# BMNZ (Defiance Daily Target 2X Short BMNR ETF)

Defiance · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: BMNZ returned −76.8% where its own daily promise gave −75.5%, 1.2 points short.

## Key facts

- BMNZ, what BMNR did: +55.4%, as of Sep 11, 2026.
- BMNZ, what −2 times a day gives: −75.5%, as of Sep 11, 2026.
- BMNZ, what the fund returned: −76.8%, as of Sep 11, 2026.
- BMNZ, the fund itself cost: −1.2 pts, as of Sep 11, 2026.
- BMNZ, net assets: $21m (source, as filed for Apr 30, 2026).
- BMNZ, expense ratio: 1.40% (485BPOS XBRL, Aug 25, 2026).

## BMNZ over each window to Sep 11, 2026

| Window | Fund | BMNR | -2x the move | Difference | BMNR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −59.8% | +39.9% | −79.8% | +20.0 pts | 86% |
| 3 months | −76.8% | +55.4% | −110.7% | +34.0 pts | 81% |
| 6 months | −75.5% | +21.9% | −43.7% | −31.8 pts | 77% |
| Since launch | −78.1% | −31.5% | +63.1% | −141.2 pts | 92% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of BMNR, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -1.39 times, against -2 stated | ETFIQ |
| Underlying | BMNR | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $21m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.40% | 485BPOS XBRL, Aug 25, 2026 |
| Launched | Nov 13, 2025 | ETFIQ |
| Underlying volatility over the window | 81% annualized | ETFIQ |

## Questions

### Did BMNZ return -2 times BMNR?

Over the window to Sep 11, 2026, BMNR moved +55.4% and BMNZ returned −76.8%. 2 times that move is −110.7%, so the fund came out 34.0 points ahead of it.

### Why does BMNZ not return -2 times over a year?

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.


## Cite this page

ETFIQ, BMNZ, data as of Sep 11, 2026. https://etfiq.com/funds/BMNZ
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/BMNZ  ·  JSON: https://etfiq.com/funds/BMNZ.json