YBMN ETF — Holdings & Analysis

The Defiance BMNR Option Income ETF (YBMN) is an equity ETF from Defiance, launched in November 2025.

With an expense ratio of 0.85%, the fund aims to provide current income and exposure to the share price of BitMine Immersion Technologies, Inc. (BMNR), while limiting potential investment gains. The fund has a small AUM of $0.00B and holds only 6 securities, with a significant portion of its assets in First American Government Obligs X (FGXXX).

Defiance BMNR Option Income ETF (YBMN) ETF — Price, Holdings & Analysis

The Defiance BMNR Option Income ETF (YBMN) is an equity ETF from Defiance, launched in November 2025. With an expense ratio of 0.85%, the fund aims to provide current income and exposure to the share price of BitMine Immersion Technologies, Inc. (BMNR), while limiting potential investment gains. The fund has a small AUM of $0.00B and holds only 6 securities, with a significant portion of its assets in First American Government Obligs X (FGXXX).

ETF Overview

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.

The Defiance BMNR Option Income ETF (YBMN) seeks to generate current income while providing exposure to the price movements of BitMine Immersion Technologies, Inc. (BMNR). This is achieved through a covered call strategy, where the fund buys BMNR shares and sells call options on those shares. The fund's strategy limits potential investment gains in exchange for income generation. The ETF's portfolio is highly concentrated, holding only 6 securities. A significant portion, 11.10%, is invested in First American Government Obligs X (FGXXX). The fund's country exposure is entirely in 'Other' at 100.0%. This ETF may be suitable for investors seeking income generation from a specific equity, while accepting limitations on potential capital appreciation. However, the fund's concentrated nature requires careful consideration.

Risk Metrics

YBMN carries several risks typical of concentrated, option-based strategies. The fund's concentration in a single underlying security, BitMine Immersion Technologies, Inc. (BMNR), exposes it to significant company-specific risk. Any adverse events affecting BMNR could have a substantial negative impact on the ETF's value. The fund's option strategy limits potential upside gains, meaning it may underperform in periods of strong BMNR price appreciation. With a beta of 0.00, the fund's price is not correlated to the market. The expense ratio of 0.85% is higher than the category average, which can create a drag on performance over time. Investors should carefully consider these risks before investing.

Expense Ratio

0.85%

What does YBMN hold?

Holding	Weight
First American Government Obligs X (FGXXX)	11.10%

How Is the Fund Allocated?

Country	Weight
Other	100.0%

Dividend Yield

0.00%

Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) — 0.16% expense ratio
iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
State Street Financial Select Sector SPDR ETF (XLF) — 0.08% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
iShares MSCI EAFE ETF (EFA) — 0.32% expense ratio

Daily Target 2X Long RKLB ETF (RKLX) (Equity) — 1.31% expense ratio
Daily Target 2X Long SOFI ETF (SOFX) (Equity) — 1.29% expense ratio
Daily Target 2X Short PLTR ETF (PLTZ) (Equity) — 1.29% expense ratio
Daily Target 2X Long OKLO ETF (OKLL) (Equity) — 1.31% expense ratio
Daily Target 2X Short LLY ETF (LLYZ) (Equity) — 1.29% expense ratio
S&P 500 Weekly Distribution ETF (WDTE) (Equity) — 1.03% expense ratio

Risk Metrics

Beta: 0.00

Questions & Answers

What is YBMN and what does it track?

The Defiance BMNR Option Income ETF (YBMN) is an exchange-traded fund that aims to provide current income and exposure to the share price of BitMine Immersion Technologies, Inc. (BMNR).

The fund employs a covered call strategy, where it holds shares of BMNR and sells call options on those shares to generate income.

What is the expense ratio for YBMN?

The expense ratio for the Defiance BMNR Option Income ETF (YBMN) is 0.85%. This means that for every $1000 invested in the fund, $8.50 is used to cover the fund's operating expenses.

What are the top holdings in YBMN?

As of 2026-03-15, the top holding in the Defiance BMNR Option Income ETF (YBMN) is First American Government Obligs X (FGXXX), with an allocation of 11.10%. While the fund's stated objective is exposure to BitMine Immersion Technologies, Inc.

(BMNR), the specific holdings related to BMNR are not detailed in the provided data.

Is YBMN a good long-term investment?

Evaluating YBMN as a long-term investment requires careful consideration of its strategy and risk profile. The fund's covered call strategy limits potential upside gains, which may hinder long-term capital appreciation.

Its concentrated holdings in a single stock (BMNR) expose it to significant company-specific risk.

How does YBMN compare to similar ETFs?

YBMN is unique due to its focus on generating income from options on a single stock, BitMine Immersion Technologies, Inc. (BMNR). Most similar ETFs employ covered call strategies across a basket of stocks or an index, providing greater diversification.

YBMN's expense ratio of 0.85% may be higher than some broader covered call ETFs.

Does YBMN pay dividends?

According to the available data, the Defiance BMNR Option Income ETF (YBMN) has a dividend yield of 0.00%. This suggests that the fund is not currently distributing dividends to its shareholders.

While the fund aims to generate income through its covered call strategy, this income may be reinvested or used to cover expenses, rather than being distributed as dividends.