Defiance advertised a different AIBN index than it filed, and MayTech dropped its foreign-stock minimum
The Oct. 20 release and the Oct. 18 prospectus disagree on the bond index, and a U.S. company can now satisfy MayTech's foreign test.
Key takeaways
On Tuesday, Oct. 20, Defiance ETFs announced that its new bond fund tracks one index. The prospectus on file, dated two days earlier, names another. MayTech Global Investments listed a stock fund the same day, and the foreign-stock minimum in its September prospectus is gone.
These are two separate launches, listed on the same day.
The release is not the filing
Defiance ETFs launched the Defiance AI Infrastructure Bond ETF, AIBN, an index fund listed on NYSE Arca, and announced it on Oct. 20. Tidal Investments is the adviser.
The prospectus dated Oct. 18 puts Amazon, Microsoft, Alphabet and Meta Platforms at 48% of the index, 12% each. The Oct. 20 announcement puts them at 50%, 12.5% each. The two documents do not use the same index name.
A summary prospectus dated Oct. 19 still carries the filed index name and the 48% weights. MarketVector announced the benchmark on Oct. 7 under the name in the prospectus. Neither Defiance document says the other has been replaced.
The prospectus is what the fund filed. The release is what it advertised. A buyer who reads only the release is not reading the rules on file.
Defiance's page for the fund uses the announcement's index name and the 50% weights. It also keeps a prospectus limit the announcement never states: a bond must have had at least 18 months to maturity when it was issued.
Defiance calls Amazon, Microsoft, Alphabet and Meta Platforms hyperscalers.
"The companies building AI infrastructure have become some of the largest borrowers in the world, and investors have been getting that exposure by accident, as hyperscaler paper quietly becomes a bigger share of the aggregate bond index," Sylvia Jablonski, chief investment officer of Defiance ETFs, said in the launch release.
AIBN, she said, makes that exposure deliberate.
BNP Paribas put debt issuance by AI hyperscalers at $220 billion in 2026 through Aug. 10, against $12.5 billion in the same stretch of 2025. Reuters reported the figures on Aug. 21.
The annual fee is 0.41%. The prospectus says the fund intends to pay income monthly.
BlackRock's iShares iBoxx $ Investment Grade Corporate Bond ETF, LQD, charges 0.14% in a summary prospectus dated June 29, 2026. That fund tracks a broad index of investment-grade corporate bonds. AIBN is a fixed list of issuers, and high-yield bonds are allowed in.
A U.S. company can count as foreign
On Oct. 20, MayTech Global Investments listed the MayTech Global Growth ETF, MTGG, on Nasdaq. It is actively managed, and the annual fee is 0.75%.
Tidal Investments is the adviser, and MayTech, the sub-adviser, picks the stocks. Nels Wangensteen and Ingrid Yin, MayTech's co-founders, are the portfolio managers.
The Sept. 7 prospectus required a foreign stake. At least 40% of net assets had to sit in stocks of growth companies whose main business or main listing is abroad, or 30% if conditions are not favorable. The fund also had to hold the United States and at least three other countries.
A supplement dated Sept. 28 deleted that section. The replacement says the fund ordinarily holds positions in at least three non-U.S. issuers. A company counts if it is organized, headquartered or mainly listed abroad, or if at least half its revenue, profit or assets sits outside the United States.
A company organized and listed in the United States can meet that last test on revenue, profit or assets alone. Three such companies would satisfy the rule. None of them would have to be organized, headquartered or listed abroad.
Capital Group has not made that change. Under the Aug. 1, 2026 summary prospectus, the Capital Group Global Growth Equity ETF, CGGO, must keep at least 40% of net assets outside the United States, or 30% if the adviser judges markets unfavorable. That share can be as low as the MSCI All Country World Index's weight outside the United States minus five percentage points, if that number is lower.
MayTech no longer requires a set share of assets abroad, and a U.S. company can meet the test that replaced it.
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