Phantasma

The are the second-ranked race of the Exceed. Not much has been revealed about them, except that Avant Heim is one of the Phantasma. During the end of the Great War, they became allies with the Dwarf race, but only to destroy the Elf and Dragonia races that had recently become allies.

Appearance
Avant Heim is the only known Phantasma to have appeared on screen up to date. His true form is similar to a giant whale, but from outside resembles a giant floating rock, and has the "right to infringe on others' sunlight and view" (as noted by Sora ).

Being the 2nd of Exceed, the Phantasma are the highest-ranked race second only to the almighty Old Deus. Transcended over the Elemental which form the entire Disboard, the Phantasma are entities that can appear as life forms or natural phenomena as they are independent from Disboard's ecosystem. For example, Insein Nebia was described as "The Death Fog" due to it appearing as an intangible fog that swallows everything in its path. To further express their transcendence, the physical body of each Phantasma can be considered as an entirely different world despite still being located on the planet themselves.

Strengths
The Phantasma are the second-best of the races when it comes to magic affinity. They are able to overpower any of the races below them and are heavily connected with the spirit circuits. They are able to disfigure dimensions together and warp perceived realities with their greatest spell, Arma Qualia.

Weaknesses
Although not much is known about the Phantasma, it is assumed they also don't have any obvious weaknesses being the second-ranked of the Exceed and having natural control over the Elementals/Spirit Circuits. However, they could still be affected by powerful magic, as seen when Cloud Vortex went berserk due to the Elves' experiments, and when Insein Nebia getting captured by the Elves.

They have a magical core somewhere in their body and will die when it is destroyed, as mentioned by Jibril. That's probably how the Flügels killed several of them, albeit needing a large team of them to achieve it. Jibril is also the only known Flügel to have killed a Phantasma single-handedly. The most effective weapon against them is the Aka Si Anse, which causes their core to self-destruct.

History
Not much is known about the history of Phantasma, but one Phantasma, Avant Heim, is used as home of the Flügel race and served as Artosh's subordinate. During the final act of The Great War, they mostly allied themselves with the Dwarves, due to the Elves capturing them to create Aka Si Anse, a weapon that could kill them easily.

Form of Government
All Phantasma appeared in the story so far seems to be acting on their own, without participating in any forms of organizations. It is unknown if they have any organizational structures at all.

Trivia

 * The definition of a Phantasma is a supernatural being, such as a ghost: apparition, bogey, bogeyman, bogle, eidolon, etc. Etc.

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