Defiance Files Crypto Revenue ETF Tracking CoinDesk's Top Protocols

Defiance has filed to launch the Defiance CoinDesk Crypto Revenue Leaders ETF, a passively managed fund tracking the CoinDesk Revenue Leaders Index, which selects up to 10 crypto assets based on on-chain revenue generation. Eligible protocols must redistribute at least 50% of their revenue to token holders through buybacks, token burns, payouts or staking. Constituents are weighted by revenue over the preceding 180 days, subject to a 40% cap at quarterly reconstitution. As of September 30, 2026, Hyperliquid (HYPE), Pump.fun (PUMP) and Tron (TRX) collectively represented nearly 80% of the index. The ETF will not hold cryptocurrencies directly, instead obtaining exposure through swaps, futures, options and crypto-linked ETPs or ETFs. It may also use a Cayman Islands subsidiary for derivatives exposure. The fund will be non-diversified, and protocol revenue sharing does not necessarily translate into cash distributions to ETF investors.