Defiance Files ETF Targeting Private Pre-IPO Market Leaders

The Defiance Pre-IPO Leaders ETF designed to provide exposure to leading private companies before they go public. The actively-managed fund expects to allocate about 80% to a Pre-IPO Leaders Sleeve, primarily using swaps tied to perpetual futures, and up to 20% to a liquid securities sleeve. The ETF will use the BITA Liquid Pre-IPO Index as a framework for identifying opportunities but can deviate from its holdings and weights. The fund may also invest up to 15% of net assets directly in private securities or through single-asset SPVs, with information technology initially representing significant exposure.