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

Over the window to Sep 30, 2026, BMNZ finished 89.5 points from what its multiple implies and BNMC finished 7.9 points from its own, so BNMC came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are BMNZ and BNMC levered on the same thing?

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

Which one decays faster, BMNZ or BNMC?

Decay follows how much the underlying moves about. Over this window BMNZ’s moved at 81% annualized and BNMC’s at 87%, so BNMC has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold BMNZ or BNMC 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, BMNZ or BNMC?

BMNZ charges 1.40% a year and BNMC charges 0.45%, so BNMC is cheaper. Fees come from each fund's prospectus.

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BMNZ vs BNMC: which held to its multiple?

Over a month against its own daily promise, BMNZ finished 0.8 points short and BNMC 1.9 points short. Defiance Daily Target 2X Short BMNR ETF and Corgi BMNR 2x Daily ETF.

−84.1%

BMNZ returned, 3 months

+156.0%

BNMC returned, since launch

+89.5 pts

BMNZ from its stated multiple

+3.1 pts

BNMC from its stated multiple

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%

BNMC · 1 month to Sep 30, 20267.9 pts short of its stated multiple

BNMC returned +0.9% while 2 times BMNR's move would have been +8.8%

Performance, window by window

	Total return		Multiple would give		Difference
Window	BMNZ	BNMC	BMNZ	BNMC	BMNZ	BNMC
1 month	−25.6%	+0.9%	−8.8%	+8.8%	−16.8 pts	−7.9 pts
3 months	−84.1%	not published	−173.6%	not published	+89.5 pts	not published
6 months	−78.8%	not published	−68.5%	not published	−10.3 pts	not published
Since launch BMNZ Nov 2025 · BNMC Jul 2026	−82.2%	+156.0%	+55.4%	+152.9%	−137.6 pts	+3.1 pts

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

On the same fields

BMNZ

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

BNMC

Corgi BMNR 2x Daily ETF · Aims to return twice the daily move of BitMine Immersion Technologies (BMNR)

Issuer Defiance Corgi

Sets out to return -2x +2x

Underlying asset BMNR BMNR

Segment company company

Fund returned, 3 months or since launch −84.1% +0.9%

Underlying returned, over that window +86.8% +4.4%

What the stated multiple implies, over that window −173.6% +8.8%

Difference from stated, over that window +89.5 pts −7.9 pts

Fund returned, 1 year or since launch −82.2% +156.0%

Difference from stated, over that window −137.6 pts +3.1 pts

Underlying volatility 81% 87%

Difference over the days both have traded no shared window −7.9 pts

Expense ratio 1.40% 0.45%

Launched Nov 13, 2025 Jul 10, 2026

Net assets $27m $1m

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

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 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.

BNMC in plain words

One month to Sep 30, 2026: BNMC returned +0.9% where its own daily promise gave +2.8%, 1.9 points short. Read the multiple against the whole window instead and 2 times BMNR's 4.4% implies +8.8%, which makes BNMC look 7.9 points short. 6.0 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. BNMC 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. BMNR moved at 87% annualized over that window.

Questions people ask

Which came closer to its stated multiple, BMNZ or BNMC?: Over the window to Sep 30, 2026, BMNZ finished 89.5 points from what its multiple implies and BNMC finished 7.9 points from its own, so BNMC came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are BMNZ and BNMC levered on the same thing?: Yes. Both are levered on BitMine Immersion Technologies, BMNZ at -2 times and BNMC at +2 times the daily move.
Which one decays faster, BMNZ or BNMC?: Decay follows how much the underlying moves about. Over this window BMNZ’s moved at 81% annualized and BNMC’s at 87%, so BNMC has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold BMNZ or BNMC 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, BMNZ or BNMC?: BMNZ charges 1.40% a year and BNMC charges 0.45%, so BNMC is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Where these figures came from

BMNZ filings on SEC EDGAR ↗BMNZ prospectus with the expense ratio (SEC) ↗Defiance page for BMNZ ↗BNMC filings on SEC EDGAR ↗BNMC prospectus with the expense ratio (SEC) ↗Corgi website ↗

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

Open data

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