Defiance ETFs Partners with Milliman to Launch YBMN, the First ETF that Targets Weekly Income * on Bitmine Immersion Technologies

MIAMI, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Defiance ETFs, a leader in thematic and innovative exchange-traded fund solutions, today announced the launch of the Defiance BMNR Option Income ETF (NYSE:YBMN), the first income-focused ETF utilizing an options overlay strategy on Bitmine Immersion Technologies, Inc. (NASDAQ:BMNR). The fund is launching in partnership with Milliman Financial Risk Management, a global leader in investment advisory and risk management solutions.

YBMN seeks to provide investors with consistent income and up to 80% exposure to BMNR through the use of a proprietary options income strategy designed to generate attractive distributions while still providing upside participation.

Defiance ETFs has partnered with Milliman to serve as sub-advisor for YBMN's options strategy implementation. Milliman brings decades of expertise in derivatives overlay management, volatility modeling, and institutional risk management to enhance the fund's income generation capabilities while maintaining disciplined risk controls.

"Milliman's quantitative rigor and institutional-grade options expertise make them the ideal partner for this strategy," said Sylvia Jablonski, Chief Investment Officer of Defiance ETFs.

Robert Cummings, Principal and Managing Director at Milliman FRM, added: "Milliman is excited to collaborate with Defiance ETFs on this innovative product. BMNR's Ethereum treasury strategy creates a compelling underlying asset with the volatility characteristics ideal for premium harvesting. Our expertise in volatility-based strategies and derivatives overlay management aligns perfectly with YBMN's mission to deliver differentiated income solutions while providing exposure to the Ethereum ecosystem through a public equity vehicle."

The fund utilizes a Multi-Engine Income Architecture designed to enhance risk-adjusted returns. Unlike single-strategy covered call ETFs, YBMN deploys a three-tier options framework:

• Core Income Engine: Weekly option writing for targeting consistent premium capture.
• Volatility Harvesting Engine: Algorithmic approach to collecting premium during different volatility regimes.
• Capital Preservation Engine: Real-time option market inputs improve strike selection and help reduce NAV erosion.
  
  

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.

About Defiance ETFs

Founded in 2018, Defiance is at the forefront of ETF innovation. Defiance is a leading ETF issuer with 50+ ETFs, specializing in thematic, income, and leveraged strategies. For more information, visit www.defianceetfs.com.

About Milliman Financial Risk Management

Milliman Financial Risk Management LLC (Milliman FRM) is a global leader in investment advisory and risk management services. With expertise spanning asset allocation, derivatives overlay, and institutional portfolio management, Milliman FRM serves pension funds, insurance companies, endowments, and asset managers worldwide. For more information, visit www.milliman.com.

Media Contact

Defiance ETFs

Sylvia Jablonski

[email protected]

833.333.9383

IMPORTANT DISCLOSURES

The Fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read the prospectus and/or summary prospectus carefully before investing. Hard copies can be requested by calling 833.333.9383.

Defiance ETFs, LLC is the ETF sponsor. Milliman Financial Risk Management LLC ("Milliman") serves as sub-advisor to the Fund. Tidal Investments, LLC ("Tidal") serves as the Fund's investment adviser.

Investing involves risk. Principal loss is possible. As an ETF, the Fund may trade at a premium or discount to its net asset value ("NAV"). Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Fund holdings, sector exposures, and single-issuer exposures may change at any time and should not be considered recommendations to buy or sell any security.

An investment in YBMN is not an investment in BitMine Immersion Technologies, Inc. ("BMNR") or in Ethereum or any other cryptocurrency. The Fund does not invest directly in BMNR common stock or in digital assets, and shareholders are not entitled to receive dividends or economic rights associated with those instruments.

Price Participation and Downside Risk. The Fund's options-based income strategy may limit the degree to which the Fund participates in increases in the value of BMNR. The Fund is subject to significant downside risk if BMNR declines or experiences elevated volatility. Income received from options premiums may not offset losses resulting from adverse market movements. The Fund could lose a substantial portion of its value in a single trading session during sharp market downturns or periods of heightened volatility.

Options and Derivatives Risk. The Fund's use of derivatives, including options, may pose risks in addition to those associated with directly investing in securities. These risks include market risk, imperfect correlation with the underlying issuer, volatility risk, liquidity risk, valuation risk, and legal or regulatory constraints. The value of options may be highly sensitive to changes in volatility, time decay, interest rates, and market events.

Single Issuer Risk. Because the Fund's investment exposure is tied to BMNR, the Fund may experience greater volatility and risk than a diversified fund. A decline in BMNR's value, operations, or market perception may have a disproportionately negative impact on the Fund's NAV. The Fund may not be suitable for all investors.

Digital Asset and Ethereum Exposure Risk. BMNR's corporate strategy includes exposure to Ethereum and digital asset market dynamics. Digital assets are subject to significant volatility, regulatory uncertainty, technological risks, cyber risks, and market disruptions, which may indirectly affect the performance of the Fund.

Counterparty Risk. The Fund is subject to the risk that a derivatives counterparty or clearing member becomes unable or fails to meet its financial obligations. This could result in significant losses to the Fund.

Options Liquidity and Market Conditions. Adverse market conditions, reduced liquidity, or an inability to enter, adjust, or roll option positions may prevent the Fund from effectively implementing its strategy, which could negatively affect performance. High volatility may increase bid-ask spreads or reduce the availability of desirable strike prices.

High Distribution and Return of Capital Risk. Distributions are not guaranteed and may vary significantly. High levels of distributions may not be sustainable. Distributions may include return of capital, which reduces the Fund's NAV and trading price and may cause investors to lose money over time.

New Fund Risk. The Fund is recently organized and has a limited operating history. There can be no assurance that the Fund will achieve its investment objectives.

Diversification does not ensure a profit nor protect against loss in a declining market.

Brokerage commissions may be charged on trades.

Distributed by Foreside Fund Services, LLC.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d52b932f-9ae3-48b1-b5b2-2db80a01e307