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

Defiance · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: BMNZ returned −84.1% where its own daily promise gave −83.4%, 0.7 points short.

## Key facts

- BMNZ, what BMNR did: +86.8%, as of Sep 30, 2026.
- BMNZ, what −2 times a day gives: −83.4%, as of Sep 30, 2026.
- BMNZ, what the fund returned: −84.1%, as of Sep 30, 2026.
- BMNZ, the fund itself cost: −0.7 pts, as of Sep 30, 2026.
- BMNZ, net assets: $27m (the issuer’s own daily fund list, as of Sep 30, 2026).
- BMNZ, expense ratio: 1.40% (485BPOS XBRL, Aug 25, 2026).

## BMNZ over each window to Sep 30, 2026

| Window | Fund | BMNR | -2x the move | Difference | BMNR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −25.6% | +4.4% | −8.8% | −16.8 pts | 87% |
| 3 months | −84.1% | +86.8% | −173.6% | +89.5 pts | 81% |
| 6 months | −78.8% | +34.2% | −68.5% | −10.3 pts | 75% |
| Since launch | −82.2% | −27.7% | +55.4% | −137.6 pts | 91% |

## 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 | -0.97 times, against -2 stated | ETFIQ |
| Underlying | BMNR | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $27m | the issuer’s own daily fund list, as of Sep 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 30, 2026, BMNR moved +86.8% and BMNZ returned −84.1%. −2 times that move is −173.6%, so the fund came out 89.5 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 30, 2026. https://etfiq.com/funds/bmnz
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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