Corporation - Class A (a)

    90,485  
    18,303  

GO Acquisition Corporation - Class A (a)

    179,003  
    7,845  

Golden Falcon Acquisition Corporation - Class A (a)

    76,253  
    16,695  

Gores Holdings V, Inc. - Class A (a)

    168,619  
    6,339  

Gores Holdings VI, Inc. - Class A (a)

    102,755  
    7,726  

Gores Metropoulos II, Inc. - Class A (a)

    76,410  
    24,295  

GS Acquisition Holdings Corporation II - Class A (a)

    252,668  
    9,338  

GX Acquisition Corporation - Class A (a)

    95,061  
    16,240  

Health Assurance Acquisition Corporation - Class A (a)

    162,562  
    8,606  

Healthcare Services Acquisition Corporation - Class A (a)

    83,306  
    6,049  

Hennessy Capital Investment Corporation V - Class A (a)

    61,155  
    9,457  

HIG Acquisition Corporation - Class A (a)

    91,827  
    7,253  

Holicity, Inc. - Class A (a)

    89,575  
    12,569  

Horizon Acquisition Corporation - Class A (a)

    125,062  
    17,034  

Horizon Acquisition Corporation II - Class A (a)

    166,422  
    8,055  

HPX Corporation - Class A (a)

    79,342  
    7,795  

IG Acquisition Corporation - Class A (a)

    75,923  
    9,845  

Investindustrial Acquisition Corporation - Class A (a)

    96,087  
    5,741  

Ivanhoe Capital Acquisition Corporation - Class A (a)

    58,386  
    20,170  

Jaws Mustang Acquisition Corporation - Class A (a)

    196,859  
       

SPECIAL PURPOSE ACQUISITION COMPANIES — 36.8% (Continued)

    7,840  

Jaws Spitfire Acquisition Corporation - Class A (a)

  $ 78,478  
    5,928  

Khosla Ventures Acquisition Company (a)

    58,628  
    6,334  

KINS Technology Group, Inc. - Class A (a)

    62,453  
    10,280  

Kismet Acquisition One Corporation (a)

    101,875  
    18,824  

KKR Acquisition Holdings I Corporation - Class A (a)

    184,852  
    15,655  

Landcadia Holdings III, Inc. - Class A (a)

    194,122  
    5,450  

Lefteris Acquisition Corporation - Class A (a)

    53,137  
    5,781  

Legato Merger Corporation (a)

    57,926  
    9,754  

Liberty Media Acquisition Corporation - Class A (a)

    99,296  
    7,488  

Lionheart Acquisition Corporation II - Class A (a)

    73,832  
    5,760  

Live Oak Acquisition Corporation II - Class A (a)

    57,139  
    11,205  

Lux Health Tech Acquisition Corporation - Class A (a)

    110,817  
    8,469  

Marquee Raine Acquisition Corporation - Class A (a)

    83,843  
    13,338  

Montes Archimedes Acquisition Corporation - Class A (a)

    131,913  
    7,607  

Motive Capital Corporation - Class A (a)

    74,320  
    5,811  

Mudrick Capital Acquisition Corporation II - Class A (a)

    72,405  
    5,152  

Natural Order Acquisition Corporation (a)

    50,387  
    7,470  

NavSight Holdings, Inc. - Class A (a)

    74,551  
    5,131  

Nebula Caravel Acquisition Corporation - Class A (a)

    51,259  
    12,180  

NextGen Acquisition Corporation - Class A (a)

    121,069  
    9,054  

Northern Star Investment Corporation II - Class A (a)

    90,178  
    6,496  

Oaktree Acquisition Corporation II - Class A (a)

    64,180  
    5,461  

Omnichannel Acquisition Corporation - Class A (a)

    53,682  
    6,853  

One - Class A (a)

    68,393  
    10,090  

Osprey Technology Acquisition Corporation - Class A (a)

    100,799  
    7,795  

Peridot Acquisition Corporation - Class A (a)

    94,943  

 

The accompanying notes are an integral part of these financial statements.

