Defiance ETFs just filed with the SEC to launch two new funds that would let investors ride shotgun on the venture portfolios of two of the most powerful companies in tech. The Nvidia Ventures ETF and the Google Ventures ETF aim to track companies that each tech giant has directly invested in since inception.
What Defiance is building
Defiance ETFs specializes in rules-based thematic ETFs focused on disruptive innovation. The firm has carved out a niche by packaging trending investment themes, from AI to quantum computing, into accessible fund wrappers.
The two new filings, submitted on May 22, represent the latest entries in that playbook. The Nvidia Ventures ETF would hold companies considered strategic partners or direct investees of Nvidia. The Google Ventures ETF follows the same logic for Alphabet’s investment portfolio.
Specific tickers and holdings haven’t been disclosed yet. Fee structures and index methodologies are also still under wraps as the application process moves forward.
The filings include a reported plan to include exposure to both public and private companies. The filings follow a pattern for Defiance. On April 23, the firm submitted an SEC filing for an AI Resilience ETF designed to track large-cap stocks considered resilient to AI disruption.
Why Nvidia and Google specifically
Google’s investment arm, GV (formerly Google Ventures), has been active since 2009 and has backed hundreds of companies across sectors ranging from life sciences to enterprise software.
What this means for investors
The private company exposure element deserves close attention. If these ETFs genuinely hold stakes in private firms, the liquidity mechanics and valuation methodology will matter enormously. Private holdings in ETF wrappers have historically created complications around daily NAV calculations and redemption processes.
There’s also a concentration risk question. Nvidia’s investment portfolio is heavily weighted toward AI infrastructure and adjacent sectors. A downturn in AI spending or a correction in AI valuations would hit a Nvidia Ventures ETF particularly hard, potentially harder than holding Nvidia itself, since many portfolio companies lack the revenue base and market position that Nvidia enjoys.