N-CSRS 1 fp0079177_ncsrs.htm

 

As filed with the U.S. Securities and Exchange Commission on [date]

 

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, 2022

 

 

 

 

Item 1. Reports to Stockholders.

 

(a)

  

 

Semi-Annual Report

 

June 30, 2022

 

Defiance Quantum ETF

Ticker: QTUM

 

Defiance Next Gen Connectivity ETF

Ticker: FIVG

 

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 Digital Revolution ETF

Ticker: NFTZ

 

 

Defiance ETFs

 

TABLE OF CONTENTS

 

 

Page

Message to Investors

1

Fund Commentaries

2

Portfolio Allocations

16

Schedules of Investments

19

Statements of Assets and Liabilities

35

Statements of Operations

37

Statements of Changes in Net Assets

39

Financial Highlights

46

Notes to Financial Statements

53

Expense Examples

65

Review of Liquidity Risk Management Program

67

Approval of Advisory Agreement and Board Considerations

68

Approval of Sub-Advisory Agreement and Board Considerations

71

Federal Tax Information

73

Information About Portfolio Holdings

73

Information About Proxy Voting

74

Information About the Funds’ Trustees

74

Frequency Distribution of Premiums and Discounts

74

 

 

Defiance ETFs

 

Message to Investors
(Unaudited)

 

 

June 30, 2022

 

Dear Investor,

 

The first half of the year came with the worst stock market decline in half a century. Two years after the COVID-19 virus rocked the markets, investors found themselves contending with a fresh set of issues including slowing growth, out of control inflation and a Federal Reserve eager to tighten. There was and remains much debate about whether we are in a recession. Major indices have been in correction, or bear market territory for the last quarter, and continue to remain uncertain. As of the end of June, Nasdaq, S&P and Dow were down -30%, -20% and -15%, respectively. Slowing data and bad news seemed to give us a break in July with those indices back up 10%, 7% and 6%, respectively.

 

How does this impact Defiance? Our ETFs target innovation, the future of technology and disruptive themes in the market place. With the exception of Defiance Hotel, Airline, and Cruise ETF (“CRUZ”), which is linked to the service sector and the travel reopening trade, the funds are highly concentrated in tech and tech-related industries like semiconductors.

 

To provide a comparison, the Nasdaq Index sits at -20% year to date. Defiance Next Gen Connectivity ETF (“FIVG”) is down about -16%, Defiance Quantum ETF (“QTUM”) is in line with a -20% return.

 

What does the future hold?

 

Consumer sentiment is at an all-time low, we have seen indiscriminate selling across all sectors and asset classes, and quite simply there was nowhere to hide. Sentiment is leaning negative with the average investor having little faith that the Federal Reserve (“FED”) can achieve a soft landing. However, in parallel we have sustained earnings, and a red-hot job market. Coupled with liquidity issues linked to the summer holiday, we are not seeing a return or strong momentum towards the market, growth and thematic products.

 

The future looks brighter. It is entirely possible that we saw the market bottom in June. This doesn’t mean that we will not retest those lows- it is very difficult to confirm a bottom until we are far removed from it. Investors are beginning to dip their toes back into the market, as earnings showed us that around 70% of firms’ reporting beat estimates - they were able to absorb inflation as evidenced by strong operating margins. The near-term guidance was spotty however, but with the froth taken off of equities, reduced multiples, many investors are starting to get more comfortable with the idea of creating shopping lists and dollar cost averaging in.

 

While growth is slowing, the US economy is also returning to pre-pandemic levels where jobs, spending and revenue transitioned to services, a major contributor to Gross Domestic Product (“GDP”). A serious recession with broad contraction is less likely while strong labor market momentum continues. The FED has hiked 75 bps on two occasions, and the market has absorbed it. We may see additional hikes; however, inflation will likely begin to budge downwards from its peak. Once the Fed loses steam with rate hikes, and we get past the doldrums of summer liquidity, we are left with strong jobs, stellar earnings, a healthy consumer with record pre-pandemic savings (at historical highs despite a drop), we just might see a better year end. The economy is moving back to a space of normalcy and reasonable growth. As we see tech and liquidity in tech related equities rebound, we expect that Defiance will be well-positioned to capture the interest of investors, and show price appreciation and recovery along with the broader growth markets. The transition from value to growth has begun, and the largest short term bear rally has also come in these spaces.

 

We continue to remain committed to our products, and are launching new and innovative products for investors to potentially benefit from the various impressive market moves we’ve seen as the economy evolves. Thank you for investing in our products. We value your support and confidence in our work.

 

Sincerely,

 

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

 

1

 

 

Defiance Quantum ETF

 

Fund Commentaries
(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, 2022 through June 30, 2022 (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 negative performance during the current fiscal period. The market price for QTUM decreased 26.90% and the Net Asset Value (“NAV”) decreased 26.86%, while the S&P 500®, a broad market index, decreased 19.96% over the same period. The Fund’s Index decreased 26.78%. Meanwhile, outstanding shares ended the period at 2,850,000.

 

For the current fiscal period, the largest positive contributor to return was Northrop Grumman Corporation, adding 0.32% to the return of the Fund, gaining 24.57% with an average weighting of 1.94%. The second largest contributor to return was Lockheed Martin Corporation, adding 0.28% to the return of the Fund, gaining 22.53% with an average weighting of 2.01%. The third largest contributor to return was Koninklijke KPN NV, adding 0.24% to the return of the Fund, gaining 17.63% with an average weighting of 1.91%.

 

For the current fiscal period, the largest negative contributor to return was Advanced Micro Devices, Inc., detracting 1.10% from the return of the Fund, declining 46.86% with an average weighting of 2.17%. The security contributing second-most negatively to return was Atos SE, detracting 1.04% from the return of the Fund, and declining 68.57% with an average weighting of 1.18%. The third largest negative contributor to return was IONQ, Inc., detracting 1.00% from the return of the Fund, and declining 73.77% with an average weight of 0.87%.

 

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

 

Sincerely,

 

Sylvia Jablonski, Chief Executive Officer
Defiance ETFs LLC, Adviser to the Fund

 

Sylvia Jablonski is registered with Foreside Fund Services, LLC which is not affiliated with Defiance ETFs, LLC or its affiliates.

 

Important Disclosures:

 

Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

 

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 833.333.9383 or at defianceetfs.com.

 

Investing involves risk. Principal loss is possible. As an ETF, the Fund 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 Fund is 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. 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 are only in the exploration stages, and the possibility of returns is uncertain and may not be realized in the near future.

 

2

 

 

Defiance Quantum ETF

 

Fund Commentaries
(Unaudited) (Continued)

 

 

The “BlueStar Quantum Computing and Machine Learning Index®”, “BQTUM™ Index” (collectively “Quantum Computing and Machine Learning Index”), is the exclusive property and a trademark of BlueStar Global Investors LLC d/b/a BlueStar Indexes® and has been licensed for use for certain purposes by Defiance ETFs LLC. Products based on the Quantum Computing and Machine Learning Index are not sponsored, endorsed, sold, or promoted by BlueStar Global Investors, LLC or BlueStar Indexes®, and BlueStar Global Investors, LLC and BlueStar Indexes® makes no representation regarding the advisability of trading in such product(s). It is not possible to invest directly in an index.

 

Total return represents changes to the NAV and accounts for distributions from the Fund.

 

Median 30-Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

 

Diversification does not ensure a profit nor protect against loss in a declining market.

 

Commissions may be charged on trades.

 

Go to defianceetfs.com/QTUM to read more about QTUM including current performance and holdings information. Fund holdings are subject to change and should not be considered recommendations to buy or sell any securities.

 

QTUM is distributed by Foreside Fund Services, LLC.

 

3

 

 

Defiance Next Gen Connectivity ETF

 

Fund Commentaries
(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, 2022 through June 30, 2022 (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 negative performance during the current fiscal period. The market price for FIVG decreased 23.88% and the Net Asset Value (“NAV”) decreased 23.77%, while the S&P 500®, a broad market index, decreased 19.96% over the same period. The Fund’s Index decreased 23.89%. Meanwhile, outstanding shares ended the period at 27,400,000.

 

For the current fiscal period, the largest positive contributor to return was Resonant, Inc., adding 0.67% to the return of the Fund, gaining 161.99% with an average weighting of 0.36%. The second largest contributor to return was AT&T, Inc., adding 0.38% to the return of the Fund, gaining 14.71% with an average weighting of 3.32%. The third largest contributor to return was T-Mobile US, Inc., adding 0.38% to the return of the Fund, gaining 16.00% with an average weighting of 2.84%.

 

For the current fiscal period, the largest negative contributor to return was Advanced Micro Devices, Inc, detracting 3.29% from the return of the Fund, declining 46.86% with an average weighting of 6.26%. The security contributing second-most negatively to return was Marvell Technology, Inc., detracting 1.80% from the return of the Fund, and declining 50.17% with an average weighting of 2.95%. The third largest negative contributor to return was QUALCOMM, Inc., detracting 1.46% from the return of the Fund, and declining 29.49% with an average weight of 4.78%.

 

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

 

Sincerely,

 

Sylvia Jablonski, Chief Executive Officer
Defiance ETFs LLC, Adviser to the Fund

 

Sylvia Jablonski is registered with Foreside Fund Services, LLC which is not affiliated with Defiance ETFs, LLC or its affiliates.

 

Important Disclosures:

 

Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

 

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383 or at defianceetfs.com.

 

Investing involves risk. Principal loss is possible. As an ETF, the Fund 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 Fund is 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. 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 5G technologies are only in the exploration stages, and the possibility of returns is uncertain and may not be realized in the near future.

 

4

 

 

Defiance Next Gen Connectivity ETF

 

Fund Commentaries
(Unaudited) (Continued)

 

 

The “BlueStar 5G Communications Index™”, “BFIVGTR™ Index” (collectively “5G Communications Index”), is the exclusive property and a trademark of BlueStar Global Investors LLC d/b/a BlueStar Indexes® and has been licensed for use for certain purposes by Defiance ETFs LLC. Products based on the Global 5G Communications Index* are not sponsored, endorsed, sold or promoted by BlueStar Global Investors, LLC or BlueStar Indexes®, and BlueStar Global Investors, LLC and BlueStar Indexes® makes no representation regarding the advisability of trading in such product(s). It is not possible to invest directly in an index.

 

The Defiance Next Gen Connectivity ETF is the first ETF to emphasize securities whose products and services are predominantly tied to the development of 5G networking and communication technologies. The Fund does this by tracking The BlueStar 5G Communications Index. The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index.

 

Total return represents changes to the NAV and accounts for distributions from the Fund.

 

Median 30-Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

 

Diversification does not ensure a profit nor protect against loss in a declining market.

 

Commissions may be charged on trades.

 

Go to defianceetfs.com/FIVG to read more about FIVG including current performance and holdings information. Fund holdings are subject to change and should not be considered recommendations to buy or sell any securities.

 

FIVG is distributed by Foreside Fund Services, LLC.

 

5

 

 

Defiance Next Gen SPAC Derived ETF

 

Fund Commentaries
(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, 2022 through June 30, 2022 (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 38.58% and the Net Asset Value (“NAV”) decreased 38.54%, while the S&P 500®, a broad market index, decreased 19.96% over the same period. The Fund’s Index decreased 38.48%. Meanwhile, outstanding shares ended the period at 1,125,000.

 

For the current fiscal period, the largest positive contributor to return was Soc Telemed, Inc., adding 0.26% to the return of the Fund, gaining 134.38% with an average weighting of 0.16%. The second largest contributor to return was Multiplan Corporation, adding 0.07% to the return of the Fund, declining 23.93% with an average weighting of 0.34%. The third largest contributor to return was Celularity, Inc., adding 0.06% to the return of the Fund, declining 33.59% with an average weighting of 0.13%.

 

For the current fiscal period, the largest negative contributor to return was Lucid Group, Inc. detracting 2.41% from the return of the Fund, declining 54.90% with an average weighting of 3.66%. The security contributing second-most negatively to return was Grab Holdings, Ltd. – Class A., detracting 1.38% from the return of the Fund, and declining 64.52% with an average weighting of 1.63%. The third largest negative contributor to return was SoFi Technologies, Inc., detracting 1.24% from the return of the Fund, and declining 66.67% with an average weight of 1.43%.

 

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

 

Sincerely,

 

Sylvia Jablonski, Chief Executive Officer
Defiance ETFs LLC, Adviser to the Fund

 

Sylvia Jablonski is registered with Foreside Fund Services, LLC which is not affiliated with Defiance ETFs, LLC or its affiliates.

 

Important Disclosures:

 

Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

 

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383 or at defianceetfs.com.

 

Investing involves risk. Principal loss is possible. As an ETF, the Fund 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. Brokerage commissions will reduce returns. The Fund is 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 Fund is considered to be non-diversified, so it may invest more of its assets in the securities of a single issuer or a smaller number of issuers. Small and mid-cap companies are subject to greater and more unpredictable price changes than securities of large-cap companies.

 

The Fund invests in equity securities of SPACs, which raise assets to seek potential acquisition opportunities. Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. government securities, money market securities, and cash. There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable. Investors who purchase SPAC shares in the secondary market after an acquisition announcement may suffer a loss if the value of the shares subsequently declines. Because SPACs have no operating history or ongoing business

 

6

 

 

Defiance Next Gen SPAC Derived ETF

 

Fund Commentaries
(Unaudited) (Continued)

 

 

other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. The potential risk of SPAC managers who are inexperienced or unqualified can be made more pronounced by this lack of any operating history or past performance of the SPAC.

