Defiance Inference AI Chip ETF

The Defiance Inference AI Chip ETF (Nasdaq: AINF) is an index ETF designed to provide targeted exposure to the companies designing, fabricating, and manufacturing the specialized chips that run artificial intelligence models after they are trained. AI investing to date has centered on training, the massive compute buildout used to create AI models. Inference is what happens next: every chatbot response, every AI agent task, and every output from a deployed model is an inference workload, and those workloads recur each time the model is used. AINF provides exposure across six segments of the silicon that executes them, spanning: inference GPUs, custom AI ASICs, FPGA-based AI accelerators, AI-optimized CPUs, accelerator modules, and neuromorphic chips. In short, AINF is one ticker for the chips that run AI, from hyperscale data center accelerators to low-power processors at the edge.

Investment Objective

The Defiance Inference AI Chip ETF seeks to track the total return performance, before fees and expenses, of the BITA AI Inference Chip Select Index.

Why AINF?

• Inference is the recurring workload. Training happens once per model. Inference happens every time that model is used. As AI applications reach more users, more businesses, and more devices, Defiance believes computing demand is increasingly shifting toward chips engineered specifically to run models quickly and efficiently.
• The full inference chip stack, not just GPUs. Data center accelerators, purpose-built ASICs, reconfigurable FPGAs, AI-optimized CPUs, and ultra-low-power neuromorphic processors are all part of how AI models actually get run. AINF covers all six segments in a single ticker.
• A defined threshold, not just a theme. As capital pours into the AI buildout, not every company attached to the theme is meaningfully exposed to inference silicon. The Index applies a revenue-and-materiality standard to make that distinction.

Investment Strategy

The Fund uses a passive management approach, tracking an index that applies a defined set of criteria to identify AI Chip Companies. To qualify, a company must meet each of the following:

• Thematic Exposure: at least 50% of total revenue derived from, or demonstrated material involvement in, at least one of the six inference chip segments, as measured by the Index Provider’s proprietary revenue and materiality scoring systems.
• Listing: listed on one of the global exchanges specified in the Index methodology.
• Size: a market capitalization of at least $100 million.
• Free Float: a free-float percentage of at least 10%.
• Liquidity: a three-month average daily traded value of at least $1 million.

Qualifying companies are weighted by free-float market capitalization, with no single issuer exceeding 20% of the Index, and the Index is rebalanced and reconstituted quarterly. Under normal circumstances, at least 80% of the Fund’s net assets are invested in AI Chip Companies.

BITA AI Inference Chip Select Index Holdings