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Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Defiance BMNR Option Income ETF

YBMN | ETF

$13.71

$2.8 M

78.18%

$10.72

0.85%

Vitals

YTD Return

-17.6%

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$2.8 M

Holdings in Top 10

97.7%

52 WEEK LOW AND HIGH

$14.0
$13.52
$30.87

Expenses

OPERATING FEES

Expense Ratio 0.85%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Defiance BMNR Option Income ETF

YBMN | ETF

$13.71

$2.8 M

78.18%

$10.72

0.85%

YBMN - Profile

Distributions

  • YTD Total Return -17.6%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 78.2%
  • Dividend Distribution Frequency Weekly

Fund Details

  • Legal Name
    Defiance BMNR Option Income ETF
  • Fund Family Name
    N/A
  • Inception Date
    Nov 25, 2025
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

The Fund is an actively managed exchange-traded fund that seeks current income while providing direct or indirect exposure to the share price (i.e., the price returns) of BMNR, subject to a limit on potential investment gains. BMNR is a publicly traded, digital asset and blockchain technology company that engages in the production or “mining” of bitcoin and has recently initiated an Ethereum treasury strategy. As further described below, the Fund may use either a traditional covered call strategy or a synthetic covered call strategy to provide (i) current income (from the option premiums) and (ii) direct or indirect exposure to the Underlying Security’s share price returns, subject to a limit on potential investment gains of the Underlying Security as a result of the nature of the options strategy the Fund employs. Accordingly, the Fund both seeks to generate weekly income from its options investments and aims to derive gains when the value of the Underlying Security increases.
Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in financial instruments that provide direct or indirect exposure to BMNR.
An investment in the Fund is not an investment in the Underlying Security.
•If the Underlying Security’s stock price increases in value, the Fund will capture only a portion of its potential gains.
•If the Underlying Security’s stock price decreases in value, the Fund is subject to all potential losses, which may not be offset by option premium income received by the Fund.
•If the Fund uses a synthetic covered call strategy, Fund shareholders will not be entitled to any Underlying Security dividends.
As part of its implementation of either covered call strategy, the Fund will purchase and sell Flexible Exchange® (“FLEX”) Options that are based on the value of the price returns of the Underlying Security. Unlike options with standardized terms, FLEX Options
allow for customizable terms (e.g., a negotiable strike price). The Fund may also use standard exchange-listed options that provide exposure to the Underlying Security, if available, in combination with FLEX Options.
The Fund’s option contracts are based on the Underlying Security. The Fund has the right or obligation to receive or deliver shares of the Underlying Security in exchange for the stated strike price, depending on whether the option contract (1) is bought or sold by the Fund, and (2) a call or put option.
•A call option contract is a derivative that gives the holder of the option the right, but not the obligation, to buy an underlying security from the writer (seller) of the option at a predetermined exercise (or “strike”) price on or before a set expiration date. The writer (seller) of a call option contract receives a premium, which is a payment for giving up the right to gains above the specified price within the defined period.
•A put option contract is a derivative that gives the holder the right, but not the obligation, to sell an underlying security at a specified strike price on or before the option contract’s expiration date. The writer (seller) of a put option contract receives a premium, which is a payment for taking on the obligation to purchase the underlying security at a specified strike price if the option is exercised by the option holder.
Traditional Covered Call Strategy. A traditional covered call strategy involves simultaneously buying shares of a security and selling (or “writing”) a call option on that security, with a goal of generating income from the call option premium while also profiting, subject to a cap on investment gains set by the strike price of the sold (short) call option, from potential increase in the value of the security.
To the extent that the Fund engages in a traditional covered call strategy, the Fund’s options typically have weekly expiration dates and strike prices that are identical to (“at the money”) or near the current market price of the Underlying Security.
Synthetic Covered Call Strategy. A synthetic covered call strategy is similar to a traditional covered call strategy but involves selling (or writing) a call option on an underlying security that the option seller does not own. A synthetic covered call strategy consists of both synthetic long exposure and a covered call strategy.
•Synthetic Long Exposure – Rather than hold shares of the Underlying Security directly, the Fund seeks to replicate 100% of the price movements of the Underlying Security indirectly, or synthetically, by purchasing call options on the Underlying Security while simultaneously selling put options on the Underlying Security. The combination of long call options and sold (or “short”) put options provides the Fund with approximately 100% indirect investment exposure to the Underlying Security.
