{
 "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": "2026-10-02",
 "verdict": "One month to Oct 2, 2026: MRNX returned +49.4% where its own daily promise gave +52.9%, 3.4 points short.",
 "key_facts": [
  {
   "key": "what_mrna_did",
   "label": "What MRNA did",
   "value": "+26.0%",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "MRNX, what MRNA did: +26.0%, as of Oct 2, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "+52.9%",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "MRNX, what 2 times a day gives: +52.9%, as of Oct 2, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+49.4%",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "MRNX, what the fund returned: +49.4%, as of Oct 2, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22123.4 pts",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "MRNX, the fund itself cost: \u22123.4 pts, as of Oct 2, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$30m",
   "source": "the issuer\u2019s own daily fund list, as of Oct 1, 2026",
   "as_of": "2026-10-02",
   "sentence": "MRNX, net assets: $30m (the issuer\u2019s own daily fund list, as of Oct 1, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, Oct 27, 2025",
   "as_of": "2026-10-02",
   "sentence": "MRNX, expense ratio: 1.31% (485BPOS XBRL, Oct 27, 2025)."
  }
 ],
 "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": "+1.9 times, against +2 stated",
   "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": "$30m",
   "source": "the issuer\u2019s own daily fund list, as of Oct 1, 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": "69% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+49.4%",
   "MRNA": "+26.0%",
   "+2x the move": "+52.0%",
   "Difference": "\u22122.6 pts",
   "MRNA moved about": "69%"
  },
  {
   "window": "3 months",
   "Fund": "+146.5%",
   "MRNA": "+138.2%",
   "+2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "MRNA moved about": "360%"
  },
  {
   "window": "6 months",
   "Fund": "+455.2%",
   "MRNA": "+286.2%",
   "+2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "MRNA moved about": "261%"
  },
  {
   "window": "Since launch",
   "Fund": "+566.3%",
   "MRNA": "+344.3%",
   "+2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "MRNA moved about": "230%"
  }
 ],
 "questions": [
  {
   "q": "Did MRNX return +2 times MRNA?",
   "a": "Over the window to Oct 2, 2026, MRNA moved +26.0% and MRNX returned +49.4%. 2 times that move is +52.0%, so the fund came out 2.6 points short of it."
  },
  {
   "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": "2026-10-03",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}