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MPL

GradeCNew York Stock Exchange Arca

Defiance Daily Target 2X Long MP ETF

Leveraged · Defiance · Inception 2025-10-20

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$13.99−0.91 (−6.11%)

As of Aug 20, 2026, 3:58 PM EDT

History starts Oct 21, 2025.History starts Oct 21, 2025.
Intraday session: down, 46 prints from 14.90 to 13.99. Range 12.95 to 13.99. Use the arrow keys to read each point.$13.00$13.25$13.50$13.7510 AM12 PM2 PM4 PM
Expense ratio
1.31%
Fund size
$5M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
9
Volume · 30D
0M sh
NAV per share
$14.86
52W range
low $6.96high $54.99

The ETF.net MPL Grade

C

40/ 100

Confidence High

Six-pillar profile for MPL. Scores out of 100: Cost 27, Risk 30, Mission 94, Tradability 19, Holdings not scored, Durability 38. Strongest: Mission (94). Weakest: Tradability (19). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 40 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned45This cap took−5Published score40 Grade C

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 27
    —

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 94
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 30
    —

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 19
    —

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 38
    —

Graded as of Aug 20, 2026 · Based on 5 of 6 pillars

Our read on MPL

ETF.net Research

CMP Materials is the largest rare earth producer in the Western Hemisphere. This fund straps 2x daily leverage onto that single stock, reset every day, making it a short-horizon trading tool rather than a way to own the rare earth theme.

Stated mandate

The Fund seeks daily leveraged investment results equal to two times the daily percentage change in MP Materials Corp.'s share price.

Why people hold it

  1. 01One job, stated plainly: the fund aims for two times MP Materials' daily percentage move. No margin account, no options chain, no stock picking on your end.defianceetfs.com
  2. 02It has stayed tight to that stated daily target rather than drifting from the mandate written in its prospectus.
  3. 03The underlying is a US critical-minerals pure play: MP Materials mines and refines at Mountain Pass in California and makes finished magnets in Texas.sec.govmpmaterials.com

Worth knowing

  1. 01At 1.31% a year it costs more than the typical 2x single-stock fund, and more than MPG, which targets the same 2x daily move on MP for 0.75%.
  2. 02The 2x target resets every day. Hold longer and the result depends on the path MP takes; choppy stretches can land well short of 2x the stock's move.defianceetfs.com
  3. 03Launched in late 2025 and still one of the smaller, less-traded names in the leveraged single-stock crowd, so bid-ask spreads can be wider than at bigger funds.

MPL Holdings

As of Aug 20, 2026, 3:29 PM
Asset class
Stocks
Holdings
9
Top-10 weight
223%
Largest holding
MP MATERIALS CORP SWAP JNST-L36.4%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—MP MATERIALS CORP SWAP JNST-L36.36%32,066$2M—
002—MP MATERIALS CORP SWAP NOMURA-L35.82%31,595$2M—
003—MP MATERIALS CORP SWAP CANTOR34.81%30,704$2M—
004—MP MATERIALS SWAP MAREX33.75%29,767$2M—
005—MP MATERIALS SWAP CS - L33.67%29,697$2M—
006—MP MATERIALS CORP.-SWAP-NBCB-L25.63%22,602$1M—
007—United States Treasury Bill 08/27/202613.99%700,000$700K—
008—First American Government Obligations Fund 12/01/20318.57%428,292$428K—

Showing 1–8 of 8 holdings

MPL Performance

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

Performance data is unavailable.

Returns run to the last market 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 MPL. Periods over one year show the average yearly return.
PeriodMPL
Year to dateHistory unavailable—
1 monthHistory unavailable—
3 monthsHistory unavailable—
1 yearHistory unavailable—
3 yearsHistory unavailable—per year
5 yearsHistory unavailable—per year
10 yearsHistory unavailable—per year

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 return data is unavailable.

MPL in the news

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

MPL 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 unavailableLast 12 months
Payout per share
Data unavailableLast 12 months

Distribution data unavailable.

MPL Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
—
No data available
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.
—
No data available
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.
—
No data available
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.
7.10
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.

MPL Cost

Expense Ratio
1.31%