YBMN
Defiance BMNR Option Income ETF
Distribution Rate *
Distribution Frequency
30-Day SEC Yield **
BMNR Option Income ETF. Seeks to generate weekly income ***
Fund Overview
YBMN is an actively managed options income ETF that seeks to provide investors with consistent income while offering up to 80% exposure to the performance of BitMine Immersion Technologies, Inc. (“BMNR”). The fund is the first ETF to target weekly income using an options overlay strategy on BMNR, launched in partnership with Milliman Financial Risk Management, a global leader in investment advisory and risk management solutions.
The Fund seeks to harness BMNR’s distinctive volatility profile—shaped in part by its Ethereum-linked corporate treasury strategy—to create attractive premium-harvesting opportunities while maintaining measured upside participation.
Strategy Overview
YBMN utilizes a Multi-Engine Income Architecture, combining three specialized options-based components designed to enhance premium generation and help manage risk across different market environments:
-
Core Income Engine: Weekly option writing intended to capture consistent premium from short-dated contracts.
-
Volatility Harvesting Engine: Quantitative, rules-based positioning that adjusts to different volatility regimes to optimize premium collection.
-
Capital Preservation Engine: Real-time option market data informs strike selection and position sizing to help mitigate NAV erosion during adverse market movements.
Together, these engines aim to provide a more dynamic income approach than traditional single-strategy covered call funds, while recognizing the risks associated with single-issuer exposure and derivatives trading.
Investment Objective
The Defiance BMNR Option Income ETF (the “Fund” or the “BMNR Option Income ETF”) seeks current income and exposure to the share price of the BitMine Immersion Technologies, Inc. (“BMNR” or the “Underlying Security”), subject to a limit on potential investment gains.
There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of their investment.
*** The Fund seeks to maintain relatively stable distributions at least weekly. These weekly distributions are not dependent on, but may be impacted by, price appreciation of the Underlying Security. There is no guarantee the Fund will make more than one, if any, weekly distributions and distribution amounts may vary.
Distributions from YBMN include the following estimated return of capital per the 02/19/2026 19-a1 Notice: 92.00%. Distributions which include return of capital decrease the Fund’s NAV and trading price, which over time can result in losses on an investment.
YBMNMarket Price
Performance
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | -3.81% | -3.81% | xx.xx% | xx.xx% | -11.97% |
| Market Price (%) | -3.64% | -3.64% | xx.xx% | xx.xx% | -11.67% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | -12.90% | xx.xx% | xx.xx% | -8.49% |
| Market Price (%) | xx.xx% | -14.95% | xx.xx% | xx.xx% | -8.34% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% | 5.06% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% | 7.77% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| 2025 | |
|---|---|
| Total Return NAV(%) | xx.xx% |
| Market Price (%) | xx.xx% |
Fund Details
Data as of 02/17/2026Top Holdings
| Name | Symbol | Stock price | % Net assets | Shares Held | Market Value |
|---|---|---|---|---|---|
| United States Treasury Bill 04/23/2026 | 912797SM0 | $99.37 | 99.10% | 2,264,000 | $2,249,670 |
| Bmnr 02/20/2026 19.76 C | 2BMNR 260220C00019760 | $0.60 | 3.03% | 1,152 | $68,820 |
| First American Government Obligations Fund 12/01/2031 | FGXXX | $100.00 | 1.44% | 32,579 | $32,579 |
| Bmnr 02/20/2026 22.58 C | 2BMNR 260220C00022580 | $0.05 | -0.23% | -1,152 | $-5,322 |
| Cash & Other | Cash&Other | $1.00 | -0.73% | -16,549 | $-16,549 |
| Bmnr 02/20/2026 19.76 P | 2BMNR 260220P00019760 | $0.51 | -2.61% | -1,152 | $-59,236 |
Distributions
Declaration Date |
Ex-Div Date |
Record Date |
Payable Date |
Amount ($) |
|---|---|---|---|---|
03/03/2026 |
03/04/2026 |
03/04/2026 |
03/05/2026 |
$– |
02/24/2026 |
02/25/2026 |
02/25/2026 |
02/26/2026 |
$– |
02/17/2026 |
02/18/2026 |
02/18/2026 |
02/19/2026 |
$0.1069 |
02/10/2026 |
02/11/2026 |
02/11/2026 |
02/12/2026 |
$0.2154 |
02/03/2026 |
02/04/2026 |
02/04/2026 |
02/05/2026 |
$0.2039 |
01/27/2026 |
01/28/2026 |
01/28/2026 |
01/29/2026 |
$0.3414 |
01/20/2026 |
01/21/2026 |
01/21/2026 |
01/22/2026 |
$0.3686 |
01/13/2026 |
01/14/2026 |
01/14/2026 |
01/15/2026 |
$0.2748 |
01/06/2026 |
01/07/2026 |
01/07/2026 |
01/08/2026 |
$0.2428 |
12/30/2025 |
12/31/2025 |
12/31/2025 |
01/02/2026 |
$0.2455 |
12/23/2025 |
12/24/2025 |
12/24/2025 |
12/26/2025 |
$0.4643 |
12/16/2025 |
12/17/2025 |
12/17/2025 |
12/18/2025 |
$0.4478 |
12/09/2025 |
12/10/2025 |
12/10/2025 |
12/11/2025 |
$0.1871592 |
12/02/2025 |
12/03/2025 |
12/03/2025 |
12/04/2025 |
$0.11535896 |
| Declaration Date | Ex-Div Date | Record Date | Payable Date | Amount ($) | |
|---|---|---|---|---|---|
| No records found | |||||
| Distribution Rate *
Payable As of 02/12/2026 |
75.17% |
| Distribution Frequency | Weekly |
| 30-Day SEC Yield ** As of 01-31-2026 |
2.06% |
