Defiance Files for ETF Targeting 25 Global Semiconductor Equipment Stocks

Defiance has filed for the Defiance Phoenix Semi Equipment Top 25 ETF, a passively managed fund designed to track the Semiconductor Equipment 25 Index, developed by iNDEX Research and Development, a subsidiary of TMX VettaFi Group. The index targets up to 25 companies across developed and emerging markets involved in semiconductor equipment activities, including assembly, packaging, and testing. Companies generally must derive more than 50% of their revenue from qualifying activities, although additional firms may qualify based on equipment-related revenue. Eligible companies must have a market capitalization of at least $1 billion and meet liquidity requirements. The index is market-cap weighted, with individual holding limits and restrictions on Chinese exposure, and is rebalanced quarterly. The ETF will invest at least 80% of its assets in semiconductor equipment companies, primarily through equities, with the flexibility to use total return swaps.