 

23

 

 

Defiance Next Gen SPAC Derived ETF

 

Schedule of Investments
June 30, 2021 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

SPECIAL PURPOSE ACQUISITION COMPANIES — 36.8% (Continued)

    64,898  

Pershing Square Tontine Holdings, Ltd. - Class A (a)

  $ 1,477,078  
    6,999  

Pioneer Merger Corporation - Class A (a)

    69,360  
    15,797  

Pontem Corporation - Class A (a)

    153,547  
    7,258  

Primavera Capital Acquisition Corporation - Class A (a)

    70,911  
    5,522  

Prime Impact Acquisition I - Class A (a)

    53,840  
    9,587  

Property Solutions Acquisition Corporation (a)

    149,365  
    8,291  

Qell Acquisition Corporation - Class A (a)

    82,495  
    18,416  

RedBall Acquisition Corporation - Class A (a)

    179,924  
    22,411  

Reinvent Technology Partners - Class A (a)

    223,662  
    11,943  

Reinvent Technology Partners Y - Class A (a)

    117,997  
    7,470  

Reinvent Technology Partners Z - Class A (a)

    74,177  
    6,592  

Revolution Acceleration Acquisition Corporation - Class A (a)

    65,722  
    12,750  

Ribbit LEAP, Ltd. - Class A (a)

    136,298  
    7,705  

Rice Acquisition Corporation - Class A (a)

    139,075  
    7,865  

RMG Acquisition Corporation II - Class A (a)

    78,257  
    7,470  

Rodgers Silicon Valley Acquisition Corporation (a)

    171,586  
    7,521  

Roman DBDR Tech Acquisition Corporation - Class A (a)

    76,037  
    5,816  

Rotor Acquisition Corporation - Class A (a)

    58,044  
    6,821  

Sandbridge Acquisition Corporation - Class A (a)

    68,074  
    13,203  

ScION Tech Growth I - Class A (a)

    128,993  
    5,976  

SCVX Corporation - Class A (a)

    59,103  
    7,607  

Senior Connect Acquisition Corporation I - Class A (a)

    74,016  
    5,938  

Seven Oaks Acquisition Corporation - Class A (a)

    58,727  
    30,299  

Soaring Eagle Acquisition Corporation - Class A (a)

    301,778  
    14,756  

Social Capital Hedosophia Holdings Corporation IV - Class A (a)

    153,315  
    36,979  

Social Capital Hedosophia Holdings Corporation VI - Class A (a)

    377,186  
       

SPECIAL PURPOSE ACQUISITION COMPANIES — 36.8% (Continued)

    7,763  

Spartan Acquisition Corporation II - Class A (a)

  $ 77,552  
    14,486  

Sports Entertainment Acquisition Corporation - Class A (a)

    146,019  
    5,602  

Spring Valley Acquisition Corporation - Class A (a)

    56,076  
    5,581  

Stable Road Acquisition Corporation - Class A (a)

    77,967  
    7,040  

Star Peak Corporation II - Class A (a)

    69,696  
    13,113  

Starboard Value Acquisition Corporation - Class A (a)

    131,130  
    13,070  

Supernova Partners Acquisition Company, Inc. - Class A (a)

    129,785  
    7,795  

Sustainable Opportunities Acquisition Corporation - Class A (a)

    77,560  
    18,789  

SVF Investment Corporation - Class A (a)

    185,635  
    5,863  

SVF Investment Corporation 2 - Class A (a)

    58,337  
    5,857  

SVF Investment Corporation 3 - Class A (a)

    58,219  
    5,875  

Switchback II Corporation - Class A (a)

    58,104  
    10,806  

Tailwind Acquisition Corporation - Class A (a)

    107,736  
    7,470  

Tekkorp Digital Acquisition Corporation - Class A (a)

    72,833  
    6,743  

Tiga Acquisition Corporation - Class A (a)

