# MRNX (Defiance Daily Target 2X Long MRNA ETF)

Defiance · Leveraged ETFs · data as of Oct 2, 2026

One month to Oct 2, 2026: MRNX returned +49.4% where its own daily promise gave +52.9%, 3.4 points short.

## Key facts

- MRNX, what MRNA did: +26.0%, as of Oct 2, 2026.
- MRNX, what 2 times a day gives: +52.9%, as of Oct 2, 2026.
- MRNX, what the fund returned: +49.4%, as of Oct 2, 2026.
- MRNX, the fund itself cost: −3.4 pts, as of Oct 2, 2026.
- MRNX, net assets: $30m (the issuer’s own daily fund list, as of Oct 1, 2026).
- MRNX, expense ratio: 1.31% (485BPOS XBRL, Oct 27, 2025).

## MRNX over each window to Oct 2, 2026

| Window | Fund | MRNA | +2x the move | Difference | MRNA moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +49.4% | +26.0% | +52.0% | −2.6 pts | 69% |
| 3 months | +146.5% | +138.2% | not meaningful over this window | not meaningful over this window | 360% |
| 6 months | +455.2% | +286.2% | not meaningful over this window | not meaningful over this window | 261% |
| Since launch | +566.3% | +344.3% | not meaningful over this window | not meaningful over this window | 230% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of MRNA, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.9 times, against +2 stated | ETFIQ |
| Underlying | MRNA | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $30m | the issuer’s own daily fund list, as of Oct 1, 2026 |
| Expense ratio | 1.31% | 485BPOS XBRL, Oct 27, 2025 |
| Launched | Feb 4, 2026 | ETFIQ |
| Underlying volatility over the window | 69% annualized | ETFIQ |

## Questions

### Did MRNX return +2 times MRNA?

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.

### Why does MRNX not return +2 times over a year?

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.


## Cite this page

ETFIQ, MRNX, data as of Oct 2, 2026. https://etfiq.com/funds/mrnx
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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