{
 "ticker": "MRNX",
 "name": "Defiance Daily Target 2X Long MRNA ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/MRNX",
 "html": "https://etfiq.com/funds/MRNX",
 "markdown": "https://etfiq.com/funds/MRNX.md",
 "as_of": "2026-09-11",
 "verdict": "MRNX aims to return +2 times MRNA's move each day, then resets. Over one day it does that.",
 "key_facts": [
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+258.6%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MRNX, what the fund returned: +258.6%, as of Sep 11, 2026."
  },
  {
   "key": "what_mrna_did",
   "label": "What MRNA did",
   "value": "+188.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MRNX, what MRNA did: +188.5%, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$415,993",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "MRNX, net assets: $415,993 (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, Oct 27, 2025",
   "as_of": "2026-09-11",
   "sentence": "MRNX, expense ratio: 1.31% (485BPOS XBRL, Oct 27, 2025)."
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "MRNA",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MRNX, underlying: MRNA, as of Sep 11, 2026."
  },
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of MRNA, reset daily",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MRNX, sets out to return: +2 times the daily move of MRNA, reset daily, as of Sep 11, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of MRNA, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "MRNA moved +188.5% over this window, too far for the stated multiple to describe",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "MRNA",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$415,993",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, Oct 27, 2025"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Feb 4, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "366% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+155.1%",
   "MRNA": "+126.1%",
   "MRNA moved about": "612%"
  },
  {
   "window": "3 months",
   "Fund": "+258.6%",
   "MRNA": "+188.5%",
   "MRNA moved about": "366%"
  },
  {
   "window": "6 months",
   "Fund": "+183.2%",
   "MRNA": "+173.9%",
   "MRNA moved about": "262%"
  },
  {
   "window": "Since launch",
   "Fund": "+299.6%",
   "MRNA": "+236.6%",
   "MRNA moved about": "240%"
  }
 ],
 "questions": [
  {
   "q": "Why does MRNX not return +2 times over a year?",
   "a": "Because it resets daily. MRNX 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)."
}