    67,632  
    11,177  

Tortoise Acquisition Corporation II - Class A (a)

    112,105  
    11,335  

TPG Pace Beneficial Finance Corporation - Class A (a)

    145,881  
    14,535  

TPG Pace Tech Opportunities Corporation - Class A (a)

    144,333  
    16,573  

Trebia Acquisition Corporation - Class A (a)

    164,073  
    9,122  

Tuscan Holdings Corporation (a)

    124,333  
    19,001  

TWC Tech Holdings II Corporation - Class A (a)

    188,680  
    6,470  

Union Acquisition Corporation II (a)

    65,282  
    8,315  

Vector Acquisition Corporation - Class A (a)

    90,550  
    7,667  

Vector Acquisition Corporation II - Class A (a)

    76,133  
    5,866  

Virtuoso Acquisition Corporation - Class A (a)

    58,191  

 

The accompanying notes are an integral part of these financial statements.

 

24

 

 

Defiance Next Gen SPAC Derived ETF

 

Schedule of Investments
June 30, 2021 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

SPECIAL PURPOSE ACQUISITION COMPANIES — 36.8% (Continued)

    6,735  

VPC Impact Acquisition Holdings - Class A (a)

  $ 67,417  
    14,997  

Vy Global Growth - Class A (a)

    149,220  
    8,407  

Yucaipa Acquisition Corporation - Class A (a)

    82,977  
    6,729  

Zanite Acquisition Corporation - Class A (a)

    67,694  
              22,344,720  
       

TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (Cost $23,508,533)

    22,344,720  
                 
       

SHORT-TERM INVESTMENTS — 0.4%

       
    236,229  

First American Government Obligations Fund - Class X, 0.03% (b)

    236,229  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $236,229)

    236,229  
                 
       

TOTAL INVESTMENTS — 100.0% (Cost $65,935,127)

    60,693,216  
       

Liabilities in Excess of Other Assets — (0.0)% (c)

    (6,645 )
       

NET ASSETS — 100.0%

  $ 60,686,571  

 

Percentages are stated as a percent of net assets.

 

(a)

Non-income producing security.

(b)

Rate shown is the annualized seven-day yield as of June 30, 2021.

(c)

Represents less than 0.05% of net assets.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

25

 

 

Defiance Next Gen H2 ETF

 

Schedule of Investments
June 30, 2021 (Unaudited)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.4%

       

Energy — 1.3%

    60,369  

Everfuel AS (a)

  $ 491,780  
                 
       

Industrials — 90.2% (b)

    140,852  

Advent Technologies Holdings, Inc. (a)

    1,357,813  
    1,805,867  

AFC Energy plc (a)

    1,584,138  
    135,311  

Ballard Power Systems, Inc. (a)

    2,451,835  
    82,662  

Bloom Energy Corporation - Class A (a)

    2,221,128  
    247,039  

Cell Impact AB (a)

    1,627,737  
    126,359  

Ceres Power Holdings plc (a)

    1,845,077  
    42,949  

Doosan Fuel Cell Company, Ltd. (a)

    1,906,895  
    313,000  

dynaCERT, Inc. (a)

    92,260  
    198,670  

FuelCell Energy, Inc. (a)

    1,768,163  
    103,198  

Fusion Fuel Green plc - Class A (a)

    1,488,115  
    161,637  

Gencell, Ltd. (a)

    560,533  
    330,440  

Hexagon Purus ASA (a)

    1,487,234  
    346,113  

ITM Power plc (a)

    2,177,431  
    47,156  

McPhy Energy SA (a)

    1,194,502  
    1,031,674  

NEL ASA (a)

    2,407,383  
    116,941  

Plug Power, Inc. (a)

    3,998,213  
    67,612  

PowerCell Sweden AB (a)

    1,785,931  
    7,964,304  

Powerhouse Energy Group plc (a)

    515,455  
    434,597  

Proton Motor Power Systems plc (a)

    312,193  
    41,541  

SFC Energy AG (a)

    1,386,769  
    30,810  

S-Fuelcell Company, Ltd.

