ETF Evaluator:
Defiance Drone and Modern Warfare ETF (JEDI)
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(as of Aug 07)
Best Performing in Technology Over the Last Year
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ETF Details
Defiance Drone and Modern Warfare ETF Overview
Defiance Drone and Modern Warfare ETF (JEDI) is a passively managed Sector Equity Technology exchange-traded fund (ETF). Defiance ETFs LLC launched the ETF in 2025.
The investment seeks to track the total return performance, before fees and expenses, of the BITA Drone & Modern Warfare Select Index (the “Index”).
The fund uses a “passive management” (or indexing) approach to track the total return performance, before fees and expenses, of the index. The index seeks to track the performance of companies that are publicly traded on recognized global exchanges in developed markets and generate significant revenue from the drone and modern warfare industry. The fund is non-diversified.
About Defiance Drone and Modern Warfare ETF (JEDI)
There are 4 members of the management team with an average tenure of 0.64 years: Dustin Lewellyn (2025), Ernesto Tong (2025), Christine Johanson (2025) and Brendan Cavanaugh (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: BITA Drone & Modern Warfare Sel TR USD index with a weighting of 100%. Defiance Drone and Modern Warfare ETF has 45 securities in its portfolio. The top 10 holdings constitute 59.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Defiance Drone and Modern Warfare ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Defiance Drone and Modern Warfare ETF has 9.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 90.2% There is 9.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Defiance Drone and Modern Warfare ETF has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $133 million in total assets, which is below the $3 billion average for the Technology category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
JEDI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Defiance Drone and Modern Warfare ETF expense ratio is above average compared to funds in the Technology category. Defiance Drone and Modern Warfare ETF has an expense ratio of 0.69%, which is 28% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Defiance Drone and Modern Warfare ETF has a portfolio turnover rate of 3%, which indicates that it holds its assets around / 0.3 years. By way of comparison, the average portfolio turnover is 39% for the Technology category.
Recently, in the month of July 2026, Defiance Drone and Modern Warfare ETF returned -17.8%, which earned it a grade of F, as the Technology category had an average return of -9.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Defiance Drone and Modern Warfare ETF has a trailing yield of 0.00%, which is below the 0.45% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Defiance Drone and Modern Warfare ETF Grades
Year to date, the ETF has returned -1.5%, 22.8 percentage points worse than the category, which translates into a grade of F.
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JEDI Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| JEDI Return (NAV) | -17.8% | -15.0% | na | na | na | na |
| JEDI Return (Price) | -17.7% | -14.6% | na | na | na | na |
| NAV +/- Price Return | -0.105% | -0.370% | na | na | na | na |
| Technology Avg | -9.8% | 7.3% | 33.6% | 22.3% | 10.5% | 19.0% |
| JEDI Grade (NAV) | F | F | na | na | na | na |
| +/- Category (NAV) | -8.0% | -22.3% | na | na | na | na |
| JEDI Tax-Cost Ratio | na | na | na | na | na | na |
JEDI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JEDI Return (NAV) | -1.5% | na | na | na | na | na | na | na | na | na | na |
| JEDI Return (Price) | -1.5% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.009% | na | na | na | na | na | na | na | na | na | na |
| Technology Avg | 21.3% | 23.2% | 19.9% | 43.8% | -35.8% | 16.7% | 53.3% | 37.8% | -3.2% | 33.7% | 15.0% |
| JEDI Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -22.8% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 134 Mil |
| Share Class Assets: | $ 134 Mil |
| Turnover: | 3.0% |
| Expense Ratio: | 0.69% |
| Index Fund: | Yes |
| Index Tracked: | BITA Drone & Modern Warfare Sel TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 0.9 years | |||
| Average Tenure: 0.6 years | |||
| Managers (Year): Lewellyn Dustin (2025), Tong Ernesto (2025), Johanson Christine (2025), Cavanaugh Brendan (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 45 |
| % in Top 10 Holdings: | 59.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 9.6% |
Portfolio Allocation |
|
| Domestic Stock: | 90.2% |
| Foreign Stock: | 9.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.1% |
| Cash: | 0.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Defiance ETFs LLC |
| Phone Number: | 833-333-9383 |
| Website: | |
| Inception Date: | September 25, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.69% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.54% |
