Defiance Launches PRAM, the First U.S.-Listed ETF to Combine Memory and Photonics*

MIAMI, Aug. 27, 2026 (GLOBE NEWSWIRE) -- Defiance ETFs, a leader in thematic and income ETFs, today announced the launch of the Defiance Memory & Photonics ETF (Cboe: PRAM), the first U.S.-listed ETF to combine memory and photonics in a single fund.* PRAM seeks to track the Solactive Memory and Photonics Index, providing targeted exposure to the two layers of AI infrastructure beyond compute: the semiconductors that store data and the optical technologies that move it.

The AI buildout to date has been priced around processors, but models do not run on compute alone. Every training run and every inference request depends on data being stored, retrieved, and moved at extraordinary speed. That work falls to two adjacent layers of the stack: memory, the semiconductors and storage hardware that hold data and feed it to accelerators, and photonics, the optical technologies that move data between chips, servers, and data centers using light. Defiance believes demand is compounding across both layers at once, as accelerators require ever more high-bandwidth memory and data centers turn to optics to move more data with less power. Until now, U.S.-listed funds have offered each theme only on its own. PRAM brings both together in a single fund.

“AI does not run on compute alone. Every model has to store data and move data, and memory and photonics are the technologies that do that work,” said Sylvia Jablonski, Chief Investment Officer of Defiance ETFs. “Memory feeds the accelerators and photonics connects them, and we believe demand across both layers compounds as AI workloads scale. Investors have been able to buy each theme on its own, but not together. We are excited to change that with PRAM: one ticker for both sides of the AI data layer.”

Investment Objective

The Defiance Memory & Photonics ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Solactive Memory and Photonics Index.

Inside the Index

The Index selects from the Solactive GBS Global Markets All Cap USD Index, screening for companies classified in one of two categories based on their FactSet Revere Business Industry Classification System (RBICS) sub-industry or industry groups:

• Memory. Companies classified in data storage drives and peripherals, flash memory semiconductors, volatile memory semiconductors, networking semiconductors, RF analog and mixed signal semiconductors, or other memory semiconductors.
• Photonics. Companies classified in optoelectronics electronic components.
  
  

Eligible companies must be listed on one of the following exchanges: Nasdaq, the New York Stock Exchange, the Hong Kong Exchange, the Taiwan Stock Exchange (including the Taipei Exchange), the Korea Exchange, OMX Nordic Stockholm, or the Tokyo Stock Exchange, and must have a minimum average daily traded value of at least $1 million over both one month and six months. The 20 largest eligible companies by free-float market capitalization are selected for inclusion, and each constituent is equally weighted at each selection. The Index is rebalanced quarterly, after the market close on the first Wednesday of February, May, August, and November. As of August 9, 2026, the Index had 20 constituents, 11 of which were listed on a non-US exchange, with significant exposure to companies headquartered in Taiwan. The Index was established in 2026 and is owned by Solactive AG.

Top 10 Index Constituents (as of August 26, 2026)

Index constituents as of 08/26/2026. Index composition is subject to change and should not be considered a recommendation to buy or sell any security. The Fund's complete holdings are published daily at www.defianceetfs.com/pram/.

Fund Details

About Defiance ETFs

Founded in 2018, Defiance is a leading ETF issuer specializing in thematic, income, and leveraged ETFs. Our first-mover leveraged single-stock ETFs allow investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.

Media Contact

Brenda Hentschel
Gregory Agency
bhentschel@gregoryagency.com
201.705.3758

*As of August 25, 2026, based on a review of SEC EDGAR registration statements and all US-listed ETFs, the Defiance Memory & Photonics ETF (Cboe: PRAM), scheduled to list on August 27, 2026, is the first US-listed ETF to combine memory and photonics in a single fund; every existing US-listed product in these categories is a single-theme fund providing exposure to memory only or photonics only, and no pending registration statement discloses a combined memory and photonics mandate.

IMPORTANT DISCLOSURES

Defiance ETFs, LLC is the Fund's investment adviser. Tidal Investments LLC serves as the Fund's sub-adviser. The Fund is a series of ETF Series Solutions and is distributed by Foreside Fund Services, LLC.

The Fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read the prospectus and/or summary prospectus carefully before investing. Hard copies can be requested by calling 833.333.9383.

Investing involves risk. Principal loss is possible. As an ETF, the Fund may trade at a premium or discount to NAV. Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. There is no guarantee the Fund will achieve its investment objective, and an investor may lose some or all of its investment. As with any investment, some or all of these risks may adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objectives.

