Defiance: Registers Pre-IPO Leaders ETF

Defiance filed to launch the first fully private company ETF, allocating 80% of assets to total return swaps on perpetual futures linked to privately held firms under the 'pre-IPO leaders' structure, as flagged by Eric Balchunas from a recent SEC submission. The approach sidesteps interval fund restrictions while delivering brokerage access, marking a shift in private market exposure tools amid rising retail demand for pre-IPO exposure.