•Covered Call Strategy – As part of its strategy, the Fund will sell (or write) call options on the Underlying Security to generate income. Call options written (sold) by the Fund as part of this strategy typically have expiration dates of one week or less and a strike price that is less than 15% above the then-current share price of the Underlying Security. The Fund will seek to participate in the Underlying Security’s share price appreciation, if any, subject to a cap on investment gains set by the strike price of the sold (short) call option.
The market value of the cash and treasuries held by the Fund is expected to be between 50% and 100% of the Fund’s net assets and the market value of the options package is expected to be between 0% and 50% of the Fund’s net assets. In terms of notional value, the combination of these investment instruments provides indirect investment exposure to the Underlying Security equal to at least 100% of the Fund’s total assets.
Milliman Financial Risk Management LLC, the Fund’s investment sub-adviser (“Milliman” or the “Sub-Adviser”), determines whether to write or buy options depending on the prevailing market conditions.
The Fund intends to continuously maintain exposure to the Underlying Security through its use of options contracts. As the options held by the Fund are exercised or expire, the Fund may enter into new options contracts, a practice known as “rolling” that may result in high portfolio turnover.
Although the Fund is actively managed, the Fund intends to employ its covered call strategy regardless of whether there are periods of adverse market, economic, or other conditions, and the Fund does not intend to take temporary defensive positions during such periods.
With respect to either covered call strategy, the Fund will hold cash, cash-equivalents, and/or high-quality securities as collateral for its options contracts (collectively, “Collateral”). The Collateral may consist of: (i) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (ii) money market funds; and/or (iii) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or determined by Defiance ETFs, LLC (the “Adviser”) or the Sub-Adviser to be of comparable quality. Such Collateral is designed to provide liquidity, serve as margin or otherwise collateralize the Fund’s investments in financial instruments to provide a return on cash used as collateral with respect to the options contracts use in the Fund’s covered call strategy.
The Fund seeks to make distributions at least weekly. These weekly distributions are not dependent on, but may be impacted by, price appreciation of the Underlying Security.
The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s strategy may result in the active and frequent trading of the Fund’s investments, which may result in significant portfolio turnover.
As a result of the Fund’s strategies, the Fund concentrates in the industry (or industries) assigned to BMNR (i.e., holds 25% or more of its total assets in investments that provide exposure to the industry (or industries) assigned to BMNR). As of the date of this Prospectus, BMNR is assigned to the crypto asset (financial services) and bitcoin mining industries.
There is no guarantee that the Fund’s investment strategy will produce the intended investment results.
BMNR
BMNR is a publicly traded, digital asset and blockchain technology company that engages in the production or “mining” of bitcoin and has recently initiated an Ethereum treasury strategy. BMNR is building out industrial scale digital asset mining, equipment sales and hosting operations. BMNR’s primary business is self-mining bitcoin for its own account, as well as hosting third-party equipment used in mining of digital asset coins and tokens, specifically bitcoin. BMNR’s facilities will be specifically designed and constructed for housing advanced mining equipment, and BMNR’s data centers will provide power, racks, proprietary thermodynamic management (heat dissipation and airflow management), redundant connectivity, 24/7 security, as well as software which provide infrastructure management and custom firmware that boost performance and energy efficiency. BMNR’s business strategy generally involves the accumulation of bitcoin for long-term investment, whether acquired by its bitcoin mining operations or from the proceeds of capital raising transactions. BMNR also intends to accumulate ether with respect to its Treasury operations.
The information in this prospectus regarding BMNR comes from its SEC filings. You should refer to BMNR’s SEC filings as well as other publicly available information (e.g., BMNR’s annual shareholder reports) to obtain a more detailed understanding of BMNR’s investments and financials. The description of BMNR herein was taken from BMNR’s prospectus supplement, dated September 22, 2025, and BMNR’s annual report to shareholders for the fiscal year ended August 31, 2024.
You can find additional information filed with the SEC by BMNR, such as BMNR’s most recent shareholder reports, on the SEC’s website at www.sec.gov (Investment Company Act File No. 000-56220).
This document relates only to the securities offered herein and does not relate to the shares of BMNR or other securities of BMNR. The Fund has derived all disclosures contained in this document regarding BMNR from publicly available documents. None of the Fund, the Trust, Adviser, Sub-Adviser or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to BMNR. None of the Fund, Trust, Adviser, Sub-Adviser or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding BMNR is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of BMNR (and therefore the price of BMNR at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning BMNR could affect the value received with respect to the securities and therefore the value of the securities.
None of the Fund, Trust, Adviser, Sub-Adviser or their respective affiliates makes any representation to you as to the performance of BMNR.
THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH BMNR.
Read More