Concentration Risk. The Fund's investments will be concentrated in a particular industry or group of related industries to the extent that the Index is so concentrated. In such event, the value of 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 Adviser expects the Index, and consequently the Fund, to be concentrated in the Optoelectronics Electronics Components industry group, with significant exposure to the Data Storage Hardware industry group.

Optoelectronics Electronics Components Industry Groups Risk. Companies in this industry are subject to rapid technological change, short product life cycles, and evolving industry standards, which may render products obsolete and require substantial and continuous investment in research and development. Demand for optoelectronic and electronic components is highly dependent on global economic conditions and capital spending trends in key end markets such as consumer electronics, telecommunications, automotive, industrial automation, and data infrastructure, and may decline during economic downturns. The industry is also characterized by intense competition, pricing pressures, and supply chain complexities, including reliance on semiconductor fabrication, specialized materials, and third-party manufacturers, which may create vulnerabilities to shortages, disruptions, or delays. Many companies operate globally and are exposed to risks associated with international trade, geopolitical tensions, export controls, tariffs, and currency fluctuations, and issuers may face risks related to product defects, intellectual property protection, and regulatory compliance.

Data Storage Hardware Industry Group Risk. Companies in this industry are subject to rapid technological change, evolving data storage architectures, and shifting customer preferences, including transitions among hard disk drives, solid-state storage, cloud-based infrastructure, and emerging storage technologies, which may render existing products obsolete and require significant ongoing investment in research and development. Demand is closely linked to global economic conditions and capital spending by enterprises, hyperscale cloud providers, and consumers, and may be volatile due to changing data usage trends, inventory cycles, and fluctuations in information technology spending. The industry is highly competitive and characterized by pricing pressures, consolidation, and reliance on complex global supply chains for semiconductors, components, and manufacturing, which may be vulnerable to disruptions, shortages, and geopolitical developments. Companies may also face risks related to product quality, data integrity, cybersecurity concerns, and intellectual property protection.

Emerging Technologies Investment Risk. The Fund invests primarily in companies with exposure to emerging technologies, such as data storage drives and memory semiconductors. The extent of such technologies' versatility has not yet been fully explored. Currently, there are few public companies for which these emerging technologies represent an attributable and significant revenue or profit stream, and such technologies may not ultimately have a material effect on the economic returns of companies in which the Fund invests.

Sector Risk; Information Technology Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. The Fund is generally expected to invest significantly in companies in the information technology sector, including the semiconductor and software industries. The value of stocks of information technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and domestic and international competition, including from foreign competitors with lower production costs. These companies are heavily dependent on patent and intellectual property rights and may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions.

Equity Market Risk. The equity securities held in the Fund's portfolio may experience sudden, unpredictable drops in value or long periods of decline in value, because of factors affecting securities markets generally or factors affecting specific issuers, industries, or sectors. Local, regional, or global events such as war, regional armed conflict, acts of terrorism, market volatility related to global trade policy and the imposition of tariffs, the spread of infectious diseases or other public health issues, recessions, or rising inflation could have a significant negative impact on the Fund and its investments.

Foreign Securities Risk. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities, including risk of loss due to foreign currency fluctuations or political or economic instability. There may be less information publicly available about a non-U.S. issuer. Such investments may also be subject to withholding or other taxes. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

Emerging Markets Risk. The Fund invests primarily in companies organized in emerging market nations. Investments traded in developing or emerging markets can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in US securities or more developed international markets, which may impact the Fund's ability to buy, sell, or otherwise transfer securities, adversely affect the trading market and price for Shares, and cause the Fund to decline in value. Related risks include capital controls and sanctions risk and geopolitical risk.

Geographic Investment Risk; Risks of Investing in Taiwan. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. Taiwan is a small island state with few raw material resources and is reliant on imports for its commodity needs. Taiwan's economy is dependent on the economies of Japan and China, as well as the United States. Taiwan's geographic proximity to China and history of political contention with China have resulted in ongoing tensions, including the risk of war with China, which may materially affect the Taiwanese economy and securities markets.

Currency Exchange Rate Risk. The Fund may invest in investments denominated in non-US currencies or in securities that provide exposure to such currencies. Currency exchange rates can be very volatile and can change quickly and unpredictably, and changes will affect the value of the Fund's investments and the value of your Shares.

Depositary Receipt Risk. Depositary receipts involve risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions of other countries and changes in foreign currency exchange rates. When the Fund invests in depositary receipts as a substitute for a direct investment in the underlying shares, it is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the underlying shares.

Derivatives Risk. The Fund's derivative investments have risks, including imperfect correlation between the value of such instruments and the underlying assets or index; the loss of principal, including the potential loss of amounts greater than the initial amount invested in the derivative instrument; and illiquidity. Certain derivatives transactions could affect the amount, timing, and character of distributions to shareholders and may adversely impact the Fund's after-tax returns. Related risks include swap agreements risk and swaps capacity risk, including the risk that if the Fund's ability to obtain swap exposure consistent with its investment objective is disrupted, the Fund may not be able to achieve its investment objective and may experience significant losses.

