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Defiance Teams With Milliman to Launch Income ETF Riding BitMine's Crypto-Fueled Volatility

MarketDash Editorial Team
12 days ago
The new YBMN ETF brings institutional-grade derivatives expertise to a stock known for wild swings, using a three-part options strategy designed to harvest premiums without the typical income fund pitfalls.

Defiance ETFs has rolled out a new income product with some serious quantitative muscle behind it. The Defiance BMNR Option Income ETF (YBMN) launched Tuesday with Milliman Financial Risk Management handling the derivatives strategy from day one. The underlying asset? Bitmine Immersion Technologies, Inc. (BMNR), a stock that swings like it's caffeinated.

Why Milliman Matters Here

Milliman isn't exactly a household name, but in risk modeling and overlay management circles, it's heavyweight material. The firm has decades of experience building volatility frameworks for institutions that want income without feeling like they're gambling. That expertise is the centerpiece of this launch, not just window dressing.

Defiance CIO Sylvia Jablonski pointed out that the partnership brings the quantitative discipline needed for a strategy built around BMNR, which is basically a volatility machine thanks to its crypto connections. Milliman's Robert Cummings noted that BitMine's Ethereum treasury structure creates exactly the kind of price action that makes options premium harvesting work.

Three Engines Instead of One Boring Covered Call

Here's where it gets interesting. YBMN isn't just selling covered calls and calling it a day. The fund uses a three-part system to extract income while maintaining up to 80% exposure to BMNR. First, there's a Core Income Engine targeting regular weekly premiums. Then a Volatility Harvesting Engine that algorithmically adjusts exposure based on market conditions, specifically designed to avoid getting caught overexposed when volatility evaporates. Finally, a Capital Preservation Engine uses real-time data to fine-tune strike selection and dodge the long-term performance drag that often haunts income ETFs.

The pitch is straightforward: combine Milliman's institutional risk management with BitMine's Ethereum-adjacent turbulence, and you get an equity income ETF that straddles traditional discipline and crypto-style volatility. No meme-stock theatrics required, just premium harvesting where the premiums are actually fat enough to matter.

Back to News

Defiance Teams With Milliman to Launch Income ETF Riding BitMine's Crypto-Fueled Volatility

MarketDash Editorial Team
12 days ago
The new YBMN ETF brings institutional-grade derivatives expertise to a stock known for wild swings, using a three-part options strategy designed to harvest premiums without the typical income fund pitfalls.

Defiance ETFs has rolled out a new income product with some serious quantitative muscle behind it. The Defiance BMNR Option Income ETF (YBMN) launched Tuesday with Milliman Financial Risk Management handling the derivatives strategy from day one. The underlying asset? Bitmine Immersion Technologies, Inc. (BMNR), a stock that swings like it's caffeinated.

Why Milliman Matters Here

Milliman isn't exactly a household name, but in risk modeling and overlay management circles, it's heavyweight material. The firm has decades of experience building volatility frameworks for institutions that want income without feeling like they're gambling. That expertise is the centerpiece of this launch, not just window dressing.

Defiance CIO Sylvia Jablonski pointed out that the partnership brings the quantitative discipline needed for a strategy built around BMNR, which is basically a volatility machine thanks to its crypto connections. Milliman's Robert Cummings noted that BitMine's Ethereum treasury structure creates exactly the kind of price action that makes options premium harvesting work.

Three Engines Instead of One Boring Covered Call

Here's where it gets interesting. YBMN isn't just selling covered calls and calling it a day. The fund uses a three-part system to extract income while maintaining up to 80% exposure to BMNR. First, there's a Core Income Engine targeting regular weekly premiums. Then a Volatility Harvesting Engine that algorithmically adjusts exposure based on market conditions, specifically designed to avoid getting caught overexposed when volatility evaporates. Finally, a Capital Preservation Engine uses real-time data to fine-tune strike selection and dodge the long-term performance drag that often haunts income ETFs.

The pitch is straightforward: combine Milliman's institutional risk management with BitMine's Ethereum-adjacent turbulence, and you get an equity income ETF that straddles traditional discipline and crypto-style volatility. No meme-stock theatrics required, just premium harvesting where the premiums are actually fat enough to matter.