YBMN - Performance

Return Ranking - Trailing

Period YBMN Return Category Return Low Category Return High Rank in Category (%)
YTD -17.6% N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period YBMN Return Category Return Low Category Return High Rank in Category (%)
2025 N/A N/A N/A N/A
2024 N/A N/A N/A N/A
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period YBMN Return Category Return Low Category Return High Rank in Category (%)
YTD -17.6% N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period YBMN Return Category Return Low Category Return High Rank in Category (%)
2025 N/A N/A N/A N/A
2024 N/A N/A N/A N/A
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A

YBMN - Holdings

Concentration Analysis

YBMN Category Low Category High YBMN % Rank
Net Assets 2.8 M N/A N/A N/A
Number of Holdings 5 N/A N/A N/A
Net Assets in Top 10 2.39 M N/A N/A N/A
Weighting of Top 10 97.67% N/A N/A N/A

Top 10 Holdings

  1. United States Treasury Bill 104.33%
  2. BMNR 02/06/2026 26.73 C 2.56%
  3. First American Government Obligations Fund 0.12%
  4. BMNR 02/06/2026 30.39 C -0.72%
  5. BMNR 02/06/2026 26.73 P -8.62%

Asset Allocation

Weighting Return Low Return High YBMN % Rank
Bonds 		104.33% N/A N/A N/A
Cash 		2.45% N/A N/A N/A
Stocks 		0.00% N/A N/A N/A
Preferred Stocks 		0.00% N/A N/A N/A
Convertible Bonds 		0.00% N/A N/A N/A
Other 		-6.78% N/A N/A N/A

Bond Sector Breakdown

Weighting Return Low Return High YBMN % Rank
Cash & Equivalents 		0.12% N/A N/A N/A
Securitized 		0.00% N/A N/A N/A
Corporate 		0.00% N/A N/A N/A
Municipal 		0.00% N/A N/A N/A
Government 		0.00% N/A N/A N/A
Derivative 		-6.78% N/A N/A N/A

Bond Geographic Breakdown

Weighting Return Low Return High YBMN % Rank
US 		104.33% N/A N/A N/A
Non US 		0.00% N/A N/A N/A

YBMN - Expenses

Operational Fees

YBMN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.85% N/A N/A N/A
Management Fee 0.85% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

YBMN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

YBMN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

YBMN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

YBMN - Distributions

Dividend Yield Analysis

YBMN Category Low Category High YBMN % Rank
Dividend Yield 78.18% N/A N/A N/A

Dividend Distribution Analysis

YBMN Category Low Category High Category Mod
Dividend Distribution Frequency Weekly

Net Income Ratio Analysis

YBMN Category Low Category High YBMN % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

YBMN Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

View More +

YBMN - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A

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