    915,149  
    413,801  

Xebec Adsorption, Inc. (a)

    1,350,041  
              34,433,995  
       

Materials — 7.9%

    1,593,839  

Aker Clean Hydrogen AS (a)

    1,507,676  
    5,218  

Linde plc

    1,508,524  
              3,016,200  
       

TOTAL COMMON STOCKS (Cost $38,912,662)

    37,941,975  
       

SHORT-TERM INVESTMENTS — 0.6%

    230,829  

First American Government Obligations Fund - Class X, 0.03% (c)

  $ 230,829  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $230,829)

    230,829  
                 
       

TOTAL INVESTMENTS — 100.0% (Cost $39,143,491)

    38,172,804  
       

Other Assets in Excess of Liabilities — 0.0% (d)

    14,217  
       

NET ASSETS — 100.0%

  $ 38,187,021  

 

Percentages are stated as a percent of net assets.

 

(a)

Non-income producing security.

(b)

To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 8 in Notes to Financial Statements.

(c)

Rate shown is the annualized seven-day yield as of June 30, 2021.

(d)

Represents less than 0.05% of net assets.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

26

 

 

Defiance Next Gen Altered Experience ETF

 

Schedule of Investments
June 30, 2021 (Unaudited)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 96.2%

       

Consumer Staples — 8.2%

    269,005  

Neptune Wellness Solutions, Inc. (a)

  $ 312,822  
    995,500  

Red Light Holland Corporation (a)

    245,197  
              558,019  
       

Health Care — 88.0% (b)

    920,500  

Aleafia Health, Inc. (a)

    301,060  
    57,783  

Aurora Cannabis, Inc. (a)

    524,027  
    108,955  

Cardiol Therapeutics, Inc. - Class A (a)

    262,203  
    106,746  

cbdMD, Inc. (a)

    309,563  
    119,790  

Charlottes Web Holdings, Inc. (a)

    428,547  
    11,781  

Compass Pathways plc - ADR (a)

    449,445  
    164,062  

Corbus Pharmaceuticals Holdings, Inc. (a)

    300,234  
    54,747  

Cronos Group, Inc. (a)

    472,178  
    220,506  

Cybin, Inc. (a)

    452,302  
    55,282  

Field Trip Health, Ltd. (a)

    312,504  
    803,000  

MediPharm Labs Corporation (a)

    291,811  
    123,409  

Mind Medicine MindMed, Inc. (a)

    425,761  
    416,000  

Numinus Wellness, Inc. (a)

    305,710  
    260,337  

PharmaCielo, Ltd. (a)

    277,513  
    103,477  

Seelos Therapeutics, Inc. (a)

    273,179  
    297,715  

Willow Biosciences, Inc. (a)

    242,827  
    74,404  

Zynerba Pharmaceuticals, Inc. (a)

    393,597  
              6,022,461  
       

TOTAL COMMON STOCKS (Cost $6,954,942)

    6,580,480  
       

SHORT-TERM INVESTMENTS — 0.1%

    7,682  

First American Government Obligations Fund - Class X, 0.03% (c)

  $ 7,682  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $7,682)

    7,682  
                 
       

TOTAL INVESTMENTS — 96.3% (Cost $6,962,624)

    6,588,162  
       

Other Assets in Excess of Liabilities — 3.7%

    255,330  
       

NET ASSETS — 100.0%

  $ 6,843,492  

 

Percentages are stated as a percent of net assets.

 

ADR

American Depositary Receipt.

(a)

Non-income producing security.

(b)

To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 8 in Notes to Financial Statements.