 

Public stockholders of SPACs may not be afforded a meaningful opportunity to vote on a proposed initial business combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC may complete a business combination even though a majority of its public stockholders do not support such a combination. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices.

 

The Fund invests in companies that have recently completed an IPO or are derived from a SPAC. These companies may be unseasoned and lack a trading history, a track record of reporting to investors, and widely available research coverage. IPOs are thus often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with the IPO prior to inclusion in the Index. The price of stocks included in the Index may not continue to appreciate and the performance of these stocks may not replicate the performance exhibited in the past. In addition, IPOs may share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released.

 

Alpha is a measure of the active return on an investment compared with a suitable market index.

 

Total return represents changes to the NAV and accounts for distributions from the Fund.

 

Median 30-Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

 

Diversification does not ensure a profit nor protect against loss in a declining market.

 

Commissions may be charged on trades.

 

Go to defianceetfs.com/SPAK to read more about SPAK including current performance and holdings information. Fund holdings are subject to change and should not be considered recommendations to buy or sell any securities.

 

SPAK is distributed by Foreside Fund Services, LLC

 

7

 

 

Defiance Next Gen H2 ETF

 

Fund Commentaries
(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 January 1, 2022 through June 30, 2022 (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 42.52% and the Net Asset Value (“NAV”) decreased 42.65%, while the S&P 500®, a broad market index, decreased 19.96% over the same period. The Fund’s Index decreased 42.79%. Meanwhile, outstanding shares ended the period at 3,650,000.

 

For the current fiscal period, the largest positive contributor to return was Fuelcell Energy, Inc., adding 0.20% to the return of the Fund, gaining 27.88% with an average weighting of 3.50%. The second largest contributor to return was Everfuel AS, adding 0.17% to the return of the Fund, gaining 25.98% with an average weighting of 0.99%. The third largest contributor to return was Fusion Fuel Green plc – Class A, adding 0.03% to the return of the Fund, gaining 7.49% with an average weighting of 0.43%.

 

For the current fiscal period, the largest negative contributor to return was ITM Power plc, detracting 4.48% from the return of the Fund, declining 60.67% with an average weighting of 6.56%. The security contributing second-most negatively to return was Ballard Power Systems, Inc., detracting 4.13% from the return of the Fund, and declining 49.84% with an average weighting of 7.14%. The third largest negative contributor to return was Plug Power, Inc., detracting 3.55% from the return of the Fund, and declining 41.30% with an average weight of 8.91%.

 

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

 

Sincerely,

 

Sylvia Jablonski, Chief Executive Officer
Defiance ETFs LLC, Adviser to the Fund

 

Sylvia Jablonski is registered with Foreside Fund Services, LLC which is not affiliated with Defiance ETFs, LLC or its affiliates.

 

Important Disclosures:

 

Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

 

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383 or at defianceetfs.com.

 

Investing involves risk. Principal loss is possible. As an ETF, the Fund 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 Fund is 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. Specifically, the Index (and as a result, the Fund) is expected to be concentrated in hydrogen and fuel cell companies. Such companies may depend largely on the availability of hydrogen gas, certain third-party key suppliers for components in their products, and a small number of customers for a significant portion of their business. The Fund is considered to be non-diversified, so it may invest more of its 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.

 

8

 

 

Defiance Next Gen H2 ETF

 

Fund Commentaries
(Unaudited) (Continued)

 

 

The BlueStar Hydrogen & Next Gen Fuel Cell Index is the exclusive property and a trademark of BlueStar Global Investors LLC d/b/a BlueStar Indexes® and has been licensed for use for certain purposes by Defiance ETFs LLC. Products based on the Global Hydrogen & Next Gen Fuel Cell Index are not sponsored, endorsed, sold or promoted by BlueStar Global Investors, LLC or BlueStar Indexes®, and BlueStar Global Investors, LLC and BlueStar Indexes® makes no representation regarding the advisability of trading in such product(s).

 

Total return represents changes to the NAV and accounts for distributions from the Fund.

 

Median 30-Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

 

Commissions may be charged on trades.

 

Go to defianceetfs.com/HDRO to read more about HDRO including current performance and holdings information. Fund holdings are subject to change and should not be considered recommendations to buy or sell any securities.

 

HDRO is distributed by Foreside Fund Services, LLC

 

9

 

 

Defiance Next Gen Altered Experience ETF

 

Fund Commentaries
(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 January 1, 2022 through June 30, 2022 (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 57.95% and the Net Asset Value (“NAV”) decreased 57.87%, while the S&P 500®, a broad market index, decreased 19.96% over the same period. The Fund’s Index decreased 58.28%. Meanwhile, outstanding shares ended the period at 850,000.

 

For the current fiscal period, the largest positive contributor to return was 22nd Century Group, Inc., adding 0.22% to the return of the Fund, gaining 2.74% with an average weighting of 3.31%.

 

For the current fiscal period, the largest negative contributor to return was Aurora Cannabis, Inc., detracting 5.96% from the return of the Fund, declining 75.69% with an average weighting of 6.35%. The security contributing second-most negatively to return was Growgeneration Corporation, detracting 4.26% from the return of the Fund, and declining 60.72% with an average weighting of 3.92%. The third largest negative contributor to return was GH Research plc, detracting 3.91% from the return of the Fund, and declining 57.22% with an average weight of 6.50%.

 

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

 

Sincerely,

 

Sylvia Jablonski, Chief Executive Officer
Defiance ETFs LLC, Adviser to the Fund

 

Sylvia Jablonski is registered with Foreside Fund Services, LLC which is not affiliated with Defiance ETFs, LLC or its affiliates.

 

Important Disclosures:

 

Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

 

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383 or at defianceetfs.com.

 

Investing involves risk. Principal loss is possible. As an ETF, the Fund 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 Fund is 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. Specifically, the Index (and as a result, the Fund) is expected to be concentrated in Psychedelics Healthcare and Medical Cannabis companies. Such companies may depend largely on the government regulation and their profitability can be significantly affected by restriction on government reimbursements for medical expenses, rising costs of products and services, pricing pressure, limited product lines, intellectual property rights, and long and costly government product approval processes. The investments rely on U.S. and Canadian regulation of psychedelic, healthcare and cannabis, and the Fund could be adversely affected by changes in these regulations.

 

The Fund will not invest directly in or hold ownership in any companies that engage in cannabis- or psychedelics-related business unless permitted by national and local laws of the relevant jurisdiction, including U.S. federal and state laws. Accordingly, the Fund does not currently invest (directly or indirectly) in companies located in the United States if their cannabis- or psychedelics-

 

10

 

 

Defiance Next Gen Altered Experience ETF

 

Fund Commentaries
(Unaudited) (Continued)

 

 

related business activities are illegal under U.S. federal law, even if such activities are legal under state law. In the United States and Canada, the medical and recreational use of certain psychedelic drugs, including psilocybin, is currently illegal. There is no guarantee that psychedelic drugs or psychedelic inspired drugs will ever be approved as medicines in either jurisdiction.

 

The Fund is considered to be non-diversified, so it may invest more of its 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. Small and mid-cap companies are subject to greater and more unpredictable price changes than securities of large-cap companies.

 

Total return represents changes to the NAV and accounts for distributions from the Fund.

 

Median 30-Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

 

The BITA Medical Psychedelics, Cannabis, and Ketamine Index is owned, calculated, administered and disseminated by BITA GmbH. It is not possible to invest directly in an index.

 

Commissions may be charged on trades.

 

Go to defianceetfs.com/PSY to read more about PSY including current performance and holdings information. Fund holdings are subject to change and should not be considered recommendations to buy or sell any securities.

 

PSY is distributed by Foreside Fund Services, LLC.

 

11

 

 

Defiance Hotel, Airline, and Cruise ETF

 

Fund Commentaries
(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 January 1, 2022 through June 30, 2022 (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 29.09% and the Net Asset Value (“NAV”) decreased 28.78%, while the S&P 500®, a broad market index, decreased 19.96% over the same period. The Fund’s Index decreased 28.65%. Meanwhile, outstanding shares ended the period at 2,400,000.

 

For the current fiscal period, the largest positive contributor to return was Air China, Ltd. – H-Shares, adding 0.09% to the return of the Fund, gaining 24.57% with an average weighting of 0.44%. The second largest contributor to return was H World Group, Ltd., adding 0.08% to the return of the Fund, gaining 2.69% with an average weighting of 1.66%. The third largest contributor to return was Minor International pcl, adding 0.06% to the return of the Fund, gaining 9.32% with an average weighting of 0.43%.

 

For the current fiscal period, the largest negative contributor to return was Carnival Corporation, detracting 4.44% from the return of the Fund, declining 57.01% with an average weighting of 6.66%. The security contributing second-most negatively to return was Royal Caribbean Cruises, Ltd., detracting 4.30% from the return of the Fund, and declining 54.60% with an average weighting of 6.63%. The third largest negative contributor to return was Norwegian Cruise Line Holdings, Ltd., detracting 3.48% from the return of the Fund, and declining 46.38% with an average weight of 5.51%.

 

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

 

Sincerely,

 

Sylvia Jablonski, Chief Executive Officer
Defiance ETFs LLC, Adviser to the Fund

 

Sylvia Jablonski is registered with Foreside Fund Services, LLC which is not affiliated with Defiance ETFs, LLC or its affiliates.

 

Important Disclosures:

 

Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

 

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 833.333.9383 or at defianceetfs.com.

 

Investing involves risk. Principal loss is possible. As an ETF, the Fund 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. Brokerage commissions will reduce returns. The Fund is 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. Specifically, the Index (and as a result, the Fund) is expected to be concentrated in passenger airline, hotel and resort, and cruise industries (“Travel Companies”). Travel Company revenues are heavily influenced by the condition of the U.S. and foreign economies and may be adversely affected by a downturn in economic conditions that can result in decreased demand for leisure and business travel. Travel Companies may be significantly affected by uncertainty in travel, including guest safety, security and privacy, changes in labor relations and insurance costs, issues affecting equipment reliability and longevity, changes in fuel prices, and shortages of experienced personnel.

 

12

 

 

Defiance Hotel, Airline, and Cruise ETF

 

Fund Commentaries
(Unaudited) (Continued)

 

 

Beginning in the first quarter of 2020, financial markets in the United States and around the world experienced extreme volatility and severe losses due to the global pandemic caused by COVID-19, a novel coronavirus. The pandemic has resulted in a wide range of social and economic disruptions, including closed borders and reduced or prohibited domestic or international travel. Some sectors of the economy and individual issuers, including Travel Companies, have experienced particularly large losses. Such disruptions may continue for an extended period of time or reoccur in the future to a similar or greater extent.

 

The Fund is considered to be non-diversified, so it may invest more of its assets in the securities of a single issuer or a smaller number of issuers. To the extent the Fund is invested in companies of a single country or region, local political and economic conditions and changes in regulatory, tax, or economic policy could significantly affect the market in that country and in surrounding or related countries and have a negative impact on the Fund’s performance. Investments in foreign securities involve certain risks including risk of loss due to foreign currency fluctuations or to political or economic instability, and these risks are 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 BlueStar Global Hotels, Airlines, and Cruises Index (the “Index”) is a rules-based index that consists of globally-listed stocks of companies that derive at least 50% of their revenues from the passenger airline, hotel and resort, or cruise industries (“Travel Companies”) as determined by MV Index Solutions. The Index is a registered trademark of MV Index Solutions and is protected through various intellectual property rights and unfair competition and misappropriation laws and has been licensed for use for certain purposes by Defiance ETFs LLC. Products based on the Index are not sponsored, endorsed, sold or promoted by MV Index Solutions, no representation is made regarding the advisability of trading in such product(s). It is not possible to invest directly in an index.

 

CRUZ is new with a limited operating history.

 

Go to defianceetfs.com/CRUZ to read more about CRUZ including current performance and holdings information. Fund holdings are subject to change and should not be considered recommendations to buy or sell any securities.

 

CRUZ is distributed by Foreside Fund Services, LLC.

 

13

 

 

Defiance Digital Revolution ETF

 

Fund Commentaries
(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 Digital Revolution ETF (“NFTZ” or the “Fund”). The following information pertains to the period from January 1, 2022 through June 30, 2022 (the “current fiscal period”).

 

The Fund seeks to track the total return performance, before fees and expenses, The BITA NFT and Blockchain Select Index (the “Index”). The Index aims to track the performance of a portfolio of publicly listed companies with relevant thematic exposure to the NFT (Non-Fungible Tokens), blockchain and cryptocurrency ecosystems. The Index is rebalanced on a quarterly basis.

 

The Fund had negative performance during the current fiscal period. The market price for NFTZ decreased 67.49% and the Net Asset Value (“NAV”) decreased 67.25%, while the S&P 500®, a broad market index, decreased 19.96% over the same period. The Fund’s Index decreased 67.26%. Meanwhile, outstanding shares ended the period at 950,000.

 

For the current fiscal period, the largest positive contributor to return was Gamestop Corporation - Class A, adding 0.89% to the return of the Fund, gaining 29.83% with an average weighting of 3.28%. The second largest contributor to return was Funko, Inc. – Class A, adding 0.60% to the return of the Fund, gaining 18.72% with an average weighting of 4.39%. The third largest contributor to return Eqonex, Ltd., adding 0.04% to the return of the Fund, gaining 14.97% with an average weighting of 0.23%.

