Defiance's JEDI ETF Expands Mandate to Include Private Company Investments

MIAMI, July 29, 2026 (GLOBE NEWSWIRE) -- Defiance ETFs today announced that a supplement dated July 27, 2026 has been filed to the prospectus for the Defiance Drone & Modern Warfare ETF (NYSE: JEDI). The supplement, recommended by Defiance ETFs, LLC, the Fund’s investment adviser (the “Adviser”), and approved by the Board of Trustees of ETF Series Solutions, revises the Fund’s investment objective and principal investment strategies to permit the Fund to invest in privately issued securities. The changes are scheduled to go into effect on or about August 6, 2026.

What Is Changing

Secondary investment objective: The Fund’s primary investment objective, which is to seek to track the total return performance, before fees and expenses, of the BITA Drone & Modern Warfare Select Index, is unchanged. The Fund is adding a secondary investment objective: with respect to up to 15% of the Fund’s net assets, from time to time and at the Adviser’s discretion, the Fund seeks to provide exposure to companies that we believe would have qualified for inclusion in the Index except that their securities are not publicly traded.
Private company investments: The Fund may invest in privately issued securities of drone and modern warfare companies, held directly or through interests in single-asset special purpose vehicles (SPVs) sponsored by unaffiliated third parties. The Adviser does not currently expect the Fund’s aggregate investment in privately issued securities to exceed approximately 5% of net assets at the time of purchase; 15% is an outside limit, not a target allocation. Such investments will be treated as illiquid investments under Rule 22e-4 under the Investment Company Act of 1940.
Fees and expenses: The Fund’s management fee is not changing and remains 0.69%. The Fund’s fee table has been restated to reflect estimated Acquired Fund Fees and Expenses of approximately 0.30%, representing a one-time upfront access fee associated with an investment through an SPV, resulting in estimated Total Annual Fund Operating Expenses of 0.99%. Because the access fee is a one-time, non-recurring charge expected to be incurred only in the year of investment, ongoing expenses in later years are expected to be lower.
Portfolio management: Brendan Cavanaugh, CFA, Chief Strategy Officer of Defiance ETFs, has been added to the Fund’s portfolio management team, joining the Fund’s existing portfolio managers at Penserra Capital Management LLC.

What Is Not Changing

Primary objective and index: The Fund continues to seek to track the BITA Drone & Modern Warfare Select Index and, under normal circumstances, invests at least 80% of its net assets in drone and modern warfare companies.
Ticker and listing: The Fund continues to trade on NYSE under the ticker JEDI.
Management fee: The Fund’s management fee remains 0.69%.
Transparency and trading: The Fund continues to publish its full holdings daily, and shares remain fully tradable intraday.

The Fund has not made any investment in a private company as of the date of this announcement. Any future private investment would be publicly announced and reflected in the Fund’s daily holdings.

No action is required by shareholders in connection with these changes. The full supplement, including the revised investment objective, principal investment strategies, restated fee table, and additional principal risks, is available on the SEC’s EDGAR website and at www.defianceetfs.com, and shareholders are encouraged to read it carefully.

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 | bhentschel@gregoryagency.com | 201.705.3758

Important Disclosures

Investing involves risk, including possible loss of principal. 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 Fund and may be obtained at www.defianceetfs.com or by calling 833.333.9383. Read them carefully before investing.

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.

Defiance ETFs LLC is the Fund's investment adviser. The Fund's sub-adviser is Penserra Capital Management LLC.

Past performance is no guarantee of future results. High ratings do not assure favorable performance.

Investing involves risk. Principal loss is possible. As an ETF, the Fund may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. The Fund is not actively managed and would not sell a security due to current or projected underperformance unless that security is removed from the Index or is required upon a reconstitution of the Index.

Concentration Risk: A portfolio concentrated in a single industry or country may be subject to a higher degree of risk than a more diversified portfolio.

Foreign Securities Risk: Investments in foreign securities involve certain risks including risk of loss due to foreign currency fluctuations or to political or economic instability. This risk is magnified in emerging markets.

Small/Mid-Cap Risk: Small and mid-cap companies are subject to greater and more unpredictable price changes than securities of large-cap companies.

Aerospace and Defense Companies Risk: Aerospace and defense companies rely heavily on government demand and contracts, making them sensitive to regulation, budget changes, and spending policies that can significantly affect industry performance.

Drone Companies Risk: Drone companies face risks from changing business cycles, rapid technological change, and government regulation, and may have limited product lines or financial resources. Securities of smaller drone companies tend to be more volatile than those of companies that do not rely heavily on technology.

Non-Diversification Risk: The Fund may invest a larger portion of its assets in fewer issuers than a diversified fund, increasing exposure to the risks of individual companies.

New Fund Risk: The Fund is a recently organized investment company with limited operating history, so prospective investors have a limited track record on which to base their investment decisions.

Private Company / Privately Offered Securities Risk: Securities of private companies are not traded on an exchange and are typically issued without registration under the Securities Act of 1933. Such investments are subject to significant risks, including illiquidity risk, valuation risk (fair value determinations may differ materially from the price at which the security could actually be sold), limited disclosure and lack of certain regulatory protections available to investors in publicly traded securities, exit strategy risk, and the risk of total loss. Private companies may have limited operating histories, unproven business models, and limited access to capital.

Illiquid Investments Risk: The Fund may invest up to 15% of its net assets in illiquid investments. Illiquid investments may be difficult or impossible to sell at the time or price desired, may be sold at a substantial discount to carrying value, and may adversely affect the Fund’s ability to meet redemption requests. Significant redemptions could cause the Fund’s illiquid investments to represent a larger percentage of Fund assets.

Valuation Risk: Private company securities will be fair valued in accordance with procedures adopted pursuant to Rule 2a-5 under the Investment Company Act of 1940. Fair valuations involve subjective judgments, and the value assigned may differ from the value that would have been used had a ready market for the security existed.

The 'BITA Drone & Modern Warfare Select Index' is the exclusive property of BITA GmbH. BITA^® is a trademark of BITA GmbH and has been licensed for use for certain purposes by Defiance ETFs LLC. Products based on the BITA Drone & Modern Warfare Select Index are not sponsored, endorsed, sold or promoted by BITA GmbH, and BITA GmbH makes no representation regarding the advisability of trading in such product(s). It is not possible to invest directly in an index. The Defiance Drone and Modern Warfare ETF emphasizes securities whose products and services are predominantly tied to the drone and modern warfare industry, including military and commercial drones, unmanned systems, AI-driven warfare technology, and advanced air mobility. The fund does this by tracking the BITA Drone & Modern Warfare Select Index. The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index.

Total return represents changes to the NAV and accounts for distributions from the fund.

Median 30 Day Spread is a calculation of Fund's median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund's national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Diversification does not ensure a profit nor protect against loss in a declining market.

Commissions may be charged on trades.

Distributed by Foreside Fund Services, LLC.

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