{
 "ticker": "BMNZ",
 "name": "Defiance Daily Target 2X Short BMNR ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/BMNZ",
 "html": "https://etfiq.com/funds/BMNZ",
 "markdown": "https://etfiq.com/funds/BMNZ.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: BMNZ returned \u221276.8% where its own daily promise gave \u221275.5%, 1.2 points short.",
 "key_facts": [
  {
   "key": "what_bmnr_did",
   "label": "What BMNR did",
   "value": "+55.4%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "BMNZ, what BMNR did: +55.4%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221275.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "BMNZ, what \u22122 times a day gives: \u221275.5%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221276.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "BMNZ, what the fund returned: \u221276.8%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22121.2 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "BMNZ, the fund itself cost: \u22121.2 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$21m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "BMNZ, net assets: $21m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.40%",
   "source": "485BPOS XBRL, Aug 25, 2026",
   "as_of": "2026-09-11",
   "sentence": "BMNZ, expense ratio: 1.40% (485BPOS XBRL, Aug 25, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of BMNR, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-1.39 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "BMNR",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$21m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.40%",
   "source": "485BPOS XBRL, Aug 25, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Nov 13, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "81% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221259.8%",
   "BMNR": "+39.9%",
   "-2x the move": "\u221279.8%",
   "Difference": "+20.0 pts",
   "BMNR moved about": "86%"
  },
  {
   "window": "3 months",
   "Fund": "\u221276.8%",
   "BMNR": "+55.4%",
   "-2x the move": "\u2212110.7%",
   "Difference": "+34.0 pts",
   "BMNR moved about": "81%"
  },
  {
   "window": "6 months",
   "Fund": "\u221275.5%",
   "BMNR": "+21.9%",
   "-2x the move": "\u221243.7%",
   "Difference": "\u221231.8 pts",
   "BMNR moved about": "77%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221278.1%",
   "BMNR": "\u221231.5%",
   "-2x the move": "+63.1%",
   "Difference": "\u2212141.2 pts",
   "BMNR moved about": "92%"
  }
 ],
 "questions": [
  {
   "q": "Did BMNZ return -2 times BMNR?",
   "a": "Over the window to Sep 11, 2026, BMNR moved +55.4% and BMNZ returned \u221276.8%. 2 times that move is \u2212110.7%, so the fund came out 34.0 points ahead of it."
  },
  {
   "q": "Why does BMNZ not return -2 times over a year?",
   "a": "Because it resets daily. BMNZ aims at -2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}