ETF Series Solutions - Defiance Memory & Photonics ETF
PRAM
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- ETF Series Solutions – Defiance Memory & Photonics ETF is a U.S.-domiciled exchange-traded fund that provides targeted equity exposure to global companies participating in the memory and photonics industries, including memory semiconductors, data-storage technologies, storage and networking chips, optoelectronics, optical connectivity and related semiconductor infrastructure supporting artificial-intelligence data centers. Operating under the Defiance ETFs brand, the fund seeks to track, before fees and expenses, the total return performance of the Solactive Memory and Photonics Index through a swap-based investment structure. Its investment universe includes companies involved in DRAM, NAND and other memory-chip technologies; data-storage drives and peripherals; semiconductor manufacturing and related services; high-speed networking; optical components; and photonics technologies used to transmit data across computing and communications infrastructure. The fund targets investors seeking thematic exposure to AI infrastructure beyond processors and compute, emphasizing the components that store, manage and move data globally. The portfolio’s index exposure includes companies such as SK hynix Inc., Micron Technology Inc., Nanya Technology Corp., Winbond Electronics Corp., SanDisk Corp., Macronix International Co. Ltd., Lumentum Holdings Inc. and Marvell Technology Inc. The fund is a series of ETF Series Solutions, is sponsored by Defiance ETFs LLC, co-managed with Tidal Investments LLC, and distributed by Foreside Fund Services LLC. It is headquartered through its sponsor in Miami, Florida, and is listed on Cboe under the ticker PRAM. PRAM was launched on August 26, 2026, representing Defiance ETFs’ strategic expansion into AI-enabling memory and photonics infrastructure and its first U.S.-listed ETF combining these two investment themes in a single fund. The fund carries a 0.65% expense ratio and follows an index designed to select and equally weight eligible large companies in the global memory and photonics ecosystem.