 

For the current fiscal period, the largest negative contributor to return was Voyager Digital, Ltd., detracting 4.61% from the return of the Fund, declining 96.40% with an average weighting of 2.86%. The security contributing second-most negatively to return was Core Scientific, Inc., detracting 4.03% from the return of the Fund, and declining 83.72% with an average weighting of 2.19%. The third largest negative contributor to return was Marathon Digital Holdings, Inc., detracting 3.60% from the return of the Fund, and declining 83.75% with an average weight of 3.39%.

 

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

 

Sincerely,

 

Sylvia Jablonski, Chief Executive Officer
Defiance ETFs LLC, Adviser to the Fund

 

Sylvia Jablonski is registered with Foreside Fund Services, LLC which is not affiliated with Defiance ETFs, LLC or its affiliates.

 

Important Disclosures:

 

Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

 

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383 or at defianceetfs.com.

 

Investing involves risk. Principal loss is possible. As an ETF, the Fund 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 Fund is 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.

 

The Index, and consequently the Fund, is expected to concentrate its investments (i.e., hold more than 25% of its total assets) in the securities of Crypto and Blockchain Companies. As a result, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries.

 

The mechanics of using blockchain technology to transact in digital or other types of assets, such as securities or derivatives, is relatively new and untested. There is no assurance that widespread adoption will occur. A lack of expansion in the usage of blockchain technology could adversely affect Crypto and Blockchain Companies. Transacting on a blockchain depends in part specifically on the use of cryptographic keys that are required to access a user’s account (or “wallet”). The theft, loss, or destruction of these keys could adversely affect a user’s ownership claims over an asset or a company’s business or operations if it was dependent on the blockchain.

 

14

 

 

Defiance Digital Revolution ETF

 

Fund Commentaries
(Unaudited) (Continued)

 

 

The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.

 

Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer.

 

The BITA NFT and Blockchain Select Index is a rules-based index that consists of the common stock (or depositary receipts) of companies that are building a platform for developing technology to use, or have at least one use or test case for using, NFT (Non-Fungible Token), cryptocurrency trading platforms, cryptocurrency mining, cryptocurrency banking or related services, or blockchain-related technology, as well as companies that have announced publicly that they intend to enter such space or have begun working on such products (collectively, “Crypto and Blockchain Companies”). The Index consists of companies listed on North American and European exchanges and aims to capture the potential upside generated by earnings related to the adoption of crypto- and blockchain-related technologies, including NFTs and cryptocurrency.

 

Neither the Fund nor its relative Index will invest directly in NFTs or any funds investing in NFTs. The Index, and as a result the Fund, are currently limited to investments in companies with exposure to the NFT ecosystem. As a result, the Fund’s price movement will not track individual or collections of NFTs. Since NFTs are an emerging technology, the Index is currently expected to consist of companies whose activities in the NFT ecosystem comprise a smaller portion of their revenues, profits, or investments relative to other activities or industries in which they engage. There can be no guarantee that a company’s activities in the NFT ecosystem will become significant for the company or that its economic fortunes will be tied to such activities in the future.

 

NFTZ is new with a limited operating history.

 

Go to defianceetfs.com/NFTZ to read more about NFTZ including current performance and holdings information. Fund holdings are subject to change and should not be considered recommendations to buy or sell any securities.

 

NFTZ is distributed by Foreside Fund Services, LLC.

 

15

 

 

Defiance ETFs

 

Portfolio Allocations

As of June 30, 2022 (Unaudited)

 

 

Defiance Quantum ETF

 

Country

Percentage of
Net Assets

United States

56.6%

Japan

11.7

Taiwan

6.5

Netherlands

4.1

China

4.1

France

4.1

Switzerland

2.5

Finland

1.7

Israel

1.7

Germany

1.7

Ireland

1.7

Canada

1.6

Italy

1.3

India

0.5

Short-Term Investments and Other Assets and Liabilities

0.2

Total

100.0%

 

Defiance Next Gen Connectivity ETF

 

Sector

Percentage of
Net Assets

Information Technology (a)

71.0%

Communication Services

19.3

Real Estate

8.4

Consumer Discretionary

1.0

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.

 

 

16

 

 

Defiance ETFs

 

Portfolio Allocations

As of June 30, 2022 (Unaudited) (Continued)

 

 

Defiance Next Gen SPAC Derived ETF

 

Sector

Percentage of
Net Assets

Special Purpose Acquisition Companies

45.1%

Consumer Discretionary

12.8

Industrials

12.7

Health Care

8.2

Information Technology

6.9

Financials

4.4

Materials

3.7

Communication Services

2.0

Consumer Staples

1.6

Real Estate

1.3

Utilities

0.5

Short-Term Investments and Other Assets and Liabilities

0.4

Energy

0.4

Total

100.0%

 

Defiance Next Gen H2 ETF

 

Country

Percentage of
Net Assets

United States

24.4%

Republic of Korea

17.6

United Kingdom

16.4

Canada

9.9

France

9.5

Norway

7.7

Sweden

7.2

Germany

5.6

Denmark

0.8

Israel

0.6

Other Assets and Liabilities

0.3

Total

100.0%

 

Defiance Next Gen Altered Experience ETF

 

Country

Percentage of
Net Assets

United States

42.5%

Canada

35.5

Germany

7.8

Ireland

4.8

United Kingdom

4.8

Short-Term Investments and Other Assets and Liabilities

4.6

Total

100.0%

 

 

17

 

 

Defiance ETFs

 

Portfolio Allocations

As of June 30, 2022 (Unaudited) (Continued)

 

 

Defiance Hotel, Airline, and Cruise ETF

 

Country

Percentage of
Net Assets

United States

64.0%

United Kingdom

7.9

Japan

4.8

Ireland

3.2

China

2.8

France

2.6

Australia

2.4

Taiwan

2.3

Singapore

1.8

Republic of Korea

1.7

Germany

1.5

Thailand

1.5

Hong Kong

1.2

Canada

0.9

Switzerland

0.5

Mexico

0.4

Panama

0.4

Brazil

0.3

Short-Term Investments and Other Assets and Liabilities

-0.2

Total

100.0%

 

Defiance Digital Revolution ETF

 

Country

Percentage of
Net Assets

United States

68.8%

Canada

14.3

China

4.9

Australia

3.8

United Kingdom

3.6

Germany

2.0

Cayman Islands

1.6

Hong Kong

0.5

Short-Term Investments and Other Assets and Liabilities

0.5

Total

100.0%

 

18

 

 

Defiance Quantum ETF

 

Schedule of Investments
June 30, 2022 (Unaudited)

 

 

 

Shares

 

Security Description

 

Value

 
     

COMMON STOCKS — 99.8%

       
       

Communication Services — 7.3%

       
    913  

Alphabet, Inc. - Class A (a)

  $ 1,989,665  
    15,466  

Baidu, Inc. - ADR (a)

    2,300,258  
    441,834  

Koninklijke KPN NV

    1,570,967  
    27,800  

Nippon Telegraph & Telephone Corporation

    797,238  
    149,077  

Orange SA - ADR (b)

    1,754,636  
              8,412,764  
       

Consumer Discretionary — 1.5%

       
    15,406  

Alibaba Group Holding, Ltd. - ADR (a)

    1,751,354  
                 
       

Industrials — 14.7%

       
    57,650  

ABB, Ltd. - ADR

    1,540,984  
    17,921  

Airbus SE

    1,732,090  
    19,756  

Booz Allen Hamilton Holding Corporation

    1,785,152  
    37,500  

Hitachi, Ltd.

    1,777,078  
    11,003  

Honeywell International, Inc.

    1,912,431  
    3,536  

Lockheed Martin Corporation

    1,520,339  
    167,400  

Mitsubishi Electric Corporation

    1,787,917  
    3,318  

Northrop Grumman Corporation (b)

    1,587,895  
    17,305  

Raytheon Technologies Corporation

    1,663,184  
    41,400  

Toshiba Corporation

    1,680,623  
              16,987,693  
       

Information Technology — 75.2% (c)

       
    6,908  

Accenture plc - Class A

    1,918,006  
    21,494  

Advanced Micro Devices, Inc. (a)

    1,643,646  
    68,000  

Alchip Technologies, Ltd.

    1,587,166  
    30,427  

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

    1,473,275  
    24,391  

Ambarella, Inc. (a)

    1,596,635  
    11,765  

Analog Devices, Inc.

    1,718,749  
    17,041  

Applied Materials, Inc.

    1,550,390  
    3,333  

ASML Holding NV - NY

    1,586,108  
    217,000  

Asustek Computer, Inc.

    2,266,080  
    89,490  

Atos SE

    1,196,125  
    345,106  

BlackBerry, Ltd. (a)(b)

    1,860,121  
    11,050  

Cadence Design Systems, Inc. (a)

    1,657,831  
    19,832  

Cirrus Logic, Inc. (a)

    1,438,613  
    18,436  

Elastic NV (a)

    1,247,564  
    41,083  

FormFactor, Inc. (a)(b)

    1,591,145  
    14,100  

Fujitsu, Ltd.

    1,760,749  
    108,066  

Hewlett Packard Enterprise Company

    1,432,955  
    81,200  

Infineon Technologies AG

    1,960,114  
    50,102  

Intel Corporation

    1,874,316  
    13,784  

International Business Machines Corporation (b)

    1,946,163  
    426,181  

IonQ, Inc. (a)(b)

    1,866,673  
    47,723  

Juniper Networks, Inc. (b)

  1,360,105  
    5,370  

KLA Corporation

    1,713,460  
    3,839  

Lam Research Corporation

    1,635,990  
    29,480  

Lattice Semiconductor Corporation (a)(b)

    1,429,780  
    29,355  

Marvell Technology, Inc.

    1,277,823  
    75,000  

MediaTek, Inc.

    1,642,087  
    27,088  

Microchip Technology, Inc.

    1,573,271  
    30,477  

Micron Technology, Inc.

    1,684,769  
    7,823  

Microsoft Corporation

    2,009,181  
    13,374  

MKS Instruments, Inc. (b)

    1,372,574  
    43,241  

National Instruments Corporation (b)

    1,350,416  
    53,400  

NEC Corporation

    2,071,459  
    437,194  

Nokia Corporation - ADR

    2,015,464  
    69,500  

NTT Data Corporation

    959,714  
    10,544  

NVIDIA Corporation

    1,598,365  
    10,823  

NXP Semiconductors NV

    1,602,129  
    27,693  

ON Semiconductor Corporation (a)(b)

    1,393,235  
    22,520  

Onto Innovation, Inc. (a)(b)

    1,570,545  
    17,882  

Perficient, Inc. (a)(b)

    1,639,601  
    14,865  

QUALCOMM, Inc.

    1,898,855  
    161,500  

Renesas Electronics Corporation (a)

    1,465,750  
    12,042  

Reply SpA

    1,456,577  
    378,821  

Rigetti Computing, Inc. (a)(b)

    1,390,273  
    1,669,000  

SenseTime Group, Inc. - Class B (a)(d)

    665,733  
    18,095  

Splunk, Inc. (a)

    1,600,684  
    41,250  

STMicroelectronics NV - NY (b)

    1,298,137  
    8,054  

Synaptics, Inc. (a)

    950,775  
    5,704  

Synopsys, Inc. (a)

    1,732,305  
    25,037  

Taiwan Semiconductor Manufacturing Company, Ltd. - ADR

    2,046,775  
    33,382  

Teradata Corporation (a)(b)

    1,235,468  
    17,759  

Teradyne, Inc. (b)

    1,590,318  
    12,492  

Texas Instruments, Inc.

    1,919,396  
    42,580  

Tower Semiconductor, Ltd. (a)

    1,966,344  
    100,070  

Wipro, Ltd. - ADR (b)

    531,372  
              86,821,154  
       

Materials — 1.1%

       
    48,400  

JSR Corporation

    1,254,044  
                 
       

TOTAL COMMON STOCKS (Cost $133,007,862)

    115,227,009  

 

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

 

19

 

 

Defiance Quantum ETF

 

Schedule of Investments
June 30, 2022 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

SHORT-TERM INVESTMENTS — 0.0% (e)

    33,678  

First American Government Obligations Fund - Class X, 1.29% (f)

  $ 33,678  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $33,678)

    33,678  
 

Units

           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 20.2%

    23,327,448  

Mount Vernon Liquid Assets Portfolio, LLC, 1.61% (f)(g)

    23,327,448  
       

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $23,327,448)

    23,327,448  
                 
       

TOTAL INVESTMENTS — 120.0% (Cost $156,368,988)

    138,588,135  
       

Liabilities in Excess of Other Assets — (20.0)%

    (23,084,605 )
       

NET ASSETS — 100.0%

  $ 115,503,530  

 

Percentages are stated as a percent of net assets.

 

ADRAmerican Depositary Receipt.
NYNew York Registry Shares.

(a)Non-income producing security.
(b)All or part of this security is on loan as of June 30, 2022. The total value of securities on loan is $22,650,723.
(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)Restricted security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2022, the market value of these securities total $665,733, which represents 0.6% of net assets.
(e)Represents less than 0.05% of net assets.
(f)Rate shown is the annualized seven-day yield as of June 30, 2022.
(g)Privately offered liquidity fund. See Note 4 in Notes to Financial Statements.

 

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.

 

20

 

 

Defiance Next Gen Connectivity ETF

 

Schedule of Investments
June 30, 2022 (Unaudited)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7%

       
       

Communication Services — 19.3%

       
    436,440  

Altice USA, Inc. - Class A (a)(b)

  $ 4,037,070  
    1,358,455  

AT&T, Inc.