(c)

Rate shown is the annualized seven-day yield as of June 30, 2021.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

27

 

 

Defiance Hotel, Airline, and Cruise ETF

 

Schedule of Investments
June 30, 2021 (Unaudited)

 

 

Shares   Security Description  Value 
     COMMON STOCKS — 98.9%     
     Consumer Discretionary — 41.8% (a)     
 3,223   Accor SA (b)  $120,360 
 15,147   Carnival Corporation (b)   399,275 
 825   Choice Hotels International, Inc.   98,059 
 3,388   Hilton Worldwide Holdings, Inc. (b)   408,661 
 1,474   Huazhu Group, Ltd. - ADR (b)   77,842 
 429   Hyatt Hotels Corporation - Class A (b)   33,308 
 2,992   InterContinental Hotels Group plc - ADR (b)   199,536 
 3,751   Marriott International, Inc. - Class A (b)   512,087 
 88,000   Minor International pcl (b)   82,371 
 6,402   Norwegian Cruise Line Holdings, Ltd. (b)   188,283 
 2,200   Resorttrust, Inc.   35,956 
 3,597   Royal Caribbean Cruises, Ltd. (b)   306,752 
 44,000   Shangri-La Asia, Ltd. (b)   43,060 
 1,320   Wyndham Hotels & Resorts, Inc.   95,423 
         2,600,973 
     Industrials — 48.0% (a)     
 5,302   Air Canada (b)   109,183 
 66,000   Air China, Ltd. - H-Shares (b)   48,528 
 5,731   Air France-KLM (b)   27,661 
 1,815   Alaska Air Group, Inc. (b)   109,463 
 209   Allegiant Travel Company (b)   40,546 
 10,483   American Airlines Group, Inc. (b)   222,344 
 3,300   ANA Holdings, Inc. (b)   77,661 
 66,000   China Southern Airlines Company, Ltd. - H-Shares (b)   40,964 
 1,639   Controladora Vuela Cia de Aviacion SAB de CV - ADR (b)   31,485 
 319   Copa Holdings SA - Class A (b)   24,030 
 10,450   Delta Air Lines, Inc. (b)   452,067 
 5,874   Deutsche Lufthansa AG (b)   66,107 
 6,908   easyJet plc (b)   85,391 
 74,448   International Consolidated Airlines Group SA (b)   178,695 
 3,300   Japan Airlines Company, Ltd. (b)   71,388 
 4,081   JetBlue Airways Corporation (b)   68,479 
 38,456   Qantas Airways, Ltd. (b)   134,538 
 2,266   Ryanair Holdings plc - ADR (b)   245,204 
 30,800   Singapore Airlines, Ltd. (b)   111,129 
 737   SkyWest, Inc. (b)   31,743 
 7,722   Southwest Airlines Company (b)   409,961 
 1,760   Spirit Airlines, Inc. (b)   53,574 
 5,159   United Airlines Holdings, Inc. (b)   269,764 
     COMMON STOCKS — 98.9% (Continued)     
     Industrials — 48.0% (a) (Continued)     
 1,122   Wizz Air Holdings plc (b)  $72,369 
         2,982,274 
     Real Estate — 9.1%     
 4,059   Apple Hospitality REIT, Inc.   61,940 
 9,053   Host Hotels & Resorts, Inc. (b)   154,716 
 88   Japan Hotel REIT Investment Corporation   52,805 
 3,366   Park Hotels & Resorts, Inc. (b)   69,373 
 1,859   Pebblebrook Hotel Trust   43,780 
 2,266   RLJ Lodging Trust   34,511 
 869   Ryman Hospitality Properties, Inc. (b)   68,616 
 2,695   Service Properties Trust   33,957 
 3,806   Sunstone Hotel Investors, Inc. (b)   47,271 
         566,969 
     TOTAL COMMON STOCKS (Cost $6,314,653)   6,150,216 
           
     PREFERRED STOCKS — 0.6%     
     Industrials — 0.6%     
 1,463   Azul SA - ADR (b)   38,624 
     TOTAL PREFERRED STOCKS (Cost $39,347)   38,624 
           
     SHORT-TERM INVESTMENTS — 0.2%     
 11,064   First American Government Obligations Fund - Class X, 0.03% (c)   11,064 
     TOTAL SHORT-TERM INVESTMENTS (Cost $11,064)   11,064 
           
     TOTAL INVESTMENTS — 99.7% (Cost $6,365,064)   6,199,904 
     Other Assets in Excess of Liabilities — 0.3%   17,683 
     NET ASSETS — 100.0%  $6,217,587 

 

Percentages are stated as a percent of net assets.

