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AIPO Defiance AI & Power Infrastructure ETF

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$26.01
+2.6% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Over the year to Oct 28, 2026, AIPO returned 4.6%, against 13.7% for VOO.

Why did AIPO return +19.2% against VOO’s +24.0%?What does AIPO hold that the S&P 500 does not?What does AIPO cost to hold and to trade?
Holds 86 stocks in aI infrastructure and chips, 66% of its weight in S&P 500 companiesDefiance ↗Expense ratio 0.69%Fund assets $849m on Oct 27, 2026First traded Jul 25, 2025Benchmark S&P 500 Total Return Index, measured by VOO, which tracks the same indexFund page at the issuer ↗SEC filings ↗Every Defiance fund ETFIQ coversDividend history

Promise check: Not measuredIts theme exposure is measured once ETFIQ defines its theme company by company.

Compare with…Trading costsPut to the committeeaskIQ about AIPOAdd to portfolioOverlapFlowsAlerts

AIPO risk and return scorecard

vs VOO · Aug 2025 to Oct 2026 · 64 weekly returns · dividend-adjusted

Short history · 15 months
AIPO +19.2%, VOO +24.0%, Aug 2025 to Oct 2026, distributions reinvested.
Return
MeasureAIPOVOOEdge
Total return+19.2%+24.0%VOO
Annualized+15.3%+19.1%VOO
Price return+19.2%+22.2%VOO
Risk
MeasureAIPOVOOEdge
Volatility28.8%11.6%VOO
Max drawdown−29.3%−8.4%VOO
Upside capture155.8%100.0%AIPO
Downside capture143.4%100.0%VOO
Risk-adjusted
MeasureAIPOVOOEdge
Sharpe ratio0.511.24VOO
Sortino ratio0.732.13VOO
Alpha vs VOO
MeasureAIPOVOOEdge
Alpha, a year−7.6%Not significant
Alpha t-stat−0.37
Beta to VOO1.551.00Higher beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · May 31, 2026
Since Jul 2025
+$650m
askIQ: what do these flows mean? ↗

What you earned

AIPO −7.7%, VOO +0.9%: total return over one month to Oct 28, 2026.
AIPO−7.7%
VOO+0.9%
AIPO −1.1%, VOO +6.1%: total return over three months to Oct 28, 2026.
AIPO−1.1%
VOO+6.1%
AIPO −12.9%, VOO +9.1%: total return over six months to Oct 28, 2026.
AIPO−12.9%
VOO+9.1%
AIPO +17.6%, VOO +14.2%: total return over the year to Oct 28, 2026.
AIPO+17.6%
VOO+14.2%
AIPO +4.6%, VOO +13.7%: total return over one year to Oct 28, 2026.
AIPO+4.6%
VOO+13.7%
AIPO +27.8%, VOO +23.0%: total return since launch to Oct 28, 2026.
AIPO+27.8%
VOO+23.0%
askIQ: why did AIPO return +4.6% against VOO’s +13.7%? ↗

What did you actually buy?

AI infrastructure and chips · holdings as of Oct 28, 2026
66.3%
Already in the S&P 500
Report
85.8%
Active share vs the S&P 500
Report
57.6%
Top ten holdings
Report
+4.6%
Total return, 1 year
Report
0.0%
12-month yield, capital gains included, on its starting price
Report
$0.0025
Last payment, ex-date Dec 30, 2025
Report
Share already in the S&P 500
66.3% of the fund by weight, holdings as of Oct 28, 2026.
Ten largest holdings
Quanta Services Inc8.7%
Eaton Corp Plc8.5%
Ge Vernova Inc8.3%
Vertiv Holdings Co7.1%
Bloom Energy Corp4.8%
Alphabet Inc4.4%
Broadcom Inc4.3%
Nvidia Corp4.3%
Cameco Corp3.6%
Constellation Energy Corp3.4%
askIQ: what does AIPO hold that the S&P 500 does not? ↗

More on AIPO

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Price, 1 year

$26.01+2.6%1 day, priceClose, Oct 28, 2026

Price only. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Oct 28, 2026. Updated every trading night. Report a data error

Points (pts) are percentage points.

