Core Insights - Defiance ETFs has launched the Defiance BMNR Option Income ETF (YBMN), the first income-focused ETF utilizing an options overlay strategy on Bitmine Immersion Technologies, Inc. (BMNR) [1][2] - The fund aims to provide consistent income and up to 80% exposure to BMNR through a proprietary options income strategy [2][3] - Milliman Financial Risk Management serves as the sub-advisor for YBMN's options strategy, leveraging their expertise in derivatives and risk management [3][4] Fund Strategy - YBMN employs a Multi-Engine Income Architecture designed to enhance risk-adjusted returns, utilizing a three-tier options framework [5][9] - The fund seeks to maintain relatively stable weekly distributions, which may be influenced by the price appreciation of the underlying security [6][9] - The Core Income Engine focuses on weekly option writing for consistent premium capture, while the Volatility Harvesting Engine uses an algorithmic approach to collect premiums during varying volatility regimes [9] Partnership and Expertise - The collaboration with Milliman is highlighted as a strategic advantage, bringing institutional-grade options expertise to the fund [4][5] - Milliman's experience in volatility-based strategies aligns with YBMN's goal of delivering differentiated income solutions while providing exposure to the Ethereum ecosystem [5]