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MUZ

GradeCNew York Stock Exchange Arca

Defiance Daily Target 2X Short MU ETF

Leveraged · Single-Stock Leveraged · Defiance · Inception 2026-06-08

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.

$6.79+0.27 (+4.14%)

As of Sep 23, 2026, 2:20 PM EDT

History starts Jun 9, 2026.History starts Jun 9, 2026.History starts Jun 9, 2026.
Intraday session: up, 59 prints from 6.52 to 6.79. Range 6.47 to 6.88. Use the arrow keys to read each point.$6.50$6.60$6.70$6.9010 AM12 PM2 PM4 PM
Expense ratio
1.31%
Fund size
$16M
1Y return
—
Yield · Last 12 months
—
Holdings
7
Volume · 30D
10.2M sh
NAV per share
$7.24
52W range
low $6.51high $23.92

The ETF.net MUZ Grade

C

53/ 100

Rank 23 of 58 in Single-Stock Inverse⁠

Confidence Medium

Six-pillar profile for MUZ. Scores out of 100: Cost 62, Risk 38, Mission not scored, Tradability 56, Holdings not scored, Durability 40. Strongest: Cost (62). Weakest: Risk (38). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 53 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 62
    Category rank23/58 · top 40%

  • 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 38
    Category rank31/48 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 56
    Category rank19/58 · top 33%

  • 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.
    CScore 40
    Category rank40/58 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on MUZ

ETF.net Research

CThe first ETF to put -2X daily on Micron, doubling the depth of the -1X bear option that came before it. A trader's tool for memory-chip swings: no margin account, no borrowed shares, just a ticker.

Stated mandate

The Fund seeks daily inverse investment results equal to negative two times the daily percentage change in Micron Technology, Inc.'s common stock.

Why people hold it

  1. 01Deepest inverse exposure on Micron in a fund wrapper: it aims for -200% of the stock's daily move, where the bear funds that preceded its 2026 launch targeted -100%.defianceetfs.comdirexion.com
  2. 02Shorts Micron without a margin account or locating borrow. The fund builds the position with swap agreements and listed options inside a standard 1940-Act ETF.defianceetfs.comdefianceetfs.com
  3. 03At 1.31%, the expense ratio sits right at the median for leveraged and inverse single-stock funds, so the extra torque doesn't come at a premium price.
  4. 04Heavily traded for a young single-stock fund, which is what you want in a vehicle designed to be held for days, not quarters.

Worth knowing

  1. 01The -2X target resets daily. Over longer holds, results track the path Micron takes, not simply where the stock ends up.defianceetfs.com
  2. 02Bear-1X peers like AAPD and TSLS charge under 1%. Two times the inverse costs more than one.
  3. 03One stock, one direction, non-diversified by design, and a modest asset base for the category. Micron earnings nights land at double speed.defianceetfs.com

MUZ Holdings

As of Sep 20, 2026, 5:08 AM
Asset class
Other
Holdings
7
Top-10 weight
300%
Largest holding
Cash & Other284.3%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Cash & Other284.33%47,749,097$48M674
002—United States Treasury Bill 11/19/202614.68%2,481,000$2M48
003—First American Government Obligations Fund 12/01/20310.91%153,561$154K625

Showing 1–3 of 3 holdings

MUZ Performance

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

MUZ$6,116
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. MUZ $6,116. SPY $10,415. Use the arrow keys to read each point.$5,150$12,158$19,165Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 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 MUZ. Periods over one year show the average yearly return.
PeriodMUZ
Year to dateFund launched this year—
1 month−29.1%
3 months−38.8%
1 yearFund is under 1 year old—
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 MUZ
YearReturn barMUZ
2026 YTD−68.7%

History from Jun 9, 2026

MUZ in the news

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

MUZ 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 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Jun 2026. No distributions yet.

MUZ 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.
—
Launched Jun 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 Jun 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 Jun 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.
0.00
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.

MUZ Cost

Expense ratio1.31%
  • The middle half of Single-Stock Inverse funds
  • Median 1.35%

19 of the 43 Single-Stock Inverse funds charge less.

MUZ costs $131.00 a year on $10,000. The median Single-Stock Inverse fund costs $135.00.