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MNRS

GradeCNew York Stock Exchange Arca

Grayscale Bitcoin Miners ETF

Crypto · Grayscale · Inception 2025-01-30

$38.56+0.93 (+2.47%)

As of Sep 21, 2026, 3:58 PM EDT

History starts Jan 30, 2025.
Intraday session: up, 15 prints from 37.63 to 38.51. Range 38.50 to 39.33. Use the arrow keys to read each point.$38.80$39.00$39.20$39.4010 AM12 PM2 PM4 PM
Expense ratio
0.59%
Fund size
$13M
1Y return
+0.2%
Yield · Last 12 months
Data unavailable
Holdings
27
Volume · 30D
0M sh
NAV per share
$38.65
52W range
low $23.24high $56.46

The ETF.net MNRS Grade

C

46/ 100

Rank 12 of 21 in Crypto Industry Stocks⁠

Confidence Medium

Six-pillar profile for MNRS. Scores out of 100: Cost 68, Risk 27, Mission not scored, Tradability 40, Holdings 26, Durability 39. Strongest: Cost (68). Weakest: Holdings (26). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 46 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 68
    Category rank8/21 · top 38%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 27
    Category rank19/21 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 40
    Category rank14/21 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 26
    Category rank19/20 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 39
    Category rank16/21 · bottom quartile

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on MNRS

ETF.net Research

CMNRS skips the broad blockchain grab bag and tracks the Indxx Bitcoin Miners Index: the picks-and-shovels crowd running the machines, from a crypto-native issuer that has been in this world since before ETFs were.

Stated mandate

The fund seeks to track, before fees and expenses, the performance of the Indxx Bitcoin Miners Index.

Why people hold it

  1. 01Charges 0.59% a year, under the 0.69% median for crypto-equity basket funds. Cheap for a niche corner where narrow usually means pricey.
  2. 02Pure miner exposure. Rivals like BKCH and BLOK blend exchanges, chipmakers and balance-sheet holders; MNRS follows one index built around the mining business itself.
  3. 03Rules-based and index-tracked inside a standard 1940 Act ETF wrapper, not a trust or a swap sleeve. What you see in the index is what the fund aims to hold.
  4. 04Sits in the top quartile of its crypto-equity peer group on our review, with cost doing much of the heavy lifting.

Worth knowing

  1. 01Miners are the high-octane end of crypto equity: leveraged to bitcoin's price, energy costs and halving math. Expect swings bigger than the coin's.
  2. 02A small fund that trades lightly. Spreads can run wider than in the category's giants, which matters most on large or hurried orders.
  3. 03Launched in 2025, so the track record is short and our read on it carries only medium confidence.

MNRS Holdings

As of Sep 20, 2026, 10:05 AM
Asset class
Stocks
Holdings
27
Top-10 weight
100%
Largest holding
IREN23.7%

Geography

  • United States63.38%
  • Australia23.74%
  • Japan6.78%
  • Singapore6.10%

Developed 100% · Emerging 0% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001IRENIREN Ltd23.74%42,278$2M95
002HUTHUT 8 CORP17.40%14,651$1M106
003APLDApplied Digital Corp12.55%37,106$1M104
004MARAMARA Holdings Inc7.31%45,874$607K117
005RIOTRiot Platforms Inc6.80%23,794$565K118
006CLSKCleanspark Inc6.80%39,040$565K124
0078473.TSBI Holdings Inc6.78%27,100$563K114
008BTBTBit Digital Inc6.36%305,483$528K45
009NVDANVIDIA Corp6.17%2,306$513K828
010BTDRBitdeer Technologies Group6.10%39,084$507K63

Showing 1–10 of 10 holdings

MNRS Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

MNRS$10,020
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,780
Sep 19, 2025 to Sep 21, 2026. MNRS $10,020. SPY $11,780. Use the arrow keys to read each point.$5,517$9,966$14,416Sep 2025Mar 2026Sep 2026

Sep 19, 2025 – Sep 21, 2026

Returns run to the Sep 21, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for MNRS. Periods over one year show the average yearly return.
PeriodMNRS
Year to date+28.4%
1 month+13.5%
3 months−20.7%
1 year+0.2%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for MNRS
YearReturn barMNRS
2026 YTD+28.4%
2025+12.7%

Since listing, Jan 30, 2025

MNRS in the news

ETF.net Research hasn’t filed on MNRS yet — coverage lands here as it’s written.

MNRS Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 21, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.16 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 31, 2025 $0.16. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 31, 2025Jan 7, 2026$0.16

MNRS Risk

How much the fund’s monthly returns vary, scaled to a year.
74.9%
Annualised · 19 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.46
vs 3-month T-bills · 19 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−56.7%
19 months · trough Mar 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
4.30
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

MNRS Cost

Expense ratio0.59%
  • The middle half of Crypto Industry Stocks funds
  • Median 0.65%

6 of the 20 Crypto Industry Stocks funds charge less.

MNRS costs $59.00 a year on $10,000. The median Crypto Industry Stocks fund costs $65.00.