 

ADR

American Depositary Receipt.

(a)

To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 8 in Notes to Financial Statements.

(b)

Non-income producing security.

(c)

Rate shown is the annualized seven-day yield as of June 30, 2021.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

28

 

 

Defiance ETFs

 

Statements of Assets and Liabilities

June 30, 2021 (Unaudited)

 

 

   

Defiance
Quantum
ETF

   

Defiance
Next Gen
Connectivity
ETF

   

Defiance
Nasdaq Junior
Biotechnology
ETF

   

Defiance
Next Gen
SPAC Derived
ETF

   

Defiance
Next Gen H2
ETF

   

Defiance
Next Gen
Altered
Experience
ETF

   

Defiance
Hotel, Airline,
and Cruise
ETF

 

ASSETS

                                                       

Investments in securities, at value * + (Note 2)

  $ 133,353,132     $ 1,395,588,750     $ 8,244,936     $ 60,693,216     $ 38,172,804     $ 6,588,162     $ 6,199,904  

Dividends and interest receivable

    71,898       1,585,448       109       4,945       5             97  

Reclaims receivable

    15,271       102,508       50             3,327              

Securities lending income receivable

    625       20,605                                

Receivable for securities sold

                      2,378,478             258,028        

Transaction fees receivable

    12                                      

Foreign currency, at value

                            18,814              

Receivable for capital shares sold

                                        3,956,645  

Other receivables

                52                          

Total assets

  $ 133,440,938     $ 1,397,297,311     $ 8,245,147     $ 63,076,639     $ 38,194,950     $ 6,846,190     $ 10,156,646  
                                                         

LIABILITIES

                                                       

Collateral received for securities loaned (Note 4)

    18,960,801       115,662,184                                

Management fees payable

    36,727       309,788       2,936       22,198       7,929       2,698       707  

Payable for securities purchased

                      2,367,870                   3,938,352  

Total liabilities

    18,997,528       115,971,972       2,936       2,390,068       7,929       2,698       3,939,059  
                                                         

NET ASSETS

  $ 114,443,410     $ 1,281,325,339     $ 8,242,211     $ 60,686,571     $ 38,187,021     $ 6,843,492     $ 6,217,587  
                                                         

Net Assets Consist of:

                                                       

Paid-in capital

  $ 89,466,072     $ 1,024,556,109     $ 7,579,050     $ 71,418,998     $ 40,626,070     $ 7,231,490     $ 6,392,645  

Total distributable earnings (accumulated deficit)

    24,977,338       256,769,230       663,161       (10,732,427 )     (2,439,049 )     (387,998 )     (175,058 )

Net assets

  $ 114,443,410     $ 1,281,325,339     $ 8,242,211     $ 60,686,571     $ 38,187,021     $ 6,843,492     $ 6,217,587  
                                                         

Net Asset Value:

                                                       

Net assets

  $ 114,443,410     $ 1,281,325,339     $ 8,242,211     $ 60,686,571     $ 38,187,021     $ 6,843,492     $ 6,217,587  

Shares outstanding ^

    2,300,000       33,700,000       250,000       2,300,000       1,575,000       275,000       275,000  

Net asset value, offering and redemption price per share

  $ 49.76     $ 38.02     $ 32.97     $ 26.39     $ 24.25     $ 24.89     $ 22.61  
                                                         

* Identified cost:

                                                       

Investments in securities

  $ 112,634,008     $ 1,173,303,932     $ 7,686,484     $ 65,935,127     $ 39,143,491     $ 6,962,624     $ 6,365,064  

Foreign currency

                            18,877              

 

^

No par value, unlimited number of shares authorized.