    28,473,217  
    247,437  

BCE, Inc.

    12,168,952  
    23,493  

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

    11,007,175  
    136,471  

Chunghwa Telecom Company, Ltd. - ADR

    5,629,429  
    397,494  

IHS Holding, Ltd. (a)

    4,149,837  
    325,097  

KT Corporation - ADR

    4,538,354  
    408,390  

Lumen Technologies, Inc. (b)

    4,455,535  
    547,296  

Orange SA - ADR

    6,441,674  
    95,270  

Rogers Communications, Inc. - Class B

    4,563,433  
    193,582  

SK Telecom Company, Ltd. - ADR

    4,320,750  
    666,562  

Starry Group Holdings, Inc. - Class A (a)(b)

    2,746,235  
    1,597,575  

Telefonica SA - ADR (b)

    8,195,560  
    198,115  

T-Mobile US, Inc. (a)(b)

    26,654,392  
    554,712  

Verizon Communications, Inc.

    28,151,634  
    746,145  

Vodafone Group plc - ADR

    11,624,939  
              167,158,186  
       

Consumer Discretionary — 1.0%

       
    78,665  

Amazon.com, Inc. (a)

    8,355,010  
                 
       

Information Technology — 71.0% (c)

       
    302,413  

A10 Networks, Inc.

    4,348,699  
    247,457  

ADTRAN, Inc.

    4,337,921  
    467,707  

Advanced Micro Devices, Inc. (a)

    35,765,554  
    261,613  

Akamai Technologies, Inc. (a)

    23,893,115  
    1,142,905  

Akoustis Technologies, Inc. (a)(b)

    4,228,748  
    872,884  

Allot, Ltd. (a)

    4,268,403  
    190,450  

Amdocs, Ltd.

    15,866,390  
    288,824  

Analog Devices, Inc.

    42,194,298  
    64,427  

Apple, Inc.

    8,808,459  
    92,506  

Arista Networks, Inc. (a)(b)

    8,671,512  
    16,867  

Broadcom, Inc.

    8,194,157  
    173,949  

Calix, Inc. (a)(b)

    5,938,619  
    314,583  

Cambium Networks Corporation (a)

    4,608,641  
    1,045,156  

Casa Systems, Inc. (a)(b)

    4,107,463  
    1,578,032  

Ceragon Networks, Ltd. (a)

    4,055,542  
    148,959  

CEVA, Inc. (a)

    4,999,064  
    225,993  

Ciena Corporation (a)

    10,327,880  
    212,195  

Cisco Systems, Inc.

    9,047,995  
    72,802  

Clearfield, Inc. (a)(b)

    4,510,084  
    549,704  

CommScope Holding Company, Inc. (a)(b)

    3,364,188  
    373,796  

Comtech Telecommunications Corporation

  3,390,330  
    183,849  

Corning, Inc.

    5,793,082  
    80,686  

CSG Systems International, Inc.

    4,815,340  
    119,779  

CTS Corporation

    4,078,475  
    189,393  

Dell Technologies, Inc. - Class C (b)

    8,751,851  
    237,667  

DZS, Inc. (a)

    3,866,842  
    1,720,553  

Edgio, Inc. (a)(b)

    3,974,477  
    1,361,690  

EMCORE Corporation (a)(b)

    4,180,388  
    476,125  

Extreme Networks, Inc. (a)

    4,247,035  
    80,185  

F5, Inc. (a)

    12,271,512  
    343,700  

Focus Universal, Inc. (a)(b)

    3,925,054  
    139,688  

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

    4,664,182  
    636,733  

Hewlett Packard Enterprise Company

    8,443,080  
    74,847  

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

    3,813,455  
    830,296  

Infinera Corporation (a)(b)

    4,450,387  
    2,347,384  

Inseego Corporation (a)(b)

    4,436,556  
    231,193  

Intel Corporation

    8,648,930  
    93,617  

InterDigital, Inc. (b)

    5,691,914  
    46,324  

IPG Photonics Corporation (a)(b)

    4,360,478  
    315,101  

Juniper Networks, Inc. (b)

    8,980,378  
    197,385  

Keysight Technologies, Inc. (a)

    27,209,522  
    183,439  

Lattice Semiconductor Corporation (a)(b)

    8,896,792  
    54,547  

Lumentum Holdings, Inc. (a)(b)

    4,332,123  
    88,359  

MACOM Technology Solutions Holdings, Inc. (a)(b)

    4,073,350  
    668,353  

Marvell Technology, Inc.

    29,093,406  
    119,002  

MaxLinear, Inc. (a)(b)

    4,043,688  
    135,746  

National Instruments Corporation

    4,239,348  
    306,885  

NeoPhotonics Corporation (a)

    4,827,301  
    135,789  

NetScout Systems, Inc. (a)

    4,596,458  
    5,631,303  

Nokia Corporation - ADR

    25,960,307  
    51,115  

NVIDIA Corporation

    7,748,523  
    227,128  

NXP Semiconductors NV

    33,621,758  
    84,570  

Qorvo, Inc. (a)

    7,976,642  
    342,975  

QUALCOMM, Inc.

    43,811,627  
    196,209  

Radware, Ltd. (a)

    4,251,849  
    1,621,054  

Ribbon Communications, Inc. (a)

    4,928,004  
    234,373  

Sierra Wireless, Inc. (a)

    5,484,328  
    94,260  

Silicom, Ltd. (a)

    3,171,849  
    144,636  

Skyworks Solutions, Inc.

    13,399,079  
    142,057  

Switch, Inc. - Class A

    4,758,910  
    3,451,548  

Telefonaktiebolaget LM Ericsson - ADR

    25,541,455  
    17,387  

Ubiquiti, Inc. (b)

    4,315,627  
    320,950  

Viavi Solutions, Inc. (a)

    4,246,169  

 

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

 

21

 

 

Defiance Next Gen Connectivity ETF

 

Schedule of Investments
June 30, 2022 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7% (Continued)

       

Information Technology — 71.0% (c) (Continued)

    73,959  

VMware, Inc. - Class A

  $ 8,429,847  
              613,278,440  
       

Real Estate — 8.4%

       
    107,501  

American Tower Corporation

    27,476,181  
    86,519  

Crown Castle International Corporation

    14,568,069  
    48,388  

Digital Realty Trust, Inc.

    6,282,214  
    19,547  

Equinix, Inc.

    12,842,770  
    24,113  

SBA Communications Corporation

    7,717,366  
    430,143  

Uniti Group, Inc. (b)

    4,051,946  
              72,938,546  
       

TOTAL COMMON STOCKS (Cost $940,456,265)

    861,730,182  
                 
       

SHORT-TERM INVESTMENTS — 0.1%

       
    997,440  

First American Government Obligations Fund - Class X, 1.29% (d)

    997,440  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $997,440)

    997,440  
 

Units

           
       

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 9.1%

    78,338,703  

Mount Vernon Liquid Assets Portfolio, LLC, 1.61% (d)(e)

    78,338,703  
       

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $78,338,703)

    78,338,703  
                 
       

TOTAL INVESTMENTS — 108.9% (Cost $1,019,792,408)

    941,066,325  
       

Liabilities in Excess of Other Assets — (8.9)%

    (77,092,187 )
       

NET ASSETS — 100.0%

  $ 863,974,138  

 

Percentages are stated as a percent of net assets.

 

ADRAmerican Depositary Receipt.
(a)Non-income producing security.
(b)All or part of this security is on loan as of June 30, 2022. The total value of securities on loan is $75,145,611.
(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, 2022.
(e)Privately offered liquidity fund. See Note 4 in Notes to Financial Statements.

 

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.

 

22

 

 

Defiance Next Gen SPAC Derived ETF

 

Schedule of Investments
June 30, 2022 (Unaudited)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 54.5%

       
       

Communication Services — 2.0%

       
    1,914  

AdTheorent Holding Company, Inc. (a)

  $ 5,914  
    4,167  

Advantage Solutions, Inc. (a)

    15,835  
    1,990  

Anghami, Inc. (a)

    9,254  
    2,330  

AST SpaceMobile, Inc. (a)

    14,632  
    3,490  

BuzzFeed, Inc. (a)

    5,375  
    8,033  

CuriosityStream, Inc. (a)

    13,576  
    5,683  

Genius Sports, Ltd. (a)

    12,787  
    4,295  

Innovid Corporation (a)

    7,130  
    3,131  

KORE Group Holdings, Inc. (a)

    9,612  
    1,608  

Leafly Holdings, Inc. (a)

    7,236  
    3,686  

Nextdoor Holdings, Inc. (a)

    12,201  
    2,873  

Nexters, Inc. (a)(b)(c)

    29  
    4,171  

Playstudios, Inc. (a)

    17,852  
    7,869  

PropertyGuru Group, Ltd. (a)

    35,410  
    5,054  

Redbox Entertainment, Inc. (a)

    37,400  
    1,920  

Reservoir Media, Inc. (a)

    12,518  
    13,199  

Skillz, Inc. (a)

    16,367  
    5,015  

Starry Group Holdings, Inc. - Class A (a)

    20,662  
    1,282  

System1, Inc. (a)

    8,935  
    7,084  

Taboola.com, Ltd. (a)

    17,922  
    6,061  

Wejo Group, Ltd. (a)

    7,213  
              287,860  
       

Consumer Discretionary — 12.8%

       
    3,387  

Accel Entertainment, Inc. (a)

    35,970  
    14,165  

Allego NV (a)

    72,100  
    3,718  

Arko Corporation

    30,339  
    9,060  

Arrival SA (a)

    14,315  
    5,529  

BARK, Inc. (a)

    7,077  
    10,448  

Beachbody Company, Inc. (a)

    12,538  
    957  

Betterware de Mexico SAB de CV

    8,268  
    4,890  

Bowlero Corporation (a)

    51,785  
    2,019  

Boxed, Inc. (a)

    3,735  
    5,841  

Canoo, Inc. (a)

    10,806  
    18,715  

CarLotz, Inc. (a)

    7,364  
    36,336  

Cazoo Group, Ltd. (a)

    26,162  
    19,170  

DraftKings, Inc. - Class A (a)

    223,714  
    11,745  

Enjoy Technology, Inc. (a)

    2,547  
    2,566  

Ermenegildo Zegna Holditalia SpA (a)

    27,071  
    3,485  

EVgo, Inc. (a)

    20,945  
    5,776  

Faraday Future Intelligent Electric, Inc. (a)

    15,018  
    8,554  

Fisker, Inc. (a)

    73,308  
    8,675  

Global Business Travel Group I (a)

    54,739  
    13,003  

Gogoro, Inc. (a)

    99,473  
    4,292  

Grove Collaborative Holdings (a)

    19,872  
    19,803  

Hall of Fame Resort & Entertainment Company (a)

  11,747  
    2,103  

Holley, Inc. (a)

    22,082  
    2,834  

Inspirato, Inc. (a)

    13,121  
    2,020  

Landsea Homes Corporation (a)

    13,453  
    8,440  

Lordstown Motors Corporation - Class A (a)

    13,335  
    7,037  

Lottery.com, Inc. (a)

    7,881  
    28,481  

Lucid Group, Inc. (a)

    488,734  
    10,683  

Luminar Technologies, Inc. (a)

    63,350  
    4,811  

Nerdy, Inc. (a)

    10,247  
    1,783  

PLBY Group, Inc. (a)

    11,411  
    8,549  

Polestar Automotive Holding UK plc - Class A - ADR (a)

    75,317  
    4,236  

Porch Group, Inc. (a)

    10,844  
    11,486  

QuantumScape Corporation (a)

    98,665  
    8,917  

REE Automotive, Ltd. - Class A (a)

    10,344  
    3,884  

Rover Group, Inc. (a)

    14,604  
    2,796  

Rush Street Interactive, Inc. (a)

    13,057  
    11,827  

Shift Technologies, Inc. (a)

    7,961  
    7,695  

Signa Sports United NV (a)

    50,018  
    5,583  

Solid Power, Inc. (a)

    30,037  
    8,672  

Sonder Holdings, Inc. (a)

    9,019  
    7,110  

Super Group SGHC, Ltd. (a)

    29,151  
    3,357  

Vacasa, Inc. - Class A (a)

    9,668  
    1,978  

Vivid Seats, Inc. - Class A

    14,776  
    3,096  

Vivint Smart Home, Inc. (a)

    10,774  
    8,188  

Volta, Inc. (a)

    10,644  
    11,279  

XL Fleet Corporation (a)

    12,971  
              1,880,357  
       

Consumer Staples — 1.6%

       
    4,084  

AppHarvest, Inc. (a)

    14,253  
    5,417  

Beauty Health Company (a)

    69,663  
    6,485  

Benson Hill, Inc. (a)

    17,769  
    2,384  

BRC, Inc. - Class A (a)

    19,453  
    1,955  

Forafric Global plc (a)

    16,090  
    2,110  

Local Bounti Corporation (a)

    6,710  
    2,570  

Tattooed Chef, Inc. (a)

    16,191  
    3,204  

Utz Brands, Inc.

    44,279  
    1,595  

Vintage Wine Estates, Inc. (a)

    12,537  
    2,468  

Whole Earth Brands, Inc. (a)

    15,301  
              232,246  
       

Energy — 0.4%

       
    3,426  

Archaea Energy, Inc. (a)

    53,206  
                 

 

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

 

23

 

 

Defiance Next Gen SPAC Derived ETF

 

Schedule of Investments
June 30, 2022 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 54.5% (Continued)

       

Financials — 4.4%

       
    3,862  

Bakkt Holdings, Inc. (a)

  $ 8,110  
    14,821  

Blue Owl Capital, Inc.

