Yorkville listed a two-times daily short of a $2.3 million fund it already runs
Yorkville America made MNGB effective on September 21, 2026, at a 0.90% fee, to seek minus 200% of the daily move in FRUT, which held about $2.3 million in the latest profile.
Key takeaways
Yorkville America has listed a fund that seeks, before fees, twice the opposite of the daily move in a fund it already runs. The new fund, MNGB, was made effective on Monday, September 21. The target is one trading day, and the fund starts over after each close.
What it shorts is Yorkville's MANGOS Plus fund, FRUT, a basket built around six technology names. It held about $2.3 million in the latest profile. On September 25, OpenAI and Anthropic together were under 2% of its assets.
By mid-morning Monday, October 5, eight shares of MNGB had traded, and the quote was very wide. Holding MNGB past a day can cost money even when FRUT goes nowhere.
FRUT listed on Monday, August 31. Its index puts 67% in Meta, Nvidia, Alphabet, SpaceX, OpenAI and Anthropic, and the rest in hardware and infrastructure companies. On Friday, September 25, four public names carried nearly all of that 67%.
A Meta swap was 17.8% of the fund, an Alphabet swap 16%, and Nvidia and SpaceX shares were 15.7% each. OpenAI and Anthropic were swaps of 0.9% and 0.8%. Yorkville has said a private company's weight can fall well short of its target when pricing and trading in that name are limited.
OpenAI and Anthropic are each under 1% of FRUT
SpaceX listed on Nasdaq on June 12, 2026, so the only private names left are OpenAI and Anthropic. On those holdings, the pre-IPO pitch is now almost entirely public stocks.
MNGB charges 0.90% to short that share price, and FRUT's own 0.50% fee is already in it. The short runs mainly through swaps, contracts that pay the targeted return. Yorkville estimates those costs, including expenses on the asset the swaps reference, at 0.189% for the period ending August 31, 2027, and that figure is not in the 0.90% fee.
The last MNGB trade was at $24.77, about a cent from the $24.78 value of the fund's assets per share. The bid was $17.55 and the ask was $31.69, a spread of about 57% of that price.
Its market value was about $248,000, and most days since listing have seen about 100 shares change hands. Yorkville's long fund, MNGZ, seeks twice FRUT's daily move at the same 0.90% fee, held about $571,000, and later that morning was quoted at a $28.56 bid and a $36.66 ask.
Nothing else shorts this basket. The other daily shorts track the Magnificent 7, the Nasdaq-100, or five technology stocks.
Direxion's QQQD seeks the inverse of the daily move in the Magnificent 7, seven large technology stocks that include Apple, Microsoft, Amazon and Tesla. None of those four was in FRUT on September 25.
ProShares UltraShort QQQ, QID, seeks minus 200% of the Nasdaq-100 each day, a broad index of large Nasdaq companies. It held $214 million in the latest profile, at a 1.02% fee, and had traded more than 10 million shares by late Monday morning.
Direxion's TTXD is the closer match, a two-times daily short of five technology stocks, listed on October 1, 2025. It held about $886,000.
Yorkville says MNGB is for traders with a "bearish, short-term view" of FRUT's daily performance, and for holders who want "a temporary way to offset FRUT exposure without selling."
The fund could lose all or substantially all of its value in a single day, Yorkville warns. An investor could also lose the money put in.
Yorkville's chart is a hypothetical, not a forecast. It assumes no fund fees, no financing cost and no dividends, and annualized volatility of 25%, a measure of how much returns vary. FRUT has shown about that since it listed, and at that volatility the chart's result for a flat year is a 17.1% loss.
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Frequently asked questions
What fund does MNGB short?
It shorts Yorkville's MANGOS Plus fund, FRUT, a basket built around six technology names that held about $2.3 million.
What does MNGB charge?
MNGB charges 0.90% to short that share price, FRUT's own 0.50% fee is already in the price, and estimated swap costs of 0.189% are not in the 0.90% fee.
How much has MNGB traded?
By mid-morning Monday, October 5, eight shares had traded, and most days since listing have seen about 100 shares change hands.
What happens if FRUT is flat?
Holding MNGB past a day can cost money even when FRUT goes nowhere.