+

Including securities on loan of $18,561,628, $112,294,350, $0, $0, $0, $0, and $0, respectively.

 

The accompanying notes are an integral part of these financial statements.

 

29

 

 

Defiance ETFs

 

Statements of Operations

For the Six-Months/Period Ended June 30, 2021 (Unaudited)

 

 

   

Defiance
Quantum
ETF

   

Defiance
Next Gen
Connectivity
ETF

   

Defiance
Nasdaq Junior
Biotechnology
ETF

   

Defiance
Next Gen
SPAC Derived
ETF

   

Defiance
Next Gen H2
ETF
(1)

   

Defiance
Next Gen
Altered
Experience
ETF
(2)

   

Defiance
Hotel, Airline,
and Cruise
ETF
(3)

 

INCOME

                                                       

Dividends *

  $ 471,295     $ 8,000,905     $ 1,207     $ 33,597     $ 27,644     $     $ 2,576  

Interest

    73       520       5       32       14              

Securities lending Income, net (Note 4)

    4,732       131,543                                

Total investment income

    476,100       8,132,968       1,212       33,629       27,658             2,576  
                                                         

EXPENSES

                                                       

Management fees

    181,774       1,690,968       18,946       154,462       23,080       2,698       707  

Total expenses

    181,774       1,690,968       18,946       154,462       23,080       2,698       707  

Net investment income (loss)

    294,326       6,442,000       (17,734 )     (120,833 )     4,578       (2,698 )     1,869  
                                                         

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

                                               

Net realized gain (loss) on:

                                                       

Investments in securities

    4,342,510       43,524,685       121,389       (3,601,024 )     (1,435,538 )     (10,029 )     (11,634 )

Foreign currency

    (26,634 )                       (30,358 )     (582 )     (133 )

Net change in unrealized appreciation (depreciation) of:

                                               

Investments in securities

    9,440,301       88,054,432       (468,040 )     (9,101,510 )     (970,687 )     (374,462 )     (165,160 )

Foreign currency

    (427 )                       (140 )     (227 )      

Net realized and unrealized gain (loss) on investments

    13,755,750       131,579,117       (346,651 )     (12,702,534 )     (2,436,723 )     (385,300 )     (176,927 )

Net increase (decrease) in net assets resulting from operations

  $ 14,050,076     $ 138,021,117     $ (364,385 )   $ (12,823,367 )   $ (2,432,145 )   $ (387,998 )   $ (175,058 )

 

(1)

The Fund commenced operations on March 9, 2021. The information presented is for the period from March 9, 2021 to June 30, 2021.

(2)

The Fund commenced operations on May 27, 2021. The information presented is for the period from May 27, 2021 to June 30, 2021.

(3)

The Fund commenced operations on June 3, 2021. The information presented is for the period from June 3, 2021 to June 30, 2021.

*

Net of foreign withholding taxes of $37,484, $260,613, $189, $326, $3,536, $0 and $0, respectively.

 

The accompanying notes are an integral part of these financial statements.

 

30

 

 

Defiance Quantum ETF

 

Statements of Changes in Net Assets

 

 

   

Six-Months
Ended
June 30, 2021
(Unaudited)

   

Year
Ended
December 31,
2020

 

OPERATIONS

               

Net investment income (loss)

  $ 294,326     $ 229,549  

Net realized gain (loss) on investments and foreign currency

    4,315,876       4,444,925  

Change in unrealized appreciation (depreciation) on investments and foreign currency

    9,439,874       9,097,521  

Net increase (decrease) in net assets resulting from operations

    14,050,076       13,771,995  
                 

DISTRIBUTIONS TO SHAREHOLDERS

               

Net distributions to shareholders

    (283,471 )     (221,124 )

