ETF overview
The MRNX fund is designed to generate returns by taking a leveraged, bullish stance on the daily share price movements of Moderna, Inc. (MRNA). It achieves this primarily through the use of swap agreements and short-term listed call options. Its objective is to deliver a daily return equivalent to 200% (twice) the daily percentage change in MRNA's stock price, which it maintains through daily rebalancing. However, holding the fund for periods exceeding a single day may lead to actual returns that deviate significantly from this 2x daily target, influenced by factors like market volatility, compounding, and rebalancing impacts. For collateral supporting its derivative contracts, MRNX may also invest in stable assets such as U.S. government securities, money market funds, short-term bond exchange-traded funds (ETFs), and investment-grade corporate debt.
Fund facts
- Leverage
- 2x daily
- Expense ratio
- 1.34%
- Fund assets
- 45.55M USD (all share classes)
- Issuer
- Defiance
- Inception date
- Feb 3, 2026
- Number of holdings
- 9
Holdings (9)
| Name | Ticker | Exposure |
|---|---|---|
| MODERNA INC SWAP NOMURA-L | 126.02% | |
| First American Government Obligations Fund 12/01/2031 | 58.72% | |
| MODERNA INC SWAP MAREX-L | 17.33% | |
| MODERNA, INC.-SWAP-NBCB-L | 15.94% | |
| United States Treasury Bill 11/19/2026 | 15.13% | |
| MODERNA INC SWAP CS-L | 10.72% | |
| MODERNA, INC.-SWAP-JNST-L | 7.97% | |
| MODERNA INC SWAP CF-L | 6.65% | |
| MODERNA, INC.-SWAP-BMOB-L | 3.22% |
This is a leveraged or inverse fund. Exposure is each position's value as a share of the fund's net assets, so swaps and futures can take it above 100% or below 0%. Cash held as collateral is not listed.
Historical returns do not guarantee future returns. This is not investment advice.
- Leverage
- 2x daily
- Expense ratio
- 1.34%
- Fund assets
- 45.55M USD (all share classes)
- Issuer
- Defiance
- Inception date
- Feb 3, 2026
- Number of holdings
- 9
| Name | Ticker | Exposure |
|---|---|---|
| MODERNA INC SWAP NOMURA-L | 126.02% | |
| First American Government Obligations Fund 12/01/2031 | 58.72% | |
| MODERNA INC SWAP MAREX-L | 17.33% | |
| MODERNA, INC.-SWAP-NBCB-L | 15.94% | |
| United States Treasury Bill 11/19/2026 | 15.13% | |
| MODERNA INC SWAP CS-L | 10.72% | |
| MODERNA, INC.-SWAP-JNST-L | 7.97% | |
| MODERNA INC SWAP CF-L | 6.65% | |
| MODERNA, INC.-SWAP-BMOB-L | 3.22% |
This is a leveraged or inverse fund. Exposure is each position's value as a share of the fund's net assets, so swaps and futures can take it above 100% or below 0%. Cash held as collateral is not listed.
The MRNX fund is designed to generate returns by taking a leveraged, bullish stance on the daily share price movements of Moderna, Inc. (MRNA). It achieves this primarily through the use of swap agreements and short-term listed call options. Its objective is to deliver a daily return equivalent to 200% (twice) the daily percentage change in MRNA's stock price, which it maintains through daily rebalancing. However, holding the fund for periods exceeding a single day may lead to actual returns that deviate significantly from this 2x daily target, influenced by factors like market volatility, compounding, and rebalancing impacts. For collateral supporting its derivative contracts, MRNX may also invest in stable assets such as U.S. government securities, money market funds, short-term bond exchange-traded funds (ETFs), and investment-grade corporate debt.
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