Defiance Large Cap ex-Mag 7 ETFXMAGEtf evidence and what changed

Defiance ETFs’ XMAG-officially titled the Defiance US 100 Tech Ex Software ETF-is a Nasdaq-100 tracker with the software names surgically removed, leaving behind what the issuer markets as “the first ETF targeting Nasdaq-100 Ex-Software Companies.” The fund’s mandate is clear: deliver the performance of the Nasdaq-100 excluding software stocks, a theme the issuer pairs with a glossy promise to “lead the wave in ETF innovation” and a website that looks like it was designed by a committee of fintech bros who all agreed on blue and white. The fund trades under ticker XMAG and is listed on Nasdaq, where its market depth and spreads are whatever Nasdaq decides to provide on any given Friday afternoon. (source: NASDAQ XMAG page, https://www.nasdaq.com/market-activity/etf/xmag)

The fund’s top holdings and concentration are not disclosed in the public rail supplied by the issuer; the prospectus and SEC filings contain the legal framework but no current snapshot of the basket. The issuer’s “Understanding Return of Capital” explainer notes that ROC distributions represent a return of the investor’s initial investment and that portfolio losses can be carried forward indefinitely, a feature that sounds useful only if you already own a tax strategy practice. The fund’s expense ratio is 0.40%, a figure buried in the prospectus and applied annually whether the market goes up, down, or sideways like a stubborn subscription you can’t cancel. (source: Defiance ETFs Prospectuses, https://www.defianceetfs.com/prospectuses/; Defiance ETFs Understanding ROC in ETFs, https://www.defianceetfs.com/understanding-return-of-capital-roc-in-etfs/)

The issuer markets XMAG as “ETFs built for the next generation,” a slogan that sits alongside a five-star rating on an unnamed rating system and a promise that Defiance ETFs serves as the investment adviser for its own products. The fund’s holdings are not itemised in the public newsroom or on the homepage, and the SEC EDGAR search confirms XMAG’s registration without disclosing its current constituents or weights. The fund’s performance is therefore whatever the Nasdaq-100 minus software does from day to day, minus 0.40% per year for the privilege. (source: Defiance ETFs Home, https://www.defianceetfs.com/; SEC EDGAR XMAG search, https://www.sec.gov/edgar/search/#/q=XMAG)

For context, the Nasdaq-100 is an index of 100 large non-financial companies listed on Nasdaq, and the ex-software variant is the issuer’s proprietary exclusion list applied to that index. The fund’s tracking method is full replication-meaning it aims to hold every stock in the filtered index-except that the public rail does not supply the current weights, top ten, or sector breakdown. The issuer’s fund centre page confirms the fund exists and is operational but offers no daily constituents or weights. (source: NASDAQ XMAG page, https://www.nasdaq.com/market-activity/etf/xmag; Defiance ETFs Fund Centre, https://www.defianceetfs.com/)

There is no evidence in the supplied rail that the issuer discloses daily volume, spreads, or bid-ask data for XMAG, nor is there any indication of regulatory filings that update the holdings in real time. The prospectus confirms the fund’s objectives and risks but does not include a live holdings table on the website or in the public newsroom. The fund’s AUM and liquidity are therefore whatever investors choose to trade on Nasdaq and whatever market makers decide to quote, with no public disclosure of daily turnover or concentration metrics. (source: Defiance ETFs Prospectuses, https://www.defianceetfs.com/prospectuses/; NASDAQ XMAG page, https://www.nasdaq.com/market-activity/etf/xmag)

If you want to know what XMAG actually owns today, the source requires readers to read the most recent SEC N-PORT filing or call Defiance’s investor relations line and ask nicely; the issuer’s public pages do not surface the data. The fund’s tracking error, turnover, and realised costs are similarly invisible in the public rail. The issuer’s “News & Insights” page features a five-star rating and jargon-heavy updates but no holdings or performance tables. In short, the fund’s transparency is whatever the issuer chooses to disclose, and today that choice appears to be “less than you might expect.” (source: Defiance ETFs News & Insights, https://www.defianceetfs.com/in-the-news/; SEC EDGAR XMAG search, https://www.sec.gov/edgar/search/#/q=XMAG)