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Launched · SEC filings

Daily Target 2X Long MRNA ETF

MRNXNYSE ArcaDefianceCThis 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.

$162.11−1.48 (−0.90%)

As of Nov 2, 2026, 3:59 PM ET

C48/ 100

Rank 94 of 380 in Single-Stock Long Leveraged

C48/100Rank 94 of 380inSingle-Stock Long Leveraged
Intraday session: down, 79 prints from 163.59 to 162.11. Range 158.17 to 172.16. Use the arrow keys to read each point.157.50160.00167.50170.00172.5010 AM12 PM2 PM4 PM
Expense ratio
1.34%
Fund size
$31M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
9
Avg volume · 30D
265K sh
52W range
low $14.95high $227.90
Launched
Filings
SEC EDGAR

The ETF.net MRNX Grade

Based on 5 of 6 pillars

C

Score 48 out of 100

Category
Single-Stock Long Leveraged⁠
Rank
94 of 380
Six-pillar profile for MRNX. Scores out of 100: Cost 22, Risk 72, Mission 90, Tradability 74, Holdings not scored, Durability 65. Strongest: Mission (90). Weakest: Cost (22). Based on 5 of 6 pillars.

Score 48 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F22 out of 100
    Rank 296 of 380

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A90 out of 100
    Rank 77 of 150

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A72 out of 100
    Rank 67 of 368

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A74 out of 100
    Rank 68 of 380

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B65 out of 100
    Rank 88 of 380

Our read on MRNX

ETF.net Research

In short

CMost 2x single-stock ETFs point at megacap tech. MRNX aims the same machinery at Moderna, a biotech that moves on trial data and FDA headlines, targeting two times MRNA's daily move. Built as a short-term trading tool, priced at 1.34%.

Stated mandate

The Fund seeks daily leveraged results equal to two times the daily percentage change in Moderna, Inc.'s share price, before fees and expenses.

Why people hold it

  • Does one job with a published number attached: two times the daily percentage change in Moderna's share price, before fees and expenses, reset at the close each trading day.defianceetfs.com
  • Delivers that exposure through swaps, with listed options as backup, inside a 1940 Act ETF you buy like any share. No margin account, no options chain to manage.defianceetfs.com
  • Has tracked its stated 2x daily target closely since its February 2026 launch, and stands in the upper half of a crowded field of leveraged single-stock bull funds.

Worth knowing

  • At 1.34% it costs above the typical leveraged single-stock fund, and above peers such as TSMG (0.76%) and OKTG (0.75%).
  • Hold past a day and compounding takes over: longer-run returns can differ from 2x MRNA, and the prospectus warns of losses even if MRNA is flat or up over the span.sec.gov
  • One stock, one storyline. Non-diversified by design, so a trial readout or regulatory decision on Moderna lands here at double the daily force.defianceetfs.com

MRNX Holdings

Asset class
Other
Holdings
9
Top-10 weight
267%
Largest holding
United States Treasury Bill 11/19/202664.5%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataUnited States Treasury Bill 11/19/202664.55%17,938,000$17.9M62
2No dataModerna Inc Swap Cf-L45.39%56,787$12.6M1
3No dataModerna Inc Swap Cs-L44.03%55,086$12.2M1
4No dataModerna Inc Swap Nomura-L38.63%48,334$10.7M1
5No dataModerna Inc Swap Marex-L30.48%38,137$8.46M1
6No dataModerna, Inc.-Swap-Nbcb-L24.95%31,212$6.92M1
7No dataModerna, Inc.-Swap-Jnst-L15.20%19,018$4.22M1
8No dataFirst American Government Obligations Fund 12/01/20312.34%648,122$648K477
9No dataModerna, Inc.-Swap-Bmob-L1.37%1,717$381K1

Showing 1–9 of 9 holdings

MRNX Performance

Launched Feb 3, 2026

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
MRNX$67,404
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,141
Jul 31, 2026 to Oct 30, 2026. MRNX $67,404. SPY $10,141. Use the arrow keys to read each point.$10,000$25,000$50,000$75,000Jul 2026Sep 2026Oct 2026

Jul 31, 2026 – Oct 30, 2026

Returns run to the Oct 30, 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 MRNX. Periods over one year show the average yearly return.
PeriodMRNX
Year to dateFund launched this yearNo data
1 month+16.0%
3 months+574.0%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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 MRNX
YearReturn barMRNX
2026 YTD+702.7%

History from Feb 4, 2026

MRNX in the news

MRNX 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 Oct 30, 2026.
No dataLast 12 months
Payout per share
No dataLast 12 months

Listed Feb 2026. No distributions yet.

MRNX Risk

Risk pillarA72 out of 100Rank 67 of 368 in Single-Stock Long Leveraged

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.
Launched Feb 2026; fills in after 12 months
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.
Launched Feb 2026; fills in after 12 months
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.
Launched Feb 2026; fills in after 12 months
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.
−1.97
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.

FMP measures it over up to five years of monthly returns.

MRNX Cost

Compare MRNX and GOGL

Overpaying vs GOGL, tied cheapest in Single-Stock Long Leveraged

$19,810

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MRNX 1.34%

    $23,965

  • GOGL 0.20% Tied cheapest

    $4,155

$10,000
30 years

Cost over time

  • MRNX 1.34%
  • GOGL 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530MRNX $23,965GOGL $4,155

Year by year

YearMRNXGOGLOverpaying
10$2,329$365$1,964
20$8,621$1,421$7,200
30$23,965$4,155$19,810

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