Defiance Launches CRAM: The First U.S.-Listed China Memory & Storage ETF

MIAMI, Sept. 10, 2026 (GLOBE NEWSWIRE) -- Defiance ETFs, a leader in thematic and income ETFs, today announced the launch of the Defiance China Memory ETF (Nasdaq: CRAM), the first U.S.-listed* China memory & storage ETF. CRAM is designed to provide targeted exposure to the companies listed in mainland China and Hong Kong that design, manufacture, package, and distribute the DRAM, NAND, NOR, and solid-state storage products behind China's push for memory self-sufficiency.

Memory is the foundational layer of the AI economy, and 2026 is the year China's memory industry arrived on the public markets. In July, China's largest DRAM maker completed the largest semiconductor IPO in mainland China's history, raising approximately $8.6 billion on Shanghai's STAR Market and closing its first session as the most valuable company listed on a mainland exchange. In August, China's leading NAND flash maker filed for a Shanghai listing of its own, seeking approximately $4.9 billion. Across the chain, several Chinese memory companies have forecast first-half 2026 profit growth in the hundreds or thousands of percent in their exchange filings, as AI demand tightened global memory supply and lifted prices. Until now, U.S. investors have had no dedicated ETF for this value chain. Defiance believes the companies building China's domestic memory supply base sit at the intersection of the global memory upcycle and China's national drive for semiconductor self-sufficiency.

"Memory is the foundational layer of the AI economy, and China is building its own," said Sylvia Jablonski, Chief Investment Officer of Defiance ETFs. "This summer, China's largest DRAM maker went public in the biggest semiconductor IPO the mainland has ever seen, its NAND counterpart filed weeks later, and companies up and down the chain are reporting extraordinary earnings growth. U.S. investors have been able to own the global memory trade, but not this part of it. CRAM gives them one ticker for China's memory value chain: the chipmakers, the module and controller companies, and the equipment and packaging players building the supply base underneath them."

CRAM seeks to track the BITA China Memory Index (the "Index"), which is designed to track the performance of companies listed on exchanges in mainland China and Hong Kong that are principally engaged in the China memory and storage semiconductor value chain, as classified by index provider BITA GmbH. The Index spans the full chain, from memory chip design and fabrication to modules, controllers, interface chips, packaging and testing, distribution, and the equipment, materials, and intellectual property dedicated to memory production.

Investment Objective

The Defiance China Memory ETF (the "Fund") seeks to track the performance, before fees and expenses, of the BITA China Memory Index (the "Index").

Inside the Index

To be eligible for the Index, a company must derive at least 50% of its total revenue from at least one of the eleven China memory and storage semiconductor value chain activities below, or derive at least 25% of its total revenue from five or more of those activities and rank within the top five companies by absolute revenue from them. The eligible activities are:

• DRAM. Design and manufacture of dynamic memory, including DDR and GDDR chips, low-power DDR memory, HBM stacks, and specialty DRAM.
• NAND flash. Design and manufacture of NAND flash memory, including 3D NAND die, and its conversion into enterprise solid-state storage.
• NOR flash and specialty non-volatile memory. NOR flash, EEPROM, and other specialty non-volatile memory for code storage and embedded applications.
• SRAM and niche memory. Static and other volatile or niche memory devices, including automotive and industrial grade products.
• Memory modules and solid-state storage. Memory modules, solid-state drives, embedded storage, memory cards, and removable storage.
• Memory interface and buffer chips. Register clock drivers, data buffers, clock drivers, and Compute Express Link memory-expansion controllers.
• Storage and flash controllers. Master controllers for solid-state drives and flash storage.
• Memory foundry. Wafer fabrication of memory and embedded-memory devices.
• Memory packaging and testing. Assembly, packaging, and test of memory and storage devices, including advanced stacked and HBM packaging.
• Memory branding and distribution. Branding, channel, and distribution of memory and storage products.
• Enabling equipment, materials, and intellectual property. Specialized equipment, materials, and IP or design services dedicated to memory and storage production.
  
  

Fund Details

Fund Name	Defiance China Memory ETF
Ticker	CRAM
Exchange	Nasdaq
Expense Ratio	0.67	%
Index	BITA China Memory Index
Index Provider	BITA GmbH
Index Rebalance	Quarterly (January, April, July, October)
Investment Adviser	Tidal Investments LLC
Fund Sponsor	Defiance ETFs, LLC
Distributor	Foreside Fund Services, LLC

About Defiance ETFs

Founded in 2018, Defiance is a leading ETF issuer specializing in thematic, income, and leveraged ETFs. Our first-mover leveraged single-stock ETFs allow investors to take amplified positions in publicly traded companies that we believe may experience future high growth, providing precise leverage exposure without the need to open a margin account.

Media Contact

Brenda Hentschel
Gregory Agency
bhentschel@gregoryagency.com
201.705.3758

IMPORTANT DISCLOSURES

Tidal Investments LLC is the Fund's investment adviser. Defiance ETFs, LLC is the Fund's sponsor. The Fund is a series of Tidal Trust V and is distributed by Foreside Fund Services, LLC.

The Fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read the prospectus and/or summary prospectus carefully before investing. Hard copies can be requested by calling 833.333.9383.

Investing involves risk. Principal loss is possible. As an ETF, the Fund may trade at a premium or discount to NAV. Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. There is no guarantee the Fund will achieve its investment objective, and an investor may lose some or all of its investment.

Chinese Investment Risk. The Fund's significant exposure to Chinese companies subjects it to economic, political, and social instability and to emerging market volatility. Chinese authorities may intervene in companies' operations, and sanctions, tariffs, or strained international relations may adversely affect Chinese issuers. Weaker regulatory, accounting, and auditor oversight standards make information less reliable, U.S.-listed Chinese companies may be delisted, and shareholders may have limited legal remedies. Expropriation, restrictions on foreign investment, and limits on repatriating capital may impair the Fund's ability to track the Index. The Fund may also invest significantly in variable interest entity ("VIE") structures, which provide contractual rather than equity exposure to an underlying Chinese company and could lose most of their value if Chinese authorities intervene or those contracts prove unenforceable.

Concentration Risk. The Fund's investment exposure will be concentrated in the same industry or group of industries to the extent the Index is so concentrated, which may cause the value of Shares to rise and fall more than the value of shares of a fund invested across a broader range of industries. The Index, and consequently the Fund, is expected to be concentrated in industries within the information technology sector, and in the semiconductor & semiconductor equipment and technology hardware, storage & peripherals industries.

Semiconductor & Semiconductor Equipment Industry Risks. Semiconductor companies may face intense competition that adversely affects profit margins, and may have limited product lines, markets, financial resources, or personnel. Their supply chains depend on materials meeting exacting standards, often from a limited number of suppliers or suppliers in a single location, and qualifying alternates can cause production delays or unforeseen costs. Production can also be disrupted by the unavailability of resources such as water, silicon, electricity, and gases.

Technology Hardware, Storage & Peripherals Industry Risk. Companies in this industry can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing demand, and the availability and price of components. The market is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, and frequent new product introductions, so success depends substantially on the timely introduction of new products. Many of these companies rely on patents, copyrights, trademarks, and trade secret laws to protect proprietary rights, with no assurance those steps will prevent misappropriation.

Information Technology Sector Risk. Information technology companies face intense domestic and international competition that may adversely affect profit margins, and may have limited product lines, markets, financial resources, or personnel. Their products may face rapid obsolescence due to technological developments and frequent new product introductions. These companies are heavily dependent on intellectual property, and the loss of patent, copyright, and trademark protections may adversely affect profitability.

Foreign Investment Risk; Foreign Securities Risk. Investments in non-U.S. issuers involve risks not present in domestic investments and may experience more rapid and extreme changes in value. Foreign financial markets are often less developed, efficient, or liquid than U.S. markets, so prices can be more volatile. The Fund will also be subject to adverse political and economic developments abroad, which may include economic sanctions, and there is generally less reliable information available about non-U.S. issuers.

Currency Exchange Rate Risk. Changes in currency exchange rates can negatively affect securities denominated in, or receiving revenues in, foreign currencies, and adverse changes relative to the U.S. dollar may erode or reverse potential gains or widen existing losses.

Depositary Receipt Risk. When the Fund invests in depositary receipts as a substitute for a direct investment in the underlying shares, it is exposed to the risk that they may not provide a return corresponding precisely with that of the underlying shares.

Equity Market Risk. Common stocks are generally exposed to greater risk than other securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund's portfolio may experience sudden, unpredictable drops in value or long periods of decline, because of factors affecting securities markets generally or specific issuers, industries, or sectors.

Economic and Market Risk. Economies and financial markets worldwide are increasingly interconnected, increasing the likelihood that events in one country or region will adversely impact markets or issuers elsewhere. The Fund's holdings may underperform due to factors including inflation, interest rates, market instability, debt crises, tariffs, sanctions, and other trade barriers, and regulatory or geopolitical events. Global events such as war, terrorism, natural disasters, and epidemics or pandemics may also negatively affect the Fund's investments.

Focused Portfolio Risk. The Fund will hold a relatively focused portfolio that may contain exposure to the securities of fewer issuers than the portfolios of other ETFs, which may increase the risk that the value of the Fund could decline because of the poor performance of one or a few investments.

Derivatives Risk. Derivatives derive their value from an underlying reference asset. The Fund's investments in derivatives may pose risks in addition to, and greater than, directly investing in securities, including imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, and valuation, and may expose the Fund to losses exceeding the amounts initially invested. Options positions may expire worthless and may lack a liquid secondary market. Swap agreements trade over the counter with less transparency than exchange-traded derivatives, may not be available on terms providing the desired exposure, and, if unfunded, may create economic leverage that magnifies gains and losses.

Counterparty Risk. The Fund's investments in derivatives expose it to the risk that a counterparty will not fulfill its obligations, whether because of financial difficulties, bankruptcy, insolvency, or market developments. A counterparty's failure to perform may result in significant financial loss, and the Fund may recover nothing, or only a limited or delayed amount. The Fund may transact with a limited number of counterparties, which increases its exposure to counterparty credit risk.

