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Launched · SEC filings

Defiance Daily Target 2X Short MU ETF

MUZNYSE 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.

$9.95+1.04 (+11.67%)

At close: Nov 2, 2026, 4:00 PM ET

C50/ 100

Rank 24 of 58 in Single-Stock Inverse

C50/100Rank 24 of 58inSingle-Stock Inverse
Intraday session: up, 79 prints from 8.91 to 9.95. Range 8.88 to 10.02. Use the arrow keys to read each point.9.259.509.7510 AM12 PM2 PM4 PM
Expense ratio
1.31%
Fund size
$9M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
2
Avg volume · 30D
11.2M sh
52W range
low $6.32high $23.92
Launched
Filings
SEC EDGAR

The ETF.net MUZ Grade

Based on 4 of 6 pillars

C

Score 50 out of 100

Category
Single-Stock Inverse⁠
Rank
24 of 58
Six-pillar profile for MUZ. Scores out of 100: Cost 49, Risk 38, Mission not scored, Tradability 67, Holdings not scored, Durability 42. Strongest: Tradability (67). Weakest: Risk (38). Based on 4 of 6 pillars.

Score 50 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.
    C49 out of 100
    Rank 29 of 58

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D38 out of 100
    Rank 38 of 54

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B67 out of 100
    Rank 13 of 58

  • 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.
    C42 out of 100
    Rank 37 of 58

Our read on MUZ

ETF.net Research

In short

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

  • Deepest 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
  • Shorts 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 2
  • At 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.
  • Heavily 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

  • The -2X target resets daily. Over longer holds, results track the path Micron takes, not simply where the stock ends up.defianceetfs.com
  • Bear-1X peers like AAPD and TSLS charge under 1%. Two times the inverse costs more than one.
  • One 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

Asset class
Other
Holdings
2
Top-10 weight
300%
Largest holding
Cash & Other299.9%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataCash & Other299.93%61,007,975$61M609
2No dataUnited States Treasury Bill 11/19/20260.10%20,000$20K62

Showing 1–2 of 2 holdings

MUZ Performance

Launched Jun 8, 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.
MUZ$6,527
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. MUZ $6,527. SPY $10,141. Use the arrow keys to read each point.$6,000$8,000$10,000Jul 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 MUZ. Periods over one year show the average yearly return.
PeriodMUZ
Year to dateFund launched this yearNo data
1 month+30.3%
3 months−34.7%
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 MUZ
YearReturn barMUZ
2026 YTD−57.2%

History from Jun 9, 2026

MUZ in the news

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

Listed Jun 2026. No distributions yet.

MUZ Risk

Risk pillarD38 out of 100Rank 38 of 54 in Single-Stock Inverse

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.

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

MUZ Cost

Compare MUZ and SKHZ

Overpaying vs SKHZ, cheapest in Single-Stock Inverse

$9,037

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

  • MUZ 1.31%

    $23,519

  • SKHZ 0.75% Cheapest

    $14,482

$10,000
30 years

Cost over time

  • MUZ 1.31%
  • SKHZ 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530MUZ $23,519SKHZ $14,482

Year by year

YearMUZSKHZOverpaying
10$2,280$1,336$944
20$8,450$5,078$3,372
30$23,519$14,482$9,037

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