Defiance’s Drone & Modern Warfare ETF (JEDI) surpassed $200 million in AUM less than 11 months after launch, doubling assets since April. Growth coincides with JEDI becoming the first ETF to offer indirect exposure to privately held Shield AI, whose defense autonomy technology includes Hivemind AI and V-BAT drones. Shield AI represented about 2.44% of JEDI’s assets as of Aug. 20. The fund can allocate up to 15% to qualifying private-company investments, broadening access to defense innovators but adding liquidity, valuation and tracking risks.