ETF Risks. As an ETF, the Fund is exposed to risks including a limited number of Authorized Participants, market makers, and liquidity providers; cash redemption risk, including higher capital gain distributions and brokerage costs; the costs of buying or selling Shares, including brokerage commissions and bid-ask spreads; the risk that Shares may trade at prices other than NAV, particularly during market volatility; and the risk that Shares may not trade with any volume, or at all, on any stock exchange.

Liquidity Risk. Some securities held by the Fund may be difficult to sell or illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, and the Fund may be adversely impacted if forced to sell one at an unfavorable time or price.

Index Strategy Risk. The Fund's strategy is linked to an Index maintained by the Index Provider, which exercises complete control over the Index and may delay or add a rebalance date, adversely affecting the Fund's performance and its correlation to the Index. There is no guarantee the Index methodology will achieve its intended result, and errors in Index data, computations, or construction may go uncorrected for a period of time, or at all.

Underlying Index Risk. Neither the Adviser nor the Index Provider can guarantee the continuous availability or timeliness of the Index. Calculation and dissemination of Index values may be delayed if the facilities of the Index Provider, calculation agent, data providers, or relevant stock exchange malfunction, and a significant delay may cause trading in Shares to be suspended.

Data Risk. The composition of the Index depends heavily on information and data supplied by third parties. If that data is incorrect or incomplete, securities may be included in or excluded from the Index in error, and the Fund's portfolio can be expected to reflect those errors.

Passive Investment Risk. The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Fund does not attempt to outperform its Index or take defensive positions in declining markets, so its performance may be adversely affected by a general decline in the market segments relating to its Index.

Tracking Error Risk. The performance of the Fund and its Index may differ for a variety of reasons. The Fund incurs operating expenses and portfolio transaction costs not incurred by the Index, and may not be fully invested in Index securities at all times or may hold securities not included in the Index.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of its holdings as it seeks to track the Index. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses, and may cause adverse tax consequences for investors due to an increase in short-term capital gains.

IPO/SPAC/de-SPAC Risk. The Fund may invest in companies that have recently completed an IPO or that derive from a SPAC or de-SPAC business combination. These companies may be unseasoned, lacking a trading history and widely available research coverage, and are often subject to extreme price volatility and speculative trading. Share prices may face downward pressure when lock-up restrictions are released, and SPAC investments depend on the sponsor's ability to consummate a business combination, which may never occur.

Warrants and Rights Risk. The Fund may receive or invest in warrants or rights, which confer the right to purchase underlying securities at a specified price rather than an ownership interest, and generally carry no voting rights or dividends. They are speculative, may be highly volatile without moving in tandem with the underlying securities, and may expire worthless if not exercised or sold prior to expiration.

Money Market Instrument Risk. The Fund may use money market instruments for cash management purposes, including money market funds, depositary accounts, and repurchase agreements. Repurchase agreements may be subject to market and credit risk related to the collateral securing the agreement. Money market instruments, including money market funds, may lose money through fees or other means.

Management Risk. The investment techniques and risk analyses applied by the Adviser may not produce the desired results, and legislative, regulatory, or tax developments may affect the techniques available to the Adviser in managing the Fund. There is no guarantee that the Fund's investment objective will be achieved.

Operational Risk. The Fund is subject to risks arising from operational factors including human error, processing and communication errors, errors by service providers or other third parties, failed processes, and technology or systems failures. The Fund relies on third parties for services including custody, and there is no way to completely protect against these risks.

Non-Diversification Risk. Because the Fund is non-diversified, it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than a diversified fund. As a result, a decline in the value of an investment in a single issuer could cause the Fund's overall value to decline to a greater degree.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Tax Risk. The Fund intends to qualify each year as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code. If it fails to qualify and relief provisions are unavailable, its income would be taxed at the Fund level and again at the shareholder level when distributed. To comply with the RIC asset diversification test, the Fund will attempt to keep the value of swap contracts on a single issuer's shares below 25% of Fund value at each quarter close; failure to timely cure a breach may cost the Fund its RIC status.

Please see the prospectus for a complete description of the principal risks.

The BITA China Memory & Storage Index is owned and administered by BITA GmbH. The Index Provider is not affiliated with the Fund's adviser, sponsor, administrator, or distributor.

*As of September 3, 2026, based on a review of SEC EDGAR filings and publicly available ETF issuer, index provider, and exchange listings, Defiance ETFs has identified no U.S.-listed exchange-traded fund, current or historical, whose name, underlying index, or stated principal investment strategy is dedicated to China's memory and storage semiconductor value chain, and accordingly believes the Defiance China Memory ETF (Nasdaq: CRAM) is the first U.S.-listed ETF dedicated to China's memory and storage semiconductor value chain. Existing U.S.-listed memory ETFs maintain global or multi-country emerging markets mandates in which Chinese holdings are one component; existing U.S.-listed China semiconductor and technology ETFs maintain broad mandates that are not memory-specific. The claim is subject to change.

Brokerage commissions may be charged on trades.

Distributed by Foreside Fund Services, LLC.

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