Defiance Memory & Photonics ETF (PRAM) Stock Price, Quote, News & History | Benzinga

Under normal circumstances, the Fund invests at least 80 percent of its net assets in Memory & Photonics Companies. The Fund's investments in Memory & Photonics Companies will primarily consist of equity securities but may include total return swap agreements that provide exposure to Memory & Photonics Companies. The Fund will generally use a replication strategy to achieve its investment objective, meaning the Fund will generally invest in all of the component securities of the Index in the same approximate proportions as in the Index. However, the Fund may use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Index as a whole, when the Fund's sub-adviser believes it is in the best interests of the Fund. The Fund generally may invest in securities or other investments not included in the Index, but which the Fund's sub-adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index.