AIPO returns by window: total return, cash paid and price change
WindowTotal returnBenchmark (VOO)Gap to VOO
1M Sep 28 – Oct 28, 2026−7.7%+0.9%−8.6 pts
3M Jul 29 – Oct 28, 2026−1.1%+6.1%−7.2 pts
6M Apr 29 – Oct 28, 2026−12.9%+9.1%−22.0 pts
YTD Dec 31, 2025 – Oct 28, 2026+17.6%+14.2%+3.4 pts
1Y Oct 28, 2025 – Oct 28, 2026+4.6%+13.7%−9.1 pts
Since launch Jul 25, 2025 – Oct 28, 2026+27.8%+23.0%+4.8 pts
Since launch, annualised Jul 25, 2025 – Oct 28, 2026+21.5%––

Total returns, distributions reinvested. Listed Jul 2025: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

Where every fund in this set sits

How much of its weight does it not share with the S&P 500?

Active share against the S&P 500
USNZ 23.1%IQSZ 49.1%TNXT 51.6%IETC 59.8%XIGV 60.7%CRTC 61.8%AIX 64.0%LQAI 64.9%ALAI 65.2%IVES 66.3%ILDR 67.0%PEXL 67.1%JHAI 68.1%AGIX 68.8%AIEQ 69.0%AOTG 69.1%XT 69.2%FAI 70.1%AIQ 70.2%CHAT 70.9%WTAI 71.5%XAIX 72.0%THMZ 73.5%AIFD 74.4%FRWD 74.4%CARZ 74.5%WUGI 75.2%FDTX 75.5%BAI 75.9%AIUP 76.1%TEKY 77.7%PNQI 78.9%FMET 79.1%IGPT 79.2%FDCF 79.8%ARKW 79.9%AINT 80.3%ARKQ 80.3%SHOC 80.5%SMH 80.7%SOXQ 80.8%FTXL 80.9%GGME 81.5%KNCT 81.7%PBOT 82.1%SOXX 82.3%CBOT 82.4%OGIG 82.9%UFOX 83.1%ARTY 83.2%ABOT 83.7%ARKX 83.7%MILN 83.9%SUPP 84.2%CHPX 84.3%RACK 84.3%CHPS 84.8%AGIQ 85.2%FDN 85.5%CLOD 86.1%XDAT 86.2%BUYZ 86.3%SMHX 87.2%FOWF 88.4%NRSH 88.6%PCLN 89.5%DTCR 90.8%CIBR 90.9%FCLD 91.6%TMAT 91.6%RBLD 91.9%PSI 92.2%IGV 92.4%TCAI 92.7%NEWZ 94.6%TSES 94.7%MADE 94.8%PBPH 95.0%GDOC 95.4%BMED 95.6%EPAI 95.6%IFRA 95.7%PPA 96.4%WR 96.6%POWR 96.9%VOLT 96.9%YUNG 97.1%FPWR 97.2%, and 2 more at this point: IVEP 97.2%, PAVE 97.2%MISL 97.4%HVAC 97.5%, and 1 more at this point: RIFR 97.5%AV 97.6%, and 1 more at this point: TSSD 97.6%IPAY 97.7%, and 4 more at this point: ITA 97.7%, NATO 97.7%, KYC 97.8%, ZAP 97.8%DUTY 98.1%WNDR 98.1%DRES 98.2%, and 2 more at this point: TPZ 98.3%, SRVR 98.5%NFRX 98.2%IHI 98.7%DOCK 98.8%BBH 99.0%PHO 99.4%LGHT 99.5%AIPO 85.8%AIPO 85.8%23.1%99.5%
23.1% to 99.5% across 112

That is the share of the 112 thematic ETFs with at least half their money in S&P 500 companies sitting at or below AIPO.

Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. Where the fund sits in this set, not a rating. Do not average it with another category's score.

53.1
IQ Themes ScoreETFIQ S&P 500 Difference Score53rd of 112 · Oct 28, 2026
0.4 · lowest of 112 thematic ETFs with at least half their money in S&P 500 companies99.6 · highest

How different its holdings are from the S&P 500, ranked against 112 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed

AIPO shares 22 of its 86 holdings with the S&P 500. Counting each at the smaller of its two weights, the two overlap by 14.2%.

active share against the S&P 50085.8% · 53rd pct
All 112 ranked by this score →

Money in and out

Monthly data · as of May 31, 2026

AIPO: in the month to May 31, 2026, net $293m came in, by its SEC filing.

Since Jul 2025
+$650m
Jul 1, 2025 to May 31, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions AIPO files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is May 2026. Every day and month ETFIQ holds for AIPO, back to Jul 2025, is in its flows file. Flows across every fund · How these flows are computed · Compare AIPO with other funds in the flows tool

Month by month, money in and money outJul 2025 to May 2026

AIPO, money in and money out each month from Jul 2025 to May 2026: two bars a month, money in above the line and money out below. Every bar is from AIPO’s SEC filings (N-PORT item B.6). Of the 11 months listed, money came in on net in 11 and went out in 0.

