Tidal Trust II - Defiance Daily Target 2X Short BMNR ETF
BMNZ
New York Stock Exchange Arca- -
USD
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- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 78 SW 7th St. 5th Floor Miami FL United States of America 33130
- IPO Date
- Nov 13, 2025
- Website
- defianceetfs.com
- Similar Companies
- Business
- Tidal Trust II – Defiance Daily Target 2X Short BMNR ETF is a U.S.-domiciled, non-diversified, actively managed exchange-traded fund that seeks daily inverse investment results, before fees and expenses, equal to two times the inverse (-200%) of the daily percentage change in the common stock of BitMine Immersion Technologies, Inc. (NYSE: BMNR). Trading on NYSE Arca under the ticker BMNZ, the Fund provides a tactical, leveraged bearish exposure vehicle for sophisticated investors seeking to express short-term negative views on BitMine without directly short selling its shares or maintaining a margin account. The Fund pursues its objective principally through derivative instruments, including over-the-counter swap agreements with financial-institution counterparties and listed options contracts, particularly short-dated in-the-money call options and other option combinations; it also may hold U.S. Treasury securities, money market funds, short-term bond ETFs, commercial paper and other short-term investment-grade debt instruments as collateral for derivative positions. The Fund rebalances its derivative exposure daily to target -200% exposure to BMNR from one market close to the next and maintains an 80% investment policy in financial instruments with economic characteristics designed to provide such daily inverse exposure. BMNZ does not seek to achieve its objective over periods longer than one trading day; compounded daily returns, volatility, financing costs, derivative pricing, tracking differences and daily rebalancing can cause returns over longer holding periods to differ materially from -200% of the cumulative return of BMNR. The Fund was launched on November 12, 2025, and is part of Tidal Trust II, with Tidal Investments LLC serving as investment adviser and Defiance ETFs LLC serving as sponsor; the Fund is distributed by Foreside Fund Services LLC. Its gross annual operating expense ratio is 1.31%, comprising a 1.29% management fee and 0.02% in estimated other expenses, excluding indirect swap-related costs. BMNZ’s principal target market comprises active, knowledgeable traders and investors able to monitor leveraged inverse positions frequently, rather than long-term buy-and-hold investors. The Fund’s underlying issuer, BitMine Immersion Technologies, is a blockchain infrastructure company engaged in bitcoin self-mining, third-party mining-equipment hosting, equipment sales and related digital-asset-mining operations; neither BitMine nor its affiliates are affiliated with, sponsor, endorse or participate in the Fund. The principal recent corporate development is the Fund’s November 2025 launch by Defiance ETFs as the first 2X short ETF linked to BitMine Immersion Technologies, expanding Defiance ETFs’ single-stock leveraged ETF lineup; subsequent portfolio implementation has included BMNR-linked swap agreements alongside cash, U.S. Treasury bills and government-obligations fund holdings.