Counterparty Risk. Counterparty risk is the risk that a counterparty to Fund transactions (e.g., swap transactions) will be unable or unwilling to perform its contractual obligation to the Fund. The Fund may use swap agreements to gain exposure to Memory & Photonics Companies. If a counterparty becomes bankrupt or defaults, the Fund may not receive the full amount it is entitled to receive or may experience delays in recovering collateral or other assets. The Fund may enter into swap agreements with a limited number of counterparties, which may increase its exposure to counterparty credit risk.

Collateral Securities Risk. Collateral may include obligations issued or guaranteed by the US government, its agencies and instrumentalities, money market funds, and corporate debt securities such as commercial paper. Some securities issued or guaranteed by federal agencies and US government-sponsored instrumentalities may not be backed by the full faith and credit of the United States. Although the Fund may hold securities that carry US government guarantees, these guarantees do not extend to shares of the Fund. It is possible to lose money by investing in money market funds. Corporate debt securities carry both credit risk and interest rate risk.

ETF Risks. The Fund is an ETF and, as a result of that structure, is exposed to risks including a limited number of Authorized Participants, market makers, and liquidity providers; cash redemption risk; the costs of buying or selling Shares, including brokerage commissions and bid/ask spreads; the risk that Shares may trade at prices other than NAV; and the risk that Shares may not trade with any volume, or at all, on any stock exchange. Because securities held by the Fund may trade on foreign exchanges that are closed when the Fund's primary listing exchange is open, premiums and discounts may be greater than those experienced by domestic ETFs.

Index Methodology Risk. The Index may not include all Memory & Photonics Companies around the globe, because the Index includes only those companies meeting the Index criteria. For example, companies that would otherwise be included might be excluded if they are not classified in one of the two Index Categories based on their RBICS sub-industry or industry groups classification.

Index Provider Risk. There is no assurance that the Index Provider, or any agents acting on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated, or disseminated accurately. Any losses or costs associated with errors made by the Index Provider or its agents generally will be borne by the Fund and its shareholders.

Passive Investment Risk. The Fund is not actively managed, and its sub-adviser would not sell shares of an equity security due to current or projected underperformance of a security, industry, or sector, unless that security is removed from the Index or the sale is otherwise required upon a reconstitution or rebalancing of the Index in accordance with the Index methodology.

Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index, and may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.

Market Capitalization Risk. The Fund may invest in large-, mid-, and small-capitalization companies. Securities of large-capitalization companies may be subject to slower growth during times of economic expansion. Securities of mid- and small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments, generally trade in lower volumes, and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.

Non-Diversification Risk. The Fund is considered to be non-diversified, which means 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, which may increase the Fund's volatility.

New Fund Risk. The Fund is a recently organized investment company with limited operating history. As a result, prospective investors have limited track record or history on which to base their investment decision.

Tax Risk. To qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification requirements. Given the concentration of the Index in a relatively small number of securities, it may not always be possible for the Fund to fully implement a replication or representative sampling strategy while satisfying these requirements. Efforts to satisfy the diversification requirements may cause the Fund's return to deviate from that of the Index, and efforts to replicate or represent the Index may cause the Fund inadvertently to fail to satisfy them, which could result in penalty taxes, forced dispositions of assets, or loss of regulated investment company status.

Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets or proprietary information, or cause the Fund, the Adviser, the Sub-Adviser, and/or other service providers to suffer data breaches or data corruption. Cybersecurity failures or breaches of the electronic systems of the Fund, its service providers, market makers, Authorized Participants, the Fund's primary listing exchange, or the issuers of securities in which the Fund invests may disrupt and negatively affect the Fund's business operations, including the ability to purchase and sell Shares, potentially resulting in financial losses to the Fund and its shareholders.

Free-float market capitalization is the portion of a company's total market capitalization that is attributable to shares available for trading by the public, excluding shares that are closely held or otherwise not freely tradable (such as those held by founders, governments, affiliates or strategic investors, or shares subject to lock-up or transfer restrictions)

Please see the prospectus for a complete description of the principal risks.

The Solactive Memory and Photonics Index was established in 2026 and is owned by Solactive AG. The Index Provider is not affiliated with the Fund's adviser, sub-adviser, administrator, or distributor.

Brokerage commissions may be charged on trades.

Distributed by Foreside Fund Services, LLC.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7e78c1a7-136a-41ff-8cc0-317bdaa4d0ec