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MRNX vs UNHG

Daily Target 2X Long MRNA ETF

MRNXCNYSE Arca

Leverage Shares 2x Long UNH Daily ETF

UNHGANasdaq

Overlap

Expense ratio

UNHG −0.57pt a year

MRNX1.34%UNHG0.77%

Avg volume · 30D

UNHG 2.7×the volume

MRNX265KUNHG726K

MRNX vs UNHG Performance

Jul 31, 2026 – Nov 2, 2026

+567.9%MRNX−11.0%UNHG

Jul 31, 2026 to Nov 2, 2026. MRNX +567.9%. UNHG −11.0%. Use the arrow keys to read each point.200%400%800%Jul 2026Sep 2026Nov 2026
Expense ratio
MRNX 1.34%
UNHG 0.77%, better
Fund size
MRNX $31M
UNHG $63M
1Y total return
MRNX No data
UNHG +8.4%
Holdings
MRNX 9
UNHG 5
Avg volume (30D)
MRNX 265K sh
UNHG 726K sh, better
NAV per share
MRNX $163.35
UNHG $20.57
52W range

ETF.net Grade

MRNX: Cost 22, Risk 72, Mission 90, Tradability 73, Holdings not scored, Durability 66. UNHG: Cost 60, Risk 83, Mission 90, Tradability 90, Holdings not scored, Durability 66.
Pillar letters and Scores for MRNX, UNHG, with each pillar’s weight
PillarMRNXUNHG
Cost30% weightF22B60Higher
Mission25% weightA90A90
Risk15% weightA72A83Higher
Tradability15% weightA73A90Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB66B66

Rank among Single-Stock Long Leveraged funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. MRNX and UNHG are both graded against the same 315 Single-Stock Long Leveraged funds, so their Grades compare head to head.

Single-Stock Long Leveraged⁠

Category · 315 funds
See all 315 ›

UNHG ranks 2nd and MRNX 92nd of 315 funds in the Single-Stock Long Leveraged Category.

  1. Rank 1ATSMGLeverage Shares 2x Long TSM Daily ETFScore 73
  2. Rank 2AUNHGLeverage Shares 2x Long UNH Daily ETFScore 72
  3. Rank 3AOKTGLeverage Shares 2x Long OKTA Daily ETFScore 70
  4. Rank 92CLLYXDaily Target 2X Long LLY ETFScore 48
  5. Rank 92CMRNXDaily Target 2X Long MRNA ETFScore 48
  6. Rank 92CTSMUGraniteShares 2x Long TSM Daily ETFScore 48

Our read on each fund

ETF.net Research

MRNXCDaily Target 2X Long MRNA ETF

UNHGALeverage Shares 2x Long UNH Daily ETF

In short

MRNX Most 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%.

UNHG Two times UnitedHealth's daily move, reset every night: a managed-care insurer in a category stuffed with chip and AI names. UNHG got there first, and it charges 0.77%.

Stated mandate

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

UNHG The fund seeks daily investment results equal to twice the daily performance of UnitedHealth Group Incorporated stock, before fees and expenses.

Why people hold it

  • MRNX 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.
  • UNHG At 0.77%, the cheaper of the only two 2x UNH funds: Direxion's UNHU runs 0.97% net of a waiver through September 1, 2027. Both sit below the category's typical fee.
  • First to the 2x UNH trade, listed July 2025, months before Direxion's version arrived in March 2026. It trades actively for a single-stock leveraged fund.direxion.com
  • Exposure comes from total return swaps reset at each close, and day-to-day it has stayed close to its 2x target. One of the better-built funds in a crowded bull field.leverageshares.comsec.gov

Worth knowing

  • MRNX 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
  • UNHG Daily reset means multi-day results depend on the path UNH takes, not just its direction. Choppy stretches can erode value even if the stock ends where it started.leverageshares.com
  • Swap-based exposure carries counterparty risk, and everything rides on one managed-care company's news, from earnings to policy headlines.leverageshares.com
  • Listed in 2025, so there is little history to judge it across a full market cycle.

Full MRNX profile⁠

Full UNHG profile⁠

MRNX vs UNHG Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MRNX vs UNHG Cost

Overpaying MRNX vs UNHG

$9,136

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

  • MRNX 1.34%

    $23,965

  • UNHG 0.77%

    $14,829

$10,000
30 years

Cost over time

  • MRNX 1.34%
  • UNHG 0.77%
  • 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 $23,965UNHG $14,829

Year by year

YearMRNXUNHGOverpaying
10$2,329$1,371$958
20$8,621$5,205$3,416
30$23,965$14,829$9,136

Expense ratio

  • 1.34%MRNX
  • 0.77%UNHG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

UNHG 135th cheapest of 315 funds

MRNX 250th cheapest of 315 funds

MRNX vs UNHG Dividends

Last 12 months to Nov 2, 2026
Payout (12M)
MRNX None
UNHG No data
Last payment
MRNX No data
UNHG $1.90
Ex-dividend
MRNX No data
UNHG Dec 30, 2025
Paid on
MRNX No data
UNHG Jan 2, 2026
Frequency
MRNX No data
UNHG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

MRNXAll MRNX payments⁠

No distribution history available.

UNHGIrregular · 1 paymentAll UNHG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.90. Use the arrow keys to read each point.$0$22026YTD

MRNX vs UNHG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MRNX No dataUNHG 98.1%since Aug 2025
Return per unit of riskSharpe ratio, 3 years
MRNX No dataUNHG 0.90since Aug 2025
Worst fallMax drawdown, 5 years
MRNX No dataUNHG −57.1%since Jul 2025
Market sensitivityBeta, 5 years
MRNX −1.97UNHG 5.19

Popular comparisons

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    Daily Target 2X Long MRNA ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
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    Category
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  • UNHGAvsTSMGA

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