- ISIN
- US88636W5519
- Issuer
- Defiance
- Inception Date
- Nov 12, 2025
- Region
- North America (United States)
- Category
- Inverse Equities
- Leveraged
- -2x
- Index Tracked
- BitMine Immersion Technologies, Inc.
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Asset Class Style
- Growth
Share Price Chart
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Performance
BMNZ Performance Chart
Defiance Daily Target 2X Short BMNR ETF (BMNZ) is down 2.8% since the beginning of the year. BMNZ is currently trading at $23 per share.
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Returns By Period
Defiance Daily Target 2X Short BMNR ETF
- 1D
- 6.22%
- 1M
- 22.86%
- YTD
- -2.80%
- 6M
- 6.96%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -1.21%
- 1M
- 0.23%
- YTD
- 8.39%
- 6M
- 10.39%
- 1Y
- 24.03%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.61%
BMNZ Monthly Returns History
Based on dividend-adjusted daily data since Nov 13, 2025, BMNZ's average daily return is +0.82%, while the average monthly return is +3.37%. At this rate, an investment would double in approximately 1.7 years.
Historically, 63% of months were positive and 38% were negative. The best month was Jun 2026 with a return of +32.5%, while the worst month was Mar 2026 at -27.4%. The longest winning streak lasted 2 consecutive months, and the longest losing streak was 2 months.
On a daily basis, BMNZ closed higher 55% of trading days. The best single day was Feb 5, 2026 with a return of +27.2%, while the worst single day was Nov 24, 2025 at -39.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -7.03% | 24.45% | -27.39% | -21.18% | 10.75% | 32.53% | -2.80% | ||||||
| 2025 | 4.58% | 10.24% | 15.30% |
Benchmark Metrics
Defiance Daily Target 2X Short BMNR ETF has an annualized alpha of 2388.40%, beta of -8.10, and R2 of 0.35 versus S&P 500 Index. Calculated based on daily prices since November 13, 2025.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -646.82%), but participation in market rallies was also limited (-61.63%) - a profile typical of counter-cyclical assets.
- Beta of -8.10 may look defensive, but with R2 of 0.35 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.35 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 2,388.40%
- Beta
- -8.10
- R²
- 0.35
- Upside Capture
- -61.63%
- Downside Capture
- -646.82%
Expense Ratio
BMNZ has a high expense ratio of 1.31%, indicating above-average management fees.
Return for Risk
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Defiance Daily Target 2X Short BMNR ETF (BMNZ) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BMNZ | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.35 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.65 | — |
| Martin ratioReturn relative to average drawdown | — | 11.88 | — |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Defiance Daily Target 2X Short BMNR ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Defiance Daily Target 2X Short BMNR ETF was 70.80%, occurring on Dec 10, 2025. The portfolio has not yet recovered.
The current Defiance Daily Target 2X Short BMNR ETF drawdown is 45.58%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 bear market2025 | -70.80%Dec 2025 | 16d | — | 6mo 26dNov 2025 - now |
2025 pullback2025 | -8.23%Nov 2025 | 0s | 1d | 1dNov 2025 - Nov 2025 |
Drawdown Indicators
| BMNZ | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.80% | -56.78% | -14.02% |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.10% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -45.58% | -2.49% | -43.09% |
Average DrawdownAverage peak-to-trough decline | -51.02% | -10.72% | -40.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.03% | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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