    148,655  
    6,770  

Broadmark Realty Capital, Inc.

    45,427  
    7,009  

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

    11,004  
    5,745  

Forge Global Holdings, Inc. (a)

    59,805  
    2,288  

GCM Grosvenor, Inc. - Class A

    15,673  
    3,871  

Hagerty, Inc. - Class A (a)

    44,478  
    13,980  

Hippo Holdings, Inc. (a)

    12,283  
    2,192  

International General Insurance Holdings, Ltd.

    16,725  
    9,902  

Katapult Holdings, Inc. (a)

    10,595  
    4,247  

MarketWise, Inc. (a)

    15,289  
    16,535  

MetroMile, Inc. (a)

    15,171  
    8,870  

Moneylion, Inc. (a)

    11,708  
    5,913  

OppFi, Inc. (a)

    19,454  
    2,378  

Perella Weinberg Partners

    13,864  
    32,294  

SoFi Technologies, Inc. (a)

    170,189  
    4,074  

Sunlight Financial Holdings, Inc. (a)

    12,018  
    4,838  

UWM Holdings Corporation

    17,127  
              647,575  
       

Health Care — 8.2%

       
    9,941  

23andMe Holding Company - Class A (a)

    24,654  
    3,890  

AdaptHealth Corporation (a)

    70,176  
    1,611  

AirSculpt Technologies, Inc. (a)

    9,553  
    2,312  

Alpha Tau Medical, Ltd. (a)

    20,831  
    2,620  

Alvotech SA (a)

    21,510  
    11,131  

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

    15,695  
    11,204  

Babylon Holdings, Ltd./Jersey - Class A (a)

    10,955  
    3,406  

Biote Corporation (a)

    12,841  
    7,490  

Butterfly Network, Inc. (a)

    22,994  
    8,994  

Cano Health, Inc. (a)

    39,394  
    3,689  

CareMax, Inc. - Class A (a)

    13,391  
    1,650  

Celularity, Inc. (a)

    5,610  
    4,615  

Cerevel Therapeutics Holdings, Inc. (a)

    122,021  
    6,216  

Clene, Inc. (a)

    15,664  
    11,827  

Clever Leaves Holdings, Inc. (a)

    11,542  
    17,712  

Clover Health Investments Corporation (a)

    37,904  
    1,878  

DermTech, Inc. (a)

    10,404  
    4,135  

DocGo, Inc. (a)

    29,524  
    5,069  

eFFECTOR Therapeutics, Inc. (a)

    7,198  
    14,077  

EQRx, Inc. (a)

    66,021  
    3,836  

Gelesis Holdings, Inc. (a)

    5,946  
    11,279  

Gemini Therapeutics, Inc. (a)

  19,062  
    3,586  

GreenLight Biosciences Holdings pbc (a)

    7,925  
    5,848  

Hims & Hers Health, Inc. (a)

    26,491  
    2,691  

Humacyte, Inc. (a)

    8,638  
    4,424  

Hyperfine, Inc. (a)

    9,866  
    2,159  

Immatics NV (a)

    18,805  
    3,570  

Immunovant, Inc. (a)

    13,923  
    2,906  

Intercure, Ltd. (a)

    16,826  
    6,653  

Jasper Therapeutics, Inc. (a)

    12,840  
    3,862  

LumiraDx, Ltd. (a)

    10,273  
    3,170  

MoonLake Immunotherapeutics (a)

    16,642  
    1,678  

MSP Recovery, Inc. (a)

    3,591  
    13,569  

Multiplan Corporation (a)

    74,494  
    4,144  

Nautilus Biotechnology, Inc. (a)

    11,147  
    10,077  

NRX Pharmaceuticals, Inc. (a)

    6,046  
    6,860  

Nuvation Bio, Inc. (a)

    22,226  
    2,105  

Oncology Institute, Inc. (a)

    10,651  
    4,757  

Owlet, Inc. (a)

    8,087  
    2,483  

P3 Health Partners, Inc. (a)

    9,237  
    2,343  

Pardes Biosciences, Inc. (a)

    7,193  
    3,352  

Pear Therapeutics, Inc. (a)

    5,162  
    3,577  

Point Biopharma Global, Inc. (a)

    24,359  
    4,698  

Prenetics Global, Ltd. - Class A (a)

    18,981  
    2,192  

Procaps Group SA (a)

    20,429  
    4,421  

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

    10,257  
    17,630  

Roivant Sciences, Ltd. (a)

    71,754  
    6,355  

SAB Biotherapeutics, Inc. (a)

    9,215  
    4,154  

Science 37 Holdings, Inc. (a)

    8,350  
    7,812  

Sema4 Holdings Corporation (a)

    9,843  
    2,258  

Senti Biosciences, Inc. (a)

    4,437  
    14,572  

Sharecare, Inc. (a)

    23,024  
    5,846  

SomaLogic, Inc. (a)

    26,424  
    5,677  

Surrozen, Inc. (a)

    16,690  
    12,615  

Talkspace, Inc. (a)

    21,445  
    2,483  

Tango Therapeutics, Inc. (a)

    11,248  
    19,298  

UpHealth, Inc. (a)

    11,434  
    3,827  

Vicarious Surgical, Inc. (a)

    11,251  
    6,627  

Vincerx Pharma, Inc. (a)

    8,748  
              1,200,842  
       

Industrials — 12.7%

       
    8,645  

Advent Technologies Holdings, Inc. (a)

    21,785  
    1,179  

AerSale Corporation (a)

    17,107  
    12,196  

Alight, Inc. - Class A (a)

    82,323  
    1,494  

Alta Equipment Group, Inc. (a)

    13,401  

 

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

 

24

 

 

Defiance Next Gen SPAC Derived ETF

 

Schedule of Investments
June 30, 2022 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 54.5% (Continued)

       

Industrials — 12.7% (Continued)

    6,137  

Archer Aviation, Inc. - Class A (a)

  $ 18,902  
    6,451  

Astra Space, Inc. (a)

    8,386  
    1,442  

Atlas Technical Consultants, Inc. (a)

    7,585  
    10,372  

Aurora Innovation, Inc. (a)

    19,811  
    7,437  

Berkshire Grey, Inc. (a)

    10,784  
    9,514  

Bird Global, Inc. - Class A (a)

    4,148  
    11,059  

BlackSky Technology, Inc. (a)

    25,546  
    2,491  

Blade Air Mobility, Inc. (a)

    11,110  
    7,760  

ChargePoint Holdings, Inc. (a)

    106,234  
    3,210  

Custom Truck One Source, Inc. (a)

    17,976  
    11,494  

Desktop Metal, Inc. - Class A (a)

    25,287  
    3,223  

Energy Vault Holdings, Inc. (a)

    32,295  
    5,440  

Enovix Corporation (a)

    48,470  
    7,637  

Eos Energy Enterprises, Inc. (a)

    9,241  
    3,052  

ESS Tech, Inc. (a)

    8,576  
    2,224  

Eve Holding, Inc. (a)

    13,789  
    16,535  

Fast Radius, Inc. (a)

    10,410  
    2,657  

Fathom Digital Manufacturing Corporation - Class A (a)

    10,309  
    4,690  

FREYR Battery SA (a)

    32,080  
    99,169  

Grab Holdings, Ltd. - Class A (a)

    250,898  
    11,354  

Helbiz, Inc. (a)

    7,380  
    7,190  

Heliogen, Inc. (a)

    15,171  
    5,154  

Hillman Solutions Corporation (a)

    44,531  
    5,452  

Hyliion Holdings Corporation (a)

    17,555  
    4,065  

Hyzon Motors, Inc. (a)

    11,951  
    3,976  

Janus International Group, Inc. (a)

    35,903  
    15,709  

Joby Aviation, Inc. (a)

    77,131  
    5,855  

Li-Cycle Holdings Corporation (a)

    40,282  
    3,970  

Lightning eMotors, Inc. (a)

    10,997  
    5,372  

Lilium NV (a)

    12,678  
    2,729  

Lion Electric Company (a)

    11,489  
    4,965  

Markforged Holding Corporation (a)

    9,185  
    6,782  

Microvast Holdings, Inc. (a)

    15,056  
    6,193  

Momentus, Inc. (a)

    13,377  
    2,276  

NuScale Power Corporation (a)

    22,737  
    2,946  

Nuvve Holding Corporation (a)

    13,787  
    9,131  

Planet Labs pbc (a)

    39,537  
    8,456  

Proterra, Inc. (a)

    39,236  
    2,993  

Redwire Corporation (a)

    9,099  
    10,851  

Rocket Lab USA, Inc. (a)

    41,125  
    14,939  

Romeo Power, Inc. (a)

    6,703  
    3,631  

Sarcos Technology and Robotics Corporation (a)

    9,659  
    1,914  

Satellogic, Inc. - Class A (a)

    7,828  
    12,406  

SES AI Corporation (a)

    48,756  
    8,188  

Shapeways Holdings, Inc. (a)

  9,580  
    5,406  

Skillsoft Corporation (a)

    19,029  
    10,917  

Spire Global, Inc. (a)

    12,664  
    7,005  

Stem, Inc. (a)

    50,156  
    3,779  

Swvl Holdings Corporation (a)

    24,412  
    3,445  

Symbotic, Inc. (a)

    37,792  
    3,891  

Terran Orbital Corporation (a)

    17,821  
    5,361  

Tritium DCFC, Ltd. (a)

    32,649  
    4,435  

Velo3D, Inc. (a)

    6,120  
    2,524  

Vertical Aerospace, Ltd. (a)

    7,951  
    16,303  

Vertiv Holdings Company

    134,011  
    11,910  

View, Inc. (a)

    19,294  
    11,055  

Virgin Galactic Holdings, Inc. (a)

    66,551  
    2,901  

Virgin Orbit Holdings, Inc. (a)

    11,111  
    1,943  

Wallbox NV (a)

    17,254  
    8,833  

Wheels Up Experience, Inc. (a)

    17,224  
    5,832  

Xos, Inc. (a)

    10,731  
              1,861,956  
       

Information Technology — 6.9%

       
    5,216  

Aeva Technologies, Inc. (a)

    16,326  
    5,409  

AEye, Inc. (a)

    10,331  
    3,563  

AgileThought, Inc. (a)

    18,421  
    6,238  

Airspan Networks Holdings, Inc. (a)

    18,652  
    2,064  

Arbe Robotics, Ltd. (a)

    11,352  
    1,876  

Arqit Quantum, Inc. (a)

    11,838  
    5,505  

AvePoint, Inc. (a)

    23,892  
    1,710  

BigBear.ai Holdings, Inc. (a)

    6,293  
    4,012  

BTRS Holdings, Inc. - Class 1 (a)

    19,980  
    4,232  

CCC Intelligent Solutions Holdings, Inc. (a)

    38,934  
    3,366  

Cellebrite DI, Ltd. (a)

    17,167  
    5,639  

Cepton, Inc. (a)

    8,797  
    5,734  

Cipher Mining, Inc. (a)

    7,856  
    2,372  

CompoSecure, Inc. (a)

    12,334  
    11,809  

Core Scientific, Inc. (a)

    17,595  
    2,379  

Cvent Holding Corporation (a)

    10,991  
    2,439  

Cyxtera Technologies, Inc. (a)

    27,658  
    14,251  

Dave, Inc. (a)

    9,808  
    12,283  

E2open Parent Holdings, Inc. (a)

    95,562  
    11,368  

Embark Technology, Inc. (a)

    5,744  
    6,895  

Evolv Technologies Holdings, Inc. (a)

    18,341  
    2,210  

Grid Dynamics Holdings, Inc. (a)

    37,172  
    3,539  

indie Semiconductor, Inc. - Class A (a)

    20,172  
    5,459  

Innoviz Technologies, Ltd. (a)

    21,399  
    5,104  

IonQ, Inc. (a)

    22,356  

 

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

 

25

 

 

Defiance Next Gen SPAC Derived ETF

 

Schedule of Investments
June 30, 2022 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 54.5% (Continued)

       

Information Technology — 6.9% (Continued)

    6,238  

IronNet, Inc. (a)

  $ 13,786  
    18,246  

ironSource, Ltd. - Class A (a)

    43,425  
    2,911  

Kaleyra, Inc. (a)

    5,938  
    5,341  

Latch, Inc. (a)

    6,089  
    5,621  

LiveVox Holdings, Inc. (a)

    9,331  
    11,640  

Matterport, Inc. (a)

    42,602  
    9,230  

Mirion Technologies, Inc. (a)

    53,165  
    4,413  

Navitas Semiconductor Corporation (a)

    17,034  
    11,827  

Otonomo Technologies, Ltd. (a)

    12,773  
    5,024  

Ouster, Inc. (a)

    8,139  
    3,019  

Pagaya Technologies, Ltd. - Class A (a)

    12,619  
    4,479  

Paya Holdings, Inc. (a)

    29,427  
    10,707  

Payoneer Global, Inc. (a)

    41,971  
    19,983  

Paysafe, Ltd. (a)

    38,967  
    9,902  

Quanergy Systems, Inc. (a)

    4,060  
    4,100  

Repay Holdings Corporation (a)

    52,685  
    3,523  

Rigetti Computing, Inc. (a)

    12,929  
    5,547  

Rockley Photonics Holdings, Ltd. (a)

    12,092  
    4,407  

SmartRent, Inc. (a)

    19,920  
    8,685  

SoundHound AI, Inc. - Class A (a)

    23,276  
    2,298  

Spartacus Acquisition Corporation (a)

    5,216  
    4,505  

Valens Semiconductor, Ltd. (a)

    15,677  
    8,917  

Velodyne Lidar, Inc. (a)

    8,518  
    3,069  

WM Technology, Inc. (a)

    10,097  
              1,008,707  
       

Materials — 3.7%

       
    7,101  

Algoma Steel Group, Inc.

