Defiance’s Travel-Focused ETF Concludes Liquidation Process

Defiance Hotel Airline and Cruise ETF US26922B8735

The Defiance Hotel Airline and Cruise ETF, trading under the ticker CRUZ, has officially ceased operations. The fund's liquidation was finalized on April 29, 2025, marking its complete dissolution. This action followed a board decision at ETF Series Solutions, which acted upon a recommendation from the fund's provider, Defiance ETFs, after a routine portfolio review.

The termination of this specialized travel fund represents a strategic pivot by Defiance ETFs to better align its product lineup with evolving market dynamics and investor interest. While the provider remains a significant player with over $8 billion in assets under management as of January 26, 2026, its focus is shifting toward other thematic ETFs, income-oriented strategies, and leveraged investment products.

The Fund's Inception and Objective

Launched on June 2, 2021, the ETF was designed to capitalize on the anticipated global rebound in travel and tourism following the COVID-19 pandemic. It sought to track the performance of the BlueStar Global Hotels, Airlines, and Cruises Index. This benchmark includes firms that generate a minimum of 50% of their revenue from airline operations, hospitality, or cruise lines.

Key holdings within the portfolio featured industry leaders such as Hilton Worldwide Holdings, Marriott International, and Delta Air Lines, alongside cruise operators Royal Caribbean and Carnival. With an expense ratio of 0.45%, the fund offered targeted exposure to a sector undergoing post-crisis reorganization.

Liquidation Timeline and Procedure

The winding-down process commenced in mid-April 2025 with the sale of the fund's portfolio assets. This activity resulted in a significant increase in the fund's cash position, causing a deviation from its stated investment objective.

Trading on the New York Stock Exchange was halted prior to the market open on April 29, 2025. The final day for trading shares was April 28, 2025. Shareholders who remained invested through the liquidation date received an automatic cash distribution based on the fund's net asset value (NAV).