Every bar is from AIPO’s SEC filings (N-PORT item B.6). Of the 11 months listed, money came in on net in 11 and went out in 0.

MonthInOutNet
May 2026 SEC Form N-PORT+$307m−$14.6m+$293m
Apr 2026 SEC Form N-PORT+$114m−$1.3m+$113m
Mar 2026 SEC Form N-PORT+$29.1m$0+$29.1m
Feb 2026 SEC Form N-PORT+$60.6m$0+$60.6m
Jan 2026 SEC Form N-PORT+$35.5m−$4.3m+$31.2m
Dec 2025 SEC Form N-PORT+$15.8m−$1.6m+$14.1m
Nov 2025 SEC Form N-PORT+$24.1m−$9.9m+$14.2m
Oct 2025 SEC Form N-PORT+$75.1m−$6.2m+$68.8m
Sep 2025 SEC Form N-PORT+$20.2m−$2.2m+$18.0m
Aug 2025 SEC Form N-PORT+$4.6m$0+$4.6m
Jul 2025 SEC Form N-PORT+$4.1m$0+$4.1m

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of May 31, 2026. Updated when the fund files its next report.

AIPO key stats

52-week high, daily closes to Oct 28, 2026 (ETFIQ)$34.77 on Jun 22, 2026
52-week low, daily closes to Oct 28, 2026 (ETFIQ)$21.26 on Dec 17, 2025
Close on Oct 28, 2026, within that range (ETFIQ)$26.01, 35% of the way from the low to the high
Holdings86
Top ten holdings weight57.6%
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Oct 27, 2026
Trading · AIPOas of Oct 27, 2026
·
Not scored0 of 6 measured · Oct 27, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
Premium or discount to NAV, Oct 27 close+0.04%
−0.1%95% of days within ±0.08% · the 1% band is off this scale+0.1%
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

AIPO top ten by weight, 57.6% of the fund, of its 86 equity positions, from the holdings published by its issuer for Oct 28, 2026. Source: the issuer’s own daily file.

Quanta Services Inc PWR 8.71%
Eaton Corp Plc ETN 8.52%
Ge Vernova Inc GEV 8.31%
Vertiv Holdings Co VRT 7.08%
Bloom Energy Corp BE 4.85%
Alphabet Inc GOOGL 4.43%
Broadcom Inc AVGO 4.35%
Nvidia Corp NVDA 4.34%
Cameco Corp CCJ 3.60%
Constellation Energy Corp CEG 3.39%
Holdings, the issuer’s own daily file ↗See all 86 holdings →Check overlap with another fund →

Source: Defiance’s daily holdings file. Updated each trading day. Last checked Oct 28, 2026.

About AIPO

Theme (ETFIQ, editorial)AI infrastructure and chips
First tradedJul 25, 2025
Already in the S&P 500, by weight (ETFIQ)66.3%
Outside the S&P 500, by weight (ETFIQ)34%
Active share vs the S&P 500 (ETFIQ)85.8%
Already in the Nasdaq-100, by weight (ETFIQ)22.6%
Active share vs the Nasdaq-100 (ETFIQ)84.2%
Top ten holdings weight57.6%
Holdings86
Holdings published for (the issuer’s daily file)Oct 28, 2026
Holdings as of the close of (the issuer’s daily file)Oct 28, 2026
Top holdingsQuanta Services Inc 8.7%, Eaton Corp Plc 8.5%, Ge Vernova Inc 8.3%, Vertiv Holdings Co 7.1%, Bloom Energy Corp 4.8%, Alphabet Inc 4.4%, Broadcom Inc 4.3%, Nvidia Corp 4.3%, Cameco Corp 3.6%, Constellation Energy Corp 3.4%
Net assets (the issuer’s own daily fund list, as of Oct 27, 2026)$849mReport
Benchmark (ETFIQ, from its filings)S&P 500 Total Return Index, measured by VOO, which tracks the same index
Benchmark named inits shareholder report, N-CSR, Nov 7, 2025
AIPO, 1 year to Oct 28, 2026+4.6%
VOO, the same days+13.7%
Against its benchmark, 1 year (ETFIQ)−9.1 pts
Below its all-time high (ETFIQ)−25.2%
Expense ratio (485BPOS XBRL, Dec 22, 2025)0.69%Report
Fee for the part that differs from the S&P 500, active expense ratio (ETFIQ)0.80%
Closest funds by holdings overlapRACK 39%, POWR 38%, TSES 34%, IVEP 34%, JOUL 31%
Against the S&P 500, 1 yearbehind by 9.1 pts
Against its benchmark, 1 yearbehind by 9.1 pts
Below its all-time high25.2%, high on Jun 22, 2026
How we measure
The top ten holdings are 58% of the fund across 86 positions, as published by its issuer for Oct 28, 2026. Over the year to Oct 28, 2026 the fund returned +4.6% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Total Return Index, so a holder was behind by 9.1 pts. It sits 25.2% below its all-time high of Jun 22, 2026.
Holdings from the file the issuer publishes daily; overlap and active share computed by ETFIQ against the IVV and QQQM books; returns from Tiingo end-of-day prices with distributions reinvested. Method
IQ Investment Committee on AIPO