    63,767  
    7,650  

Ardagh Metal Packaging SA

    46,665  
    4,652  

Danimer Scientific, Inc. (a)

    21,213  
    41,931  

Ginkgo Bioworks Holdings, Inc. (a)

    99,796  
    11,059  

Hycroft Mining Holding Corporation (a)

    12,276  
    6,924  

MP Materials Corporation (a)

    222,122  
    5,637  

Origin Materials, Inc. (a)

    28,861  
    5,293  

PureCycle Technologies, Inc. (a)

    39,274  
    10,137  

TMC the metals company, Inc. (a)

    10,441  
              544,415  
       

Real Estate — 1.3%

       
    9,206  

Doma Holdings, Inc. (a)

    9,482  
    3,631  

Offerpad Solutions, Inc. (a)

    7,916  
    20,807  

Opendoor Technologies, Inc. (a)

    98,001  
    15,824  

WeWork, Inc. - Class A (a)

    79,436  
              194,835  
       

Utilities — 0.5%

       
    3,473  

Altus Power, Inc. (a)

    21,915  
    9,088  

ReNew Energy Global plc - Class A (a)

  58,798  
              80,713  
       

TOTAL COMMON STOCKS (Cost $21,016,791)

    7,992,712  
                 
       

SPECIAL PURPOSE ACQUISITION COMPANIES — 45.1%

    2,939  

26 Capital Acquisition Corporation - Class A (a)

    28,832  
    2,447  

ACE Convergence Acquisition Corporation - Class A (a)

    24,837  
    3,059  

Adit EdTech Acquisition Corporation (a)

    30,101  
    3,949  

AEA-Bridges Impact Corporation - Class A (a)

    39,174  
    1,577  

AfterNext HealthTech Acquisition Corporation - Class A (a)

    15,313  
    5,322  

AltC Acquisition Corporation - Class A (a)

    51,357  
    4,434  

Altimeter Growth Corporation 2 - Class A (a)

    43,719  
    3,202  

Altitude Acquisition Corporation - Class A (a)

    31,700  
    2,841  

Angel Pond Holdings Corporation - Class A (a)

    27,941  
    7,352  

Apollo Strategic Growth Capital II - Class A (a)

    72,270  
    3,334  

ArcLight Clean Transition Corporation II - Class A (a)

    33,173  
    10,533  

Ares Acquisition Corporation - Class A (a)

    103,539  
    3,684  

Atlantic Coastal Acquisition Corporation Class A (a)

    36,029  
    3,692  

Atlas Crest Investment Corporation II - Class A (a)

    36,218  
    2,827  

Aurora Acquisition Corporation - Class A (a)

    27,705  
    7,282  

Austerlitz Acquisition Corporation I - Class A (a)

    70,999  
    14,604  

Austerlitz Acquisition Corporation II - Class A (a)

    142,389  
    6,374  

Avanti Acquisition Corporation - Class A (a)

    63,166  
    2,207  

Battery Future Acquisition Corporation - Class A (a)

    21,938  
    2,467  

Biotech Acquisition Company - Class A (a)

    24,423  

 

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

 

26

 

 

Defiance Next Gen SPAC Derived ETF

 

Schedule of Investments
June 30, 2022 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

SPECIAL PURPOSE ACQUISITION COMPANIES — 45.1% (Continued)

    6,402  

Bluescape Opportunities Acquisition Corporation - Class A (a)

  $ 63,444  
    5,554  

Bridgetown Holdings, Ltd. - Class A (a)

    55,096  
    2,455  

Bright Lights Acquisition Corporation - Class A (a)

    24,157  
    3,702  

Broadscale Acquisition Corporation - Class A (a)

    36,354  
    2,962  

Cartesian Growth Corporation - Class A (a)

    29,116  
    2,472  

Catalyst Partners Acquisition Corporation - Class A (a)

    24,077  
    8,822  

CC Neuberger Principal Holdings II - Class A (a)

    88,132  
    4,186  

CC Neuberger Principal Holdings III - Class A (a)

    41,190  
    5,328  

CF Acquisition Corporation IV - Class A (a)

    52,428  
    3,238  

CF Acquisition Corporation VI - Class A (a)

    32,283  
    2,670  

CF Acquisition Corporation VIII - Class A (a)

    26,994  
    5,359  

Churchill Capital Corporation V - Class A (a)

    52,679  
    5,866  

Churchill Capital Corporation VI - Class A (a)

    57,428  
    14,662  

Churchill Capital Corporation VII - Class A (a)

    143,248  
    8,825  

Cohn Robbins Holdings Corporation - Class A (a)

    87,720  
    8,392  

Compute Health Acquisition Corporation - Class A (a)

    82,326  
    2,987  

Concord Acquisition Corporation - Class A (a)

    29,751  
    7,910  

Conx Corporation - Class A (a)

    78,151  
    3,653  

Corner Growth Acquisition Corporation - Class A (a)

    36,019  
    2,935  

Crown PropTech Acquisitions - Class A (a)

    28,910  
    3,217  

Decarbonization Plus Acquisition Corporation IV - Class A (a)

    31,880  
    1,854  

Delwinds Insurance Acquisition Corporation - Class A (a)

    18,577  
    3,101  

Digital World Acquisition Corporation - Class A (a)

    74,920  
    3,158  

DPCM Capital, Inc. - Class A (a)

    31,296  
    4,346  

Dragoneer Growth Opportunities Corporation III - Class A (a)

    42,460  
    6,377  

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

  63,706  
    4,350  

Epiphany Technology Acquisition Corporation - Class A (a)

    42,717  
    4,417  

Equity Distribution Acquisition Corporation - Class A (a)

    43,883  
    4,106  

Executive Network Partnering Corporation - Class A (a)

    41,019  
    6,118  

Far Peak Acquisition Corporation - Class A (a)

    60,079  
    2,141  

Fast Acquisition Corporation - Class A (a)

    21,688  
    2,664  

Fintech Acquisition Corporation V - Class A (a)

    26,240  
    2,362  

First Reserve Sustainable Growth Corporation - Class A (a)

    23,077  
    3,741  

Forest Road Acquisition Corporation II - Class A (a)

    36,643  
    4,242  

Fortress Capital Acquisition Corporation - Class A (a)

    41,784  
    5,983  

Fortress Value Acquisition Corporation IV - Class A (a)

    58,454  
    3,212  

Founder SPAC - Class A (a)

    32,313  
    8,846  

FTAC Hera Acquisition Corporation - Class A (a)

    86,691  
    5,302  

Fusion Acquisition Corporation II - Class A (a)

    52,013  
    3,286  

G Squared Ascend I, Inc. - Class A (a)

    32,236  
    6,083  

GO Acquisition Corporation - Class A (a)

    60,708  
    5,841  

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

    57,125  
    3,628  

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

    35,736  
    4,904  

Health Assurance Acquisition Corporation - Class A (a)

    48,452  
    3,555  

Healthcare Services Acquisition Corporation - Class A (a)

    34,981  
    3,384  

Hennessy Capital Investment Corporation V - Class A (a)

    33,231  
    4,441  

HH&L Acquisition Company - Class A (a)

    43,611  
    3,890  

HIG Acquisition Corporation - Class A (a)

    38,511  
    3,200  

Highland Transcend Partners I Corporation - Class A (a)

    31,552  
    5,546  

Horizon Acquisition Corporation II - Class A (a)

    54,961  

 

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

 

27

 

 

Defiance Next Gen SPAC Derived ETF

 

Schedule of Investments
June 30, 2022 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

SPECIAL PURPOSE ACQUISITION COMPANIES — 45.1% (Continued)

    6,381  

Hudson Executive Investment Corporation III - Class A (a)

  $ 62,534  
    3,197  

IG Acquisition Corporation - Class A (a)

    31,650  
    4,333  

Independence Holdings Corporation - Class A (a)

    42,507  
    10,981  

Jaws Mustang Acquisition Corporation - Class A (a)

    107,943  
    4,366  

JOFF Fintech Acquisition Corporation - Class A (a)

    42,787  
    2,958  

Kensington Capital Acquisition Corporation V - Class A (a)

    29,255  
    3,674  

Khosla Ventures Acquisition Company (a)

    35,821  
    5,676  

Khosla Ventures Acquisition Company III - Class A (a)

    55,284  
    14,695  

KKR Acquisition Holdings I Corporation - Class A (a)

    143,864  
    5,217  

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

    51,074  
    6,115  

Lazard Growth Acquisition Corporation I (a)

    59,805  
    2,394  

Leo Holdings Corporation II - Class A (a)

    23,605  
    6,020  

Liberty Media Acquisition Corporation - Class A (a)

    59,237  
    7,337  

Longview Acquisition Corporation II - Class A (a)

    71,682  
    3,703  

Lux Health Tech Acquisition Corporation - Class A (a)

    36,623  
    4,222  

M3-Brigade Acquisition II Corporation - Class A (a)

    41,418  
    3,810  

Marlin Technology Corporation - Class A (a)

    37,719  
    5,302  

Mason Industrial Technology, Inc. - Class A (a)

    51,854  
    2,907  

MDH Acquisition Corporation - Class A (a)

    28,576  
    2,685  

MedTech Acquisition Corporation - Class A (a)

    26,420  
    2,828  

MELI Kaszek Pioneer Corporation - Class A (a)

    27,997  
    2,025  

Metals Acquisition Corporation - Class A (a)

    19,825  
    3,612  

Mission Advancement Corporation - Class A (a)

    35,325  
    3,343  

Mudrick Capital Acquisition Corporation II - Class A (a)

    33,697  
    4,023  

North Atlantic Acquisition Corporation - Class A (a)

  39,586  
    4,231  

Northern Star Investment Corporation II - Class A (a)

    41,548  
    3,285  

Pathfinder Acquisition Corporation - Class A (a)

    32,259  
    21,340  

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

    426,160  
    4,288  

Pioneer Merger Corporation - Class A (a)

    42,237  
    7,340  

Pontem Corporation - Class A (a)

    72,299  
    4,420  

Primavera Capital Acquisition Corporation - Class A (a)

    43,449  
    1,840  

Prime Impact Acquisition I - Class A (a)

    18,400  
    2,983  

Prospector Capital Corporation - Class A (a)

    29,383  
    6,073  

RedBall Acquisition Corporation - Class A (a)

    60,487  
    5,783  

Revolution Healthcare Acquisition Corporation - Class A (a)

    56,442  
    4,314  

Ribbit LEAP, Ltd. - Class A (a)

    42,752  
    2,698  

Rosecliff Acquisition Corporation I - Class A (a)

    26,467  
    3,628  

Ross Acquisition Corporation II - Class A (a)

    35,627  
    6,075  

ScION Tech Growth I - Class A (a)

    60,021  
    8,041  

Screaming Eagle Acquisition Corporation - Class A (a)

    77,113  
    4,423  

Senior Connect Acquisition Corporation I - Class A (a)

    43,567  
    3,677  

Silver Crest Acquisition Corporation - Class A (a)

    36,255  
    2,882  

Silver Spike Acquisition Corporation II - Class A (a)

    28,229  
    3,633  

Simon Property Group Acquisition Holdings, Inc. - Class A (a)

    35,603  
    6,161  

Slam Corporation - Class A (a)

    60,439  
    4,873  

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

    48,389  
    12,248  

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

    121,623  
    2,694  

Social Capital Suvretta Holdings Corporation I - Class A (a)

    26,644  
    2,682  

Social Capital Suvretta Holdings Corporation II - Class A (a)

    26,069  
    2,683  

Social Capital Suvretta Holdings Corporation III - Class A (a)

    26,696  

 

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

 

28

 

 

Defiance Next Gen SPAC Derived ETF

 

Schedule of Investments
June 30, 2022 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

SPECIAL PURPOSE ACQUISITION COMPANIES — 45.1% (Continued)

    2,683  

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

  $ 26,052  
    2,194  

Social Leverage Acquisition Corporation I - Class A (a)

    21,567  
    4,945  

SVF Investment Corporation - Class A (a)

    48,758  
    2,523  

SVF Investment Corporation 2 - Class A (a)

    24,776  
    3,454  

Tailwind Acquisition Corporation - Class A (a)

    34,367  
    3,138  

Tailwind International Acquisition Corporation - Class A (a)

    30,785  
    4,311  

TCV Acquisition Corporation - Class A (a)

    42,032  
    4,855  

TCW Special Purpose Acquisition Corporation - Class A (a)

    47,336  
    1,913  

Tiga Acquisition Corporation - Class A (a)

    19,646  
    3,757  

TPG Pace Beneficial Finance Corporation - Class A (a)

    37,232  
    3,066  

USHG Acquisition Corporation - Class A (a)

    30,047  
    4,803  

Vector Acquisition Corporation II - Class A (a)

    47,069  
    2,437  

Velocity Acquisition Corporation - Class A (a)

    23,858  
    1,675  

Viveon Health Acquisition Corporation (a)

    17,169  
    5,994  

Vy Global Growth - Class A (a)

    59,300  
    3,693  

Waldencast Acquisition Corporation - Class A (a)

    36,376  
    5,839  

Warburg Pincus Capital Corporation I - Class B (a)

    57,222  
       

TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (Cost $7,078,821)

    6,612,708  
                 

 

 

Shares

 

Security Description

 

Value

 
       

SHORT-TERM INVESTMENTS — 0.4%

       
    60,684  

First American Government Obligations Fund - Class X, 1.29% (d)

  $ 60,684  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $60,684)

    60,684  
                 
       

TOTAL INVESTMENTS — 100.0% (Cost $28,156,296)

    14,666,104  
       

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

    (2,590 )
       

NET ASSETS — 100.0%

  $ 14,663,514  

 

Percentages are stated as a percent of net assets.

