ETF Evaluator:
Defiance Memory & Photonics ETF (PRAM)
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Best Performing in Technology Over the Last Year
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ETF Details
Defiance Memory & Photonics ETF Overview
Defiance Memory & Photonics ETF (PRAM) is a passively managed Sector Equity Technology exchange-traded fund (ETF). Defiance ETFs LLC launched the ETF in 2026.
The investment seeks to track the total return performance, before fees and expenses, of the Solactive Memory and Photonics Index (the “Index”).
Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in Memory & Photonics Companies. The fund is non-diversified.
About Defiance Memory & Photonics ETF (PRAM)
There are 2 members of the management team with an average tenure of 0.01 years: Brett Johnson (2026) and Christopher Mullen (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Solactive Memory and Photonics TR USD index with a weighting of 100%. Defiance Memory & Photonics ETF has 4 securities in its portfolio. The top 10 holdings constitute 197.0% 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 Memory & Photonics ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Defiance Memory & Photonics ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.6% There is 0.0% 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 Memory & Photonics ETF has 3.5% of the portfolio in cash.
Assets Under Management
The fund has $248 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.
PRAM 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 Memory & Photonics ETF expense ratio is above average compared to funds in the Technology category. Defiance Memory & Photonics ETF has an expense ratio of 0.65%, which is 18% higher than its category average, making the fund expense ratio grade a C. 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 Memory & Photonics ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 40% for the Technology category.
Recently, in the month of August 2026, Defiance Memory & Photonics ETF returned 0.0%, which earned it a grade of NA, as the Technology category had an average return of 5.6%. 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 Memory & Photonics ETF has a trailing yield of 0.00%, which is below the 0.44% 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.
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PRAM Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PRAM Return (NAV) | na | na | na | na | na | na |
| PRAM Return (Price) | na | na | na | na | na | na |
| NAV +/- Price Return | na | na | na | na | na | na |
| Technology Avg | 5.6% | -3.8% | 38.1% | 26.6% | 11.4% | 19.4% |
| PRAM Grade (NAV) | na | na | na | na | na | na |
| +/- Category (NAV) | na | na | na | na | na | na |
| PRAM Tax-Cost Ratio | na | na | na | na | na | na |
PRAM Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PRAM Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| PRAM Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Technology Avg | 28.2% | 23.1% | 20.0% | 43.5% | -35.4% | 17.3% | 51.6% | 37.9% | -3.3% | 32.3% | 15.5% |
| PRAM Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | 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: | $ 0 Mil |
| Share Class Assets: | $ 0 Mil |
| Turnover: | na |
| Expense Ratio: | 0.65% |
| Index Fund: | Yes |
| Index Tracked: | Solactive Memory and Photonics 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: 2 | |||
| Longest Tenure: 0.0 years | |||
| Average Tenure: 0.0 years | |||
| Managers (Year): Johnson Brett (2026), Mullen Christopher (2026) | |||
Portfolio Composition (as of 8/31/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 197.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 96.6% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 3.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Defiance ETFs LLC |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | August 26, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.65% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.55% |