Total distributions to shareholders

    (283,471 )     (221,124 )
                 

CAPITAL SHARE TRANSACTIONS

               

Proceeds from shares sold

    59,140,935       33,659,285  

Payments for shares redeemed

    (14,439,030 )     (11,832,470 )

Transaction fees (Note 7)

    34,226       4,983  

Net increase (decrease) in net assets derived from capital share transactions (a)

    44,736,131       21,831,798  

Net increase (decrease) in net assets

  $ 58,502,736     $ 35,382,669  
                 

NET ASSETS

               

Beginning of period/year

  $ 55,940,674     $ 20,558,005  

End of period/year

  $ 114,443,410     $ 55,940,674  

 

(a)

A summary of capital share transactions is as follows:

 

   

Shares

   

Shares

 

Subscriptions

    1,250,000       950,000  

Redemptions

    (300,000 )     (300,000 )

Net increase (decrease)

    950,000       650,000  

 

The accompanying notes are an integral part of these financial statements.

 

31

 

 

Defiance Next Gen Connectivity ETF

 

Statements of Changes in Net Assets

 

 

   

Six-Months
Ended
June 30, 2021
(Unaudited)

   

Year
Ended
December 31,
2020

 

OPERATIONS

               

Net investment income (loss)

  $ 6,442,000     $ 5,446,296  

Net realized gain (loss) on investments

    43,524,685       4,957,822  

Change in unrealized appreciation (depreciation) on investments

    88,054,432       131,041,762  

Net increase (decrease) in net assets resulting from operations

    138,021,117       141,445,880  
                 

DISTRIBUTIONS TO SHAREHOLDERS

               

Net distributions to shareholders

    (5,774,806 )     (5,446,296 )

Tax return of capital to shareholders

          (407,082 )

Total distributions to shareholders

    (5,774,806 )     (5,853,378 )
                 

CAPITAL SHARE TRANSACTIONS

               

Proceeds from shares sold

    390,997,285       615,223,530  

Payments for shares redeemed

    (132,209,885 )     (22,985,155 )

Transaction fees (Note 7)

          193  

Net increase (decrease) in net assets derived from capital share transactions (a)

    258,787,400       592,238,568  

Net increase (decrease) in net assets

  $ 391,033,711     $ 727,831,070  
                 

NET ASSETS

               

Beginning of period/year

  $ 890,291,628     $ 162,460,558  

End of period/year

  $ 1,281,325,339     $ 890,291,628  

 

(a)

A summary of capital share transactions is as follows:

 

   

Shares

   

Shares

 

Subscriptions

    10,850,000       21,050,000  

Redemptions

    (3,650,000 )     (750,000 )

Net increase (decrease)

    7,200,000       20,300,000  

 

The accompanying notes are an integral part of these financial statements.

 

32

 

 

Defiance Nasdaq Junior Biotechnology ETF

 

StatementS of Changes in Net Assets

 

 

   

Six-Months
Ended
June 30, 2021
(Unaudited)

   

Period
Ended
December 31,
2020
(1)

 

OPERATIONS

               

Net investment income (loss)

  $ (17,734 )   $ (7,951 )

Net realized gain (loss) on investments

    121,389       664,072  

Change in unrealized appreciation (depreciation) on investments

    (468,040 )     1,026,492  

Net increase (decrease) in net assets resulting from operations

    (364,385 )     1,682,613  
                 

DISTRIBUTIONS TO SHAREHOLDERS

               

Net distributions to shareholders

          (59,962 )

Total distributions to shareholders

          (59,962 )
                 

CAPITAL SHARE TRANSACTIONS

               

Proceeds from shares sold

          8,743,625  

Payments for shares redeemed

          (1,759,680 )

Net increase (decrease) in net assets derived from capital share transactions (a)

          6,983,945  

Net increase (decrease) in net assets

  $ (364,385 )   $ 8,606,596  
                 

NET ASSETS

               

Beginning of period

  $ 8,606,596     $