 

ADRAmerican Depositary Receipt.
(a)Non-income producing security.
(b)Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.
(c)This security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of this security is $29 which represents 0.00% of net assets.
(d)Rate shown is the annualized seven-day yield as of June 30, 2022.
(e)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 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 Global Fund Services, LLC.

 

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

 

29

 

 

Defiance Next Gen H2 ETF

 

Schedule of Investments
June 30, 2022 (Unaudited)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7%

       
       

Consumer Discretionary — 4.4%

       
    71,671  

Iljin Hysolus Company, Ltd. (a)

  $ 1,769,143  
                 
       

Consumer Staples — 4.0%

       
    135,555  

Pungkuk Ethanol Company, Ltd.

    1,592,124  
                 
       

Energy — 0.8%

       
    56,151  

Everfuel AS (a)

    306,338  
                 
       

Industrials — 77.2% (b)

       
    4,690,159  

AFC Energy plc (a)

    1,173,366  
    351,238  

Ballard Power Systems, Inc. (a)

    2,212,799  
    142,425  

Bloom Energy Corporation - Class A (a)

    2,350,012  
    637,070  

Cell Impact AB (a)

    829,955  
    291,646  

Ceres Power Holdings plc (a)

    1,940,954  
    81,854  

Doosan Fuel Cell Company, Ltd. (a)

    1,894,418  
    615,145  

FuelCell Energy, Inc. (a)

    2,306,794  
    198,144  

Gencell, Ltd. (a)

    240,060  
    348,506  

Hexagon Purus ASA (a)

    900,212  
    713,491  

ITM Power plc (a)

    1,497,307  
    148,493  

McPhy Energy SA (a)

    1,988,642  
    1,790,749  

NEL ASA (a)

    2,168,710  
    197,216  

Plug Power, Inc. (a)

    3,267,869  
    156,201  

PowerCell Sweden AB (a)

    2,066,949  
    13,529,805  

Powerhouse Energy Group plc (a)

    267,008  
    88,993  

SFC Energy AG (a)

    2,228,244  
    100,538  

S-Fuelcell Company, Ltd.

    1,780,941  
    2,712,898  

Xebec Adsorption, Inc. (a)

    1,745,576  
              30,859,816  
       

Materials — 13.3%

       
    13,393  

Air Liquide SA

    1,793,892  
    7,655  

Air Products and Chemicals, Inc.

    1,840,874  
    5,878  

Linde plc

    1,690,101  
              5,324,867  
       

TOTAL COMMON STOCKS (Cost $62,061,177)

    39,852,288  
                 
       

TOTAL INVESTMENTS — 99.7% (Cost $62,061,177)

    39,852,288  
       

Other Assets in Excess of Liabilities — 0.3%

    117,113  
       

NET ASSETS — 100.0%

  $ 39,969,401  

 

 

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.

 

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.

 

30

 

 

Defiance Next Gen Altered Experience ETF

 

Schedule of Investments
June 30, 2022 (Unaudited)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 95.4%

       
       

Consumer Discretionary — 4.9%

       
    56,900  

GrowGeneration Corporation (a)

  $ 204,271  
                 
       

Consumer Staples — 7.9%

       
    157,000  

22nd Century Group, Inc. (a)

    334,410  
                 
       

Health Care — 76.0% (b)

       
    10,691  

ALT House Cannabis, Inc. (a)(c)(d)

    0  
    90,581  

ATAI Life Sciences NV (a)

    329,715  
    140,311  

Aurora Cannabis, Inc. (a)

    184,913  
    141,000  

Cardiol Therapeutics, Inc. - Class A (a)

    184,728  
    335,662  

Charlottes Web Holdings, Inc. (a)

    150,924  
    18,700  

Compass Pathways plc - ADR (a)

    202,334  
    146,930  

Cronos Group, Inc. (a)

    410,053  
    374,285  

Cybin, Inc. (a)

    209,600  
    118,126  

Field Trip Health, Ltd. (a)

    95,237  
    34,891  

Forian, Inc. (a)

    153,171  
    20,500  

GH Research plc (a)

    204,590  
    579,000  

HEXO Corporation (a)

    121,191  
    441,865  

Mind Medicine MindMed, Inc. (a)

    282,838  
    664,880  

Numinus Wellness, Inc. (a)

    126,280  
    494,370  

PharmaCielo, Ltd. (a)

    166,713  
    343,215  

Seelos Therapeutics, Inc. (a)

    233,489  
    137,038  

Zynerba Pharmaceuticals, Inc. (a)

    156,223  
              3,211,999  
       

Real Estate — 6.6%

       
    2,541  

Innovative Industrial Properties, Inc.

    279,180  
                 
       

TOTAL COMMON STOCKS (Cost $10,318,179)

    4,029,860  
                 
       

SHORT-TERM INVESTMENTS — 0.4%

       
    18,799  

First American Government Obligations Fund - Class X, 1.29% (e)

    18,799  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $18,799)

    18,799  
                 
       

TOTAL INVESTMENTS — 95.8% (Cost $10,336,978)

    4,048,659  
       

Other Assets in Excess of Liabilities — 4.2%

    176,330  
       

NET ASSETS — 100.0%

  $ 4,224,989  

 

Percentages are stated as a percent of net assets.

 

ADRAmerican 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)Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.
(d)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.
(e)Rate shown is the annualized seven-day yield as of June 30, 2022.

 

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.

 

31

 

 

Defiance Hotel, Airline, and Cruise ETF

 

Schedule of Investments
June 30, 2022 (Unaudited)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.9%

       
       

Consumer Discretionary — 43.9% (a)

       
    26,169  

Accor SA (b)

  $ 706,664  
    216,725  

Carnival Corporation (b)

    1,874,671  
    4,014  

Choice Hotels International, Inc.

    448,083  
    23,977  

Hilton Worldwide Holdings, Inc.

    2,671,997  
    19,913  

Huazhu Group, Ltd. - ADR

    758,685  
    4,892  

Hyatt Hotels Corporation - Class A (b)

    361,568  
    20,458  

InterContinental Hotels Group plc - ADR

    1,105,755  
    20,655  

Marriott International, Inc. - Class A

    2,809,287  
    551,900  

Minor International pcl - NVDR (b)

    530,748  
    105,606  

Norwegian Cruise Line Holdings, Ltd. (b)

    1,174,339  
    16,300  

Resorttrust, Inc.

    266,357  
    42,829  

Royal Caribbean Cruises, Ltd. (b)

    1,495,160  
    348,000  

Shangri-La Asia, Ltd. (b)

    282,056  
    24,873  

Whitbread plc

    748,528  
    9,988  

Wyndham Hotels & Resorts, Inc.

    656,411  
              15,890,309  
       

Industrials — 45.9% (a)

       
    27,368  

Air Canada (b)

    340,310  
    296,000  

Air China, Ltd. - H-Shares (b)

    257,262  
    195,552  

Air France-KLM (b)

    228,460  
    16,325  

Alaska Air Group, Inc. (b)

    653,816  
    1,668  

Allegiant Travel Company (b)

    188,634  
    79,038  

American Airlines Group, Inc. (b)

    1,002,202  
    24,800  

ANA Holdings, Inc. (b)

    456,278  
    138,000  

Cathay Pacific Airways, Ltd. (b)

    151,068  
    520,000  

China Airlines, Ltd.

    410,984  
    13,490  

Controladora Vuela Cia de Aviacion SAB de CV - ADR (b)

    138,542  
    2,018  

Copa Holdings SA - Class A (b)

    127,881  
    84,007  

Delta Air Lines, Inc. (b)

    2,433,683  
    91,392  

Deutsche Lufthansa AG (b)

    531,614  
    59,134  

easyJet plc (b)

    263,274  
    412,000  

Eva Airways Corporation

    438,556  
    1,877  

Hanjin Kal Corporation (b)

    89,340  
    579,460  

International Consolidated Airlines Group SA (b)

  758,757  
    22,600  

Japan Airlines Company, Ltd. (b)

    395,090  
    36,532  

JetBlue Airways Corporation (b)

    305,773  
    27,138  

Korean Air Lines Company, Ltd. (b)

    526,708  
    279,555  

Qantas Airways, Ltd. (b)

    859,294  
    17,348  

Ryanair Holdings plc - ADR (b)

    1,166,653  
    176,000  

Singapore Airlines, Ltd. (b)

    644,966  
    4,727  

SkyWest, Inc. (b)

    100,449  
    62,901  

Southwest Airlines Company (b)

    2,271,984  
    14,235  

Spirit Airlines, Inc. (b)

    339,362  
    38,740  

United Airlines Holdings, Inc. (b)

    1,372,171  
    7,720  

Wizz Air Holdings plc (b)

    164,447  
              16,617,558  
       

Real Estate — 10.1%

       
    27,803  

Apple Hospitality REIT, Inc.

    407,870  
    23,218  

DiamondRock Hospitality Company (b)

    190,620  
    49,987  

Host Hotels & Resorts, Inc.

    783,796  
    1,005  

Invincible Investment Corporation

    295,164  
    663  

Japan Hotel REIT Investment Corporation

    330,878  
    25,228  

Park Hotels & Resorts, Inc.

    342,344  
    13,110  

Pebblebrook Hotel Trust

    217,232  
    18,591  

RLJ Lodging Trust

    205,059  
    5,996  

Ryman Hospitality Properties, Inc. (b)

    455,876  
    26,090  

Service Properties Trust

    136,451  
    26,935  

Sunstone Hotel Investors, Inc. (b)

    267,195  
              3,632,485  
       

TOTAL COMMON STOCKS (Cost $48,938,648)

    36,140,352  
                 
       

PREFERRED STOCKS — 0.3%

       
       

Industrials — 0.3%

       
    13,365  

Azul SA - ADR (b)

    94,892  
       

TOTAL PREFERRED STOCKS (Cost $202,617)

    94,892  
                 

 

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

 

32

 

 

Defiance Hotel, Airline, and Cruise ETF

 

Schedule of Investments
June 30, 2022 (Unaudited) (Continued)

 

 

 

Shares

 

Security Description

 

Value

 
       

SHORT-TERM INVESTMENTS — 0.2%

       
    83,020  

First American Government Obligations Fund - Class X, 1.29% (c)

  $ 83,020  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $83,020)

    83,020  
                 
       

TOTAL INVESTMENTS — 100.4% (Cost $49,224,285)

    36,318,264  
       

Liabilities in Excess of Other Assets — (0.4)%

    (141,981 )
       

NET ASSETS — 100.0%

  $ 36,176,283  

 

Percentages are stated as a percent of net assets.

 

ADRAmerican Depositary Receipt.
NVDRNon-voting 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, 2022.

 

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.

 

33

 

 

Defiance Digital Revolution ETF

 

Schedule of Investments
June 30, 2022 (Unaudited)

 

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 98.0%

       
       

Communication Services — 3.8%

       
    155,591  

Vinco Ventures, Inc. (b)

  $ 214,716  
                 
       

Consumer Discretionary — 25.2% (a)

       
    25,198  

DraftKings, Inc. - Class A (b)

    294,061  
    6,806  

eBay, Inc.

    283,606  
    14,832  

Funko, Inc. - Class A (b)

    331,050  
    2,397  

GameStop Corporation - Class A (b)

    293,153  
    37,226  

PLBY Group, Inc. (b)

    238,246  
              1,440,116  
       

Financials — 18.1%

       
    4,189  

Bitcoin Group SE

    115,177  
    4,806  

Coinbase Global, Inc. - Class A (b)

    225,978  
    81,769  

Mogo, Inc. (b)

    69,094  
    34,953  

Robinhood Markets, Inc. - Class A (b)

    287,314  
    4,164  

Silvergate Capital Corporation - Class A (b)

    222,899  
    218,232  

Valour, Inc. (b)

    65,980  
    108,488  

Voyager Digital, Ltd. (b)

    48,779  
              1,035,221  
       

Industrials — 1.2%

       
    23,356  

Singularity Future Technology, Ltd. (b)

    70,769  
                 
       

Information Technology — 49.1% (a)

       
    499,665  

Argo Blockchain plc (b)

    203,284  
    280,046  

BIGG Digital Assets, Inc. (b)

    82,497  
    47,707  

BIT Mining, Ltd. - ADR (b)

    29,583  
    165,216  

Bitfarms, Ltd./Canada (b)

    185,042  
    3,857  

Block, Inc. (b)

    237,051  
    87,334  

Canaan, Inc. - ADR (b)

    281,216  
    46,970  

Cleanspark, Inc. (b)

    184,122  
    5,876  

Cloudflare, Inc. - Class A (b)

    257,075  
    115,295  

Core Scientific, Inc. (b)

    171,790  
    75,665  

Hive Blockchain Technologies, Ltd. (b)

    225,831  
    139,549  

Hut 8 Mining Corporation (b)

    188,236  
    44,302  

Iris Energy, Ltd. (b)

    148,412  
    36,422  

Marathon Digital Holdings, Inc. (b)

    194,494  
    64,758  

Mawson Infrastructure Group, Inc. (b)

    70,586  
    51,613  

Riot Blockchain, Inc. (b)

    216,258  
    53,270  

Stronghold Digital Mining, Inc. - Class A (b)

    88,428  
    33,466  

Terawulf, Inc. (b)

    40,159  
              2,804,064  
       

Materials — 0.6%

       
    15,559  

Cryptyde, Inc. (b)

  31,585  
                 
       

TOTAL COMMON STOCKS (Cost $14,807,414)

    5,596,471  
                 
       

SPECIAL PURPOSE ACQUISITION COMPANIES — 1.6%

    8,714  

Aries I Acquisition Corporation - Class A (b)

    87,924  
       

TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (Cost $87,686)

    87,924  
                 
       

SHORT-TERM INVESTMENTS — 0.5%

       
    30,214  

First American Government Obligations Fund - Class X, 1.29% (c)

    30,214  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $30,214)

    30,214  
                 
       

TOTAL INVESTMENTS — 100.1% (Cost $14,925,314)

    5,714,609  
       

Liabilities in Excess of Other Assets — (0.1)%

    (3,683 )
       

NET ASSETS — 100.0%

  $ 5,710,926  

 

Percentages are stated as a percent of net assets.

