Defiance Robotics Actuators ETF

The Defiance Robotics Actuators ETF (Cboe: AT) seeks to track the MarketVector Humanoid Actuator Index and provides targeted exposure to companies primarily involved in the design, development, manufacturing, and supply of actuator systems and precision motion components used in humanoid robotics and advanced automation.

Mechanically, a humanoid robot is a collection of actuators. Each joint needs a motor, a gearbox, an encoder, and a controller working as one unit, and a full-body humanoid carries dozens of them. McKinsey estimates that actuators account for 40% to 60% of a humanoid robot’s bill of materials, making them among the largest cost drivers and key performance differentiators in the machine, and notes that they depend on one of the least developed supplier ecosystems in the hardware stack. The compact strain-wave gearboxes used in humanoid joints remain concentrated among a small group of manufacturers, and as humanoid volumes rise, demand could outpace the speed at which those suppliers add qualified capacity.

In short, AT targets a component layer used across humanoid robotics programs: actuators.

Why AT?

Focused on the actuator layer. McKinsey estimates that actuators account for 40% to 60% of a humanoid robot’s bill of materials, describes them as by far the largest cost driver in the machine, and notes that they depend on one of the least developed supplier ecosystems in the hardware stack.¹ AT offers targeted exposure to that component layer.

A concentrated supply chain. According to McKinsey, the strain-wave gearboxes used in humanoid joints remain concentrated among a small group of manufacturers, their production is precision-bound and capital-intensive, and demand could outpace the speed at which suppliers add qualified capacity as humanoid volumes rise, with planetary roller screws and robotics-grade linear guides facing similar constraints.¹ AT seeks to track an index of companies that derive at least half their revenue from actuator systems and motion control components.

Global, rules based, and focused. The Index admits companies that derive at least 50% of revenue from actuator systems and motion control components, targets at least 25 constituents, weights by float-adjusted market capitalization with an 8% cap, and rebalances quarterly. As of April 30, 2026, 20 of its 25 constituents were listed outside the United States, with significant exposure to Japan and China.²

A concentrated supply chain. Strain-wave gearboxes, planetary roller screws, and robotics-grade linear guides are produced by a short list of precision manufacturers, and production is precision-bound and capital-intensive. AT is designed to hold the companies that own that capacity.

Global, rules based, and focused. The Index admits companies that derive at least 50% of revenue from actuator systems and motion control components, targets at least 25 constituents, weights by float-adjusted market capitalization with an 8% cap, and rebalances quarterly. As of April 30, 2026, 20 of its 25 constituents were listed outside the United States, with significant exposure to Japan and China.

Investment Objective

The Defiance Robotics Actuators ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the MarketVector Humanoid Actuator Index (the “Index”).

The Index

The MarketVector Humanoid Actuator Index is owned and administered by MarketVector Indexes GmbH and calculated by an independent third-party calculation agent. The Index is a thematic index designed to track the performance of companies that are primarily involved in the design, development, manufacturing, and supply of actuator systems and precision motion components used in humanoid robotics and advanced automation applications.

To be eligible, a company must derive at least 50% of its revenues from the design, development, manufacturing, or supply of actuator systems, motion control components, and related technologies that enable articulated movement in humanoid robots, collaborative robots, and next-generation automation systems. Eligible activities include servo motors, harmonic drives, and cycloidal reducers; precision gearboxes and motion transmission systems; ball screws, linear actuators, and electromechanical drive systems; motion control components including controllers, encoders, and feedback systems; high-precision bearings, couplings, and rotary and linear motion assemblies outside the automotive end market; micro-actuation and electromechanical systems for robotic articulation; integrated actuator modules and subsystems; humanoid and consumer robot systems; and components enabling multi-axis movement and human-like kinematics.

Companies must also meet minimum size and liquidity requirements for initial inclusion, including a free float of at least 10%, a full market capitalization above $150 million, a three-month average daily trading volume of at least $1 million, and at least 250,000 shares traded per month over the prior six months. Eligible companies are ranked by free-float market capitalization, and the Index targets at least 25 constituents. Constituents are weighted by a modified float-adjusted market capitalization method with a maximum weight of 8% per constituent. The Index is reconstituted and rebalanced quarterly after the market close on the third Friday of March, June, September, and December.

Under normal circumstances, the Fund invests at least 80% of its net assets in Robotics Actuator Companies, as defined by the Index. The Fund generally uses a replication strategy and may use representative sampling when the sub-adviser believes it is in the best interest of the Fund.

MarketVector Humanoid Actuator Index Holdings

¹ Source: McKinsey & Company, “Turning humanoid supply chain constraints into billion-dollar wins,” April 17, 2026. Third-party estimates do not guarantee future results.

² Source: Defiance Robotics Actuators ETF prospectus dated September 12th, 2026. Index composition is subject to change and should not be considered a recommendation to buy or sell any security.