Which came closer to its stated multiple, BMNG or BMNZ?

Over the window to Sep 30, 2026, BMNG finished 2.8 points from what its multiple implies and BMNZ finished 89.5 points from its own, so BMNG came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are BMNG and BMNZ levered on the same thing?

Yes. Both are levered on BitMine Immersion Technologies, BMNG at +2 times and BMNZ at -2 times the daily move.

Which one decays faster, BMNG or BMNZ?

Decay follows how much the underlying moves about. Over this window BMNG’s moved at 81% annualized and BMNZ’s at 81%, so BMNG has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold BMNG or BMNZ for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, BMNG or BMNZ?

BMNG charges 0.78% a year and BMNZ charges 1.40%, so BMNG is cheaper. Fees come from each fund's prospectus.

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BMNG vs BMNZ: which held to its multiple?

Over three months against its own daily promise, BMNG finished 21.7 points short and BMNZ 0.7 points short. Leverage Shares 2X Long BMNR Daily ETF and Defiance Daily Target 2X Short BMNR ETF.

+176.3%

BMNG returned, 3 months

−84.1%

BMNZ returned, 3 months

+2.8 pts

BMNG from its stated multiple

+89.5 pts

BMNZ from its stated multiple

BMNG · 3 months to Sep 30, 20262.8 pts ahead of its stated multiple

BMNG returned +176.3% while 2 times BMNR's move would have been +173.6%

BMNZ · 3 months to Sep 30, 202689.5 pts ahead of its stated multiple

BMNZ returned −84.1% while −2 times BMNR's move would have been −173.6%

ETFIQ Decay Resistance Score · BMNZ scores higherDid it keep up with its own daily multiple, compounded day by day?

BMNG among the 470 leveraged ETFs, long, over three months

BMNG 0.1

0.1, the lowest in this set99.9, the highest

BMNZ among the 125 inverse ETFs over three months

BMNZ 10.8

0.4, the lowest in this set99.6, the highest

A percentile among the 470 leveraged ETFs, long, over three months. BMNZ is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	BMNG	BMNZ	BMNG	BMNZ	BMNG	BMNZ
1 month	−0.5%	−25.6%	+8.8%	−8.8%	−9.3 pts	−16.8 pts
3 months	+176.3%	−84.1%	+173.6%	−173.6%	+2.8 pts	+89.5 pts
6 months	+16.8%	−78.8%	+68.5%	−68.5%	−51.6 pts	−10.3 pts
Since launch BMNG Oct 2025 · BMNZ Nov 2025	−91.7%	−82.2%	−101.6%	+55.4%	+9.8 pts	−137.6 pts

BMNG and BMNZ over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BMNG

Leverage Shares 2X Long BMNR Daily ETF · Aims to return twice the daily move of BitMine Immersion Technologies (BMNR)

BMNZ

Defiance Daily Target 2X Short BMNR ETF · Aims to return twice the opposite of the daily move of BitMine Immersion Technologies (BMNR)

Issuer Leverage Shares Defiance

Sets out to return +2x -2x

Underlying asset BMNR BMNR

Segment company company

Fund returned, 3 months or since launch +176.3% −84.1%

Underlying returned, over that window +86.8% +86.8%

What the stated multiple implies, over that window +173.6% −173.6%

Difference from stated, over that window +2.8 pts +89.5 pts

Fund returned, 1 year or since launch −91.7% −82.2%

Difference from stated, over that window +9.8 pts −137.6 pts

Underlying volatility 81% 81%

Difference over the days both have traded −9.3 pts no shared window

Expense ratio 0.78% 1.40%

Launched Oct 27, 2025 Nov 13, 2025

Net assets $55m $27m

BMNG and BMNZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.

BMNG in plain words

Three months to Sep 30, 2026: BMNG returned +176.3% where its own daily promise gave +198.0%, 21.7 points short. Read the multiple against the whole window instead and 2 times BMNR's 86.8% implies +173.6%, which makes BMNG look 2.8 points over. 24.5 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. BMNG aims to return +2 times BMNR's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. BMNR moved at 81% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

BMNZ in plain words

Three months to Sep 30, 2026: BMNZ returned −84.1% where its own daily promise gave −83.4%, 0.7 points short. Read the multiple against the whole window instead and −2 times BMNR's 86.8% implies −173.6%, which makes BMNZ look 89.5 points over. 90.2 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. BMNZ aims to return -2 times BMNR's move each day, then resets. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.

Questions people ask

Which came closer to its stated multiple, BMNG or BMNZ?: Over the window to Sep 30, 2026, BMNG finished 2.8 points from what its multiple implies and BMNZ finished 89.5 points from its own, so BMNG came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are BMNG and BMNZ levered on the same thing?: Yes. Both are levered on BitMine Immersion Technologies, BMNG at +2 times and BMNZ at -2 times the daily move.
Which one decays faster, BMNG or BMNZ?: Decay follows how much the underlying moves about. Over this window BMNG’s moved at 81% annualized and BMNZ’s at 81%, so BMNG has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold BMNG or BMNZ for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, BMNG or BMNZ?: BMNG charges 0.78% a year and BMNZ charges 1.40%, so BMNG is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMNG vs BMNU BMNG vs BNMC BMNZ vs BNMC BMNZ vs BMNU

BMNG on its own →BMNZ on its own →How every figure is computed →Standards and sources →

Where these figures came from

BMNG filings on SEC EDGAR ↗BMNG prospectus with the expense ratio (SEC) ↗Leverage Shares website ↗BMNZ filings on SEC EDGAR ↗BMNZ prospectus with the expense ratio (SEC) ↗Defiance page for BMNZ ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BMNG against BMNZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/bmng-vs-bmnz

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.