 

ADRAmerican 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, 2022.

 

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.

 

34

 

 

Defiance ETFs

 

Statements of Assets and Liabilities

June 30, 2022 (Unaudited)

 

 

   

Defiance
Quantum
ETF

   

Defiance
Next Gen
Connectivity
ETF

   

Defiance
Next Gen
SPAC Derived
ETF

   

Defiance
Next Gen H2
ETF

 

ASSETS

                               

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

  $ 138,588,135     $ 941,066,325     $ 14,666,104     $ 39,852,288  

Foreign currency, at value*

    4,178                   58,285  

Dividends and interest receivable

    235,395       1,367,267       1,380       12,123  

Reclaims receivable

    29,040       103,721       33       7,691  

Securities lending income receivable

    16,425       34,814              

Transaction fees receivable

    12                    

Receivable for securities sold

          6,299,095       118,544       1,779,554  

Total assets

    138,873,185       948,871,222       14,786,061       41,709,941  
                                 

LIABILITIES

                               

Due to custodian

                      338,991  

Collateral received for securities loaned (Note 4)

    23,327,448       78,338,703              

Management fees payable

    42,207       229,671       5,514       11,136  

Payable for securities purchased

                117,033        

Payable for capital shares redeemed

          6,328,710             1,390,413  

Total liabilities

    23,369,655       84,897,084       122,547       1,740,540  
                                 

NET ASSETS

  $ 115,503,530     $ 863,974,138     $ 14,663,514     $ 39,969,401  
                                 

Net Assets Consist of:

                               

Paid-in capital

  $ 133,037,515     $ 924,816,423     $ 42,455,748     $ 86,664,275  

Total distributable earnings (accumulated deficit)

    (17,533,985 )     (60,842,285 )     (27,792,234 )     (46,694,874 )

Net assets

  $ 115,503,530     $ 863,974,138     $ 14,663,514     $ 39,969,401  
                                 

Net Asset Value:

                               

Net assets

  $ 115,503,530     $ 863,974,138     $ 14,663,514     $ 39,969,401  

Shares outstanding ^

    2,850,000       27,400,000       1,125,000       3,650,000  

Net asset value, offering and redemption price per share

  $ 40.53     $ 31.53     $ 13.03     $ 10.95  
                                 

* Identified cost:

                               

Investments in securities

  $ 156,368,988     $ 1,019,792,408     $ 28,156,296     $ 62,061,177  

Foreign currency

    4,208                   58,835  

+ Includes loaned securities with a value of

  $ 22,650,723     $ 75,145,611     $     $  

 

^No par value, unlimited number of shares authorized.

 

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

 

35

 

 

Defiance ETFs

 

Statements of Assets and Liabilities

June 30, 2022 (Unaudited) (Continued)

 

 

   

Defiance
Next Gen
Altered
Experience
ETF

   

Defiance
Hotel, Airline,
and Cruise
ETF

   

Defiance
Digital
Revolution
ETF

 

ASSETS

                       

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

  $ 4,048,659     $ 36,318,264     $ 5,714,609  

Foreign currency, at value*

                1  

Dividends and interest receivable

    4,462       17,796       25  

Reclaims receivable

          95        

Securities lending income receivable

                 

Transaction fees receivable

                 

Receivable for securities sold

    174,596       1,146,302        

Total assets

    4,227,717       37,482,457       5,714,635  
                         

LIABILITIES

                       

Due to custodian

          159,847        

Collateral received for securities loaned (Note 4)

                 

Management fees payable

    2,728       15,814       3,709  

Payable for securities purchased

                 

Payable for capital shares redeemed

          1,130,513        

Total liabilities

    2,728       1,306,174       3,709  
                         

NET ASSETS

  $ 4,224,989     $ 36,176,283     $ 5,710,926  
                         

Net Assets Consist of:

                       

Paid-in capital

  $ 17,453,097     $ 53,228,519       17,825,947  

Total distributable earnings (accumulated deficit)

    (13,228,108 )     (17,052,236 )     (12,115,021 )

Net assets

  $ 4,224,989     $ 36,176,283     $ 5,710,926  
                         

Net Asset Value:

                       

Net assets

  $ 4,224,989     $ 36,176,283     $ 5,710,926  

Shares outstanding ^

    850,000       2,400,000       950,000  

Net asset value, offering and redemption price per share

  $ 4.97     $ 15.07     $ 6.01  
                         

* Identified cost:

                       

Investments in securities

  $ 10,336,978     $ 49,224,285     $ 14,925,314  

Foreign currency

                1  

+ Includes loaned securities with a value of

  $     $     $  

 

^No par value, unlimited number of shares authorized.

 

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

 

36

 

 

Defiance ETFs

 

Statements of Operations

For the Six-Months Ended June 30, 2022 (Unaudited)

 

 

   

Defiance
Quantum
ETF

   

Defiance
Next Gen
Connectivity
ETF

   

Defiance
Next Gen
SPAC Derived
ETF

   

Defiance
Next Gen H2
ETF

 

INCOME

                               

Dividends*

  $ 1,080,896     $ 9,016,619     $ 3,578     $ 73,370  

Securities lending income, net (Note 4)

    91,000       133,341              

Interest

    580       7,126       68       378  

Total investment income

    1,172,476       9,157,086       3,646       73,748  
                                 

EXPENSES

                               

Management fees

    298,036       1,641,257       43,634       79,698  

Net investment income (loss)

    874,440       7,515,829       (39,988 )     (5,950 )
                                 

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

                               

Net realized gain (loss) on:

                               

Investments

    912,686       30,205,057       (4,043,575 )     (16,535,370 )

Foreign currency

    (3,183 )     5,390             (35,189 )

Change in unrealized appreciation (depreciation) on:

                               

Investments

    (48,222,035 )     (342,941,586 )     (5,618,498 )     (13,039,676 )

Foreign currency

    (683 )     (4,480 )           (1,347 )

Net realized and unrealized gain (loss) on investments

    (47,313,215 )     (312,735,619 )     (9,662,073 )     (29,611,582 )

Net increase (decrease) in net assets resulting from operations

  $ (46,438,775 )   $ (305,219,790 )   $ (9,702,061 )   $ (29,617,532 )
                                 

* Net of foreign taxes withheld of

  $ 102,975     $ 469,841     $ 393     $ 7,095  

  

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

 

37

 

 

Defiance ETFs

 

Statements of Operations

For the Six-Months Ended June 30, 2022 (Unaudited) (Continued)

 

 

   

Defiance
Next Gen
Altered
Experience
ETF

   

Defiance
Hotel, Airline,
and Cruise ETF

   

Defiance
Digital
Revolution
ETF

 

INCOME

                       

Dividends*

  $ 9,023     $ 66,442     $ 3,466  

Securities lending income, net (Note 4)

                 

Interest

    46       204       45  

Total investment income

    9,069       66,646       3,511  
                         

EXPENSES

                       

Management fees

    24,829       84,088       32,293  

Net investment income (loss)

    (15,760 )     (17,442 )     (28,782 )
                         

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

                       

Net realized gain (loss) on:

                       

Investments

    (5,133,556 )     (3,784,335 )     (2,460,515 )

Foreign currency

    (358 )     (11,589 )     4,613  

Change in unrealized appreciation (depreciation) on:

                       

Investments

    (752,550 )     (12,353,867 )     (7,764,030 )

Foreign currency

    (610 )     508        

Net realized and unrealized gain (loss) on investments

    (5,887,074 )     (16,149,283 )     (10,219,932 )

Net increase (decrease) in net assets resulting from operations

  $ (5,902,834 )   $ (16,166,725 )   $ (10,248,714 )
                         

* Net of foreign taxes withheld of

  $     $ 356     $  

  

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

 

38

 

 

Defiance Quantum ETF

 

Statements of Changes in Net Assets

 

 

   

Six-Months
Ended
June 30, 2022
(Unaudited)

   

Year
Ended
December 31,
2021

 

OPERATIONS

               

Net investment income (loss)

  $ 874,440     $ 708,611  

Net realized gain (loss) on investments

    909,503       10,846,560  

Change in unrealized appreciation (depreciation) on investments

    (48,222,718 )     19,161,190  

Net increase (decrease) in net assets resulting from operations

    (46,438,775 )     30,716,361  
                 

DISTRIBUTIONS TO SHAREHOLDERS

               

Net distributions to shareholders

    (789,734 )     (690,361 )

Total distributions to shareholders

    (789,734 )     (690,361 )
                 

CAPITAL SHARE TRANSACTIONS

               

Proceeds from shares sold

    2,736,885       117,576,090  

Payments for shares redeemed

    (18,425,485 )     (25,162,790 )

Transaction fees (Note 7)

    2,268       38,397  

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

    (15,686,332 )     92,451,697  

Net increase (decrease) in net assets

  $ (62,914,841 )   $ 122,477,697  
                 

NET ASSETS

               

Beginning of period/year

  $ 178,418,371     $ 55,940,674  

End of period/year

  $ 115,503,530     $ 178,418,371  

 

(a)A summary of capital share transactions is as follows:

 

   

Shares

   

Shares

 

Shares sold

    50,000       2,350,000  

Shares redeemed

    (400,000 )     (500,000 )

Net increase (decrease)

    (350,000 )     1,850,000  

 

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

 

39

 

 

Defiance Next Gen Connectivity ETF

 

Statements of Changes in Net Assets

 

 

   

Six-Months
Ended
June 30, 2022
(Unaudited)

   

Year
Ended
December 31,
2021

 

OPERATIONS

               

Net investment income (loss)

  $ 7,515,829     $ 15,732,899  

Net realized gain (loss) on investments and foreign currency

    30,210,447       125,188,423  

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

    (342,946,066 )     129,987,506  

Net increase (decrease) in net assets resulting from operations

    (305,219,790 )     270,908,828  
                 

DISTRIBUTIONS TO SHAREHOLDERS

               

Net distributions to shareholders

    (7,340,204 )     (15,735,900 )

Tax return of capital to shareholders

          (525,022 )

Total distributions to shareholders

    (7,340,204 )     (16,260,922 )
                 

CAPITAL SHARE TRANSACTIONS

               

Proceeds from shares sold

    7,457,740       561,836,190  

Payments for shares redeemed

    (214,658,270 )     (323,041,080 )

Transaction fees (Note 7)

    18        

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

    (207,200,512 )     238,795,110  

Net increase (decrease) in net assets

  $ (519,760,506 )   $ 493,443,016  
                 

NET ASSETS

               

Beginning of period/year

  $ 1,383,734,644     $ 890,291,628  

End of period/year

  $ 863,974,138     $ 1,383,734,644  

 

(a)A summary of capital share transactions is as follows:

 

   

Shares

   

Shares

 

Shares sold

    200,000       15,150,000  

Shares redeemed

    (6,000,000 )     (8,450,000 )

Net increase (decrease)

    (5,800,000 )     6,700,000  

 

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

 

40

 

 

Defiance Next Gen SPAC Derived ETF

 

Statements of Changes in Net Assets

 

 

   

Six-Months
Ended
June 30, 2022
(Unaudited)

   

Year
Ended
December 31,
2021

 

OPERATIONS

               

Net investment income (loss)

  $ (39,988 )   $ (209,668 )

Net realized gain (loss) on investments and foreign currency

    (4,043,575 )     (10,865,909 )

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

    (5,618,498 )     (11,731,293 )

Net increase (decrease) in net assets resulting from operations

    (9,702,061 )     (22,806,870 )
                 

DISTRIBUTIONS TO SHAREHOLDERS

               

Net distributions to shareholders

          (448,838 )

Total distributions to shareholders

          (448,838 )
                 

CAPITAL SHARE TRANSACTIONS

               

Proceeds from shares sold

    1,370,090       95,397,415  

Payments for shares redeemed

    (5,101,653 )     (94,792,882 )

Transaction fees (Note 7)

    18       1,149  

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

    (3,731,545 )     605,682  

Net increase (decrease) in net assets

  $ (13,433,606 )   $ (22,650,026 )
                 

NET ASSETS

               

Beginning of period/year

  $ 28,097,120     $ 50,747,146  

End of period/year

  $ 14,663,514     $ 28,097,120  

 

(a)