12 seats on AIPO, as of Oct 28, 2026: 1 Mixed, 9 Challenges, 2 Not enough data.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyChallenges
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityChallenges
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data
In the tradition ofRay DalioDalio-style All-WeatherChallenges
In the tradition ofHoward MarksMarks-style Cycles & RiskChallenges
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityChallenges
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationChallenges
In the tradition ofJesse LivermoreLivermore-style Trend FollowingChallenges
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatMixed
Put AIPO to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about AIPO

How much of AIPO is in S&P 500 companies?
By its holdings published by its issuer for Oct 28, 2026, 66% of AIPO by weight is stocks the S&P 500 already holds. Its active share against the index is 86%, so that share is the part doing something different.
What does AIPO hold?
86 positions as published by its issuer for Oct 28, 2026, with the top ten at 58% of the fund. The largest are Quanta Services Inc at 8.7%, Eaton Corp Plc at 8.5%, Ge Vernova Inc at 8.3%.
Has AIPO beaten the S&P 500?
Over the year to Oct 28, 2026 AIPO returned +4.6% with distributions reinvested, against +13.6% for the S&P 500, so it finished behind the index by 9.0 points.
What does AIPO cost?
The prospectus expense ratio is 0.69% a year. Because 86% of the fund differs from the S&P 500, the fee on that differing part works out at 0.80%.
Sources and dates
Prices, AIPO and Benchmark (VOO)Tiingo end-of-day · Oct 28, 2026
Fee, 0.69%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $849mThe issuer’s own daily fund list · Oct 27, 2026
HoldingsHoldings, the issuer’s own daily file · Oct 28, 2026 ↗
SourceHoldings filing (SEC Form N-PORT), the last one filed ↗
IssuerDefiance page for AIPO ↗
All fund filingsFund filings on SEC EDGAR ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, AIPO, thematic ETFs, data as of Oct 28, 2026. https://etfiq.com/funds/aipo

The difference bar for AIPO, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Active share
How differently the money is placed, counting weights: one minus the sum of the smaller weight of each security across the fund and the index. 100% means nothing in common; 0% means the index itself. Two funds can hold the same names and still have a high active share if they weight them very differently.
Weight overlap
The share of money two portfolios hold in the same securities at the same weight.
Already in the index
The fund’s weight in securities the S&P 500 holds at all. A fund can be made entirely of index names and still have high active share, because it holds them at different weights.
Top ten
The weight of the ten largest holdings. Above 50% the fund is a bet on a handful of companies, whatever the theme.
Full definitions: thematic ETFs vocabulary page. →
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AIPO: 66% of AIPO's weight is in S&P 500 companies and 34% is outside the index. Holdings as of Oct 28, 2026.
<figure style="margin:0;max-width:640px">
<a href="https://etfiq.com/funds/aipo"><img src="https://etfiq.com/assistant/api/embed/themes/aipo.svg" alt="AIPO: 66% of AIPO&#x27;s weight is in S&amp;P 500 companies and 34% is outside the index. Holdings as of Oct 28, 2026." width="640" style="max-width:100%;height:auto"></a>
<figcaption style="font:13px/1.5 sans-serif">AIPO: 66% of AIPO&#x27;s weight is in S&amp;P 500 companies and 34% is outside the index. Holdings as of Oct 28, 2026. Data: <a href="https://etfiq.com/funds/aipo">ETFIQ</a></figcaption>
</figure>

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Snapshot, Oct 28, 2026. More on the tabs above.