Key Highlights

  • Tradr 2X Long MRAM Daily ETF (CBOE:MRAX) closed at USD 30.98 on September 29, 2026, up 4.76 percent on the day and 20.15 percent over one week.
  • The fund, which began trading on August 11, 2026, is up 21.18 percent since launch and 21.20 percent over one month.
  • Everspin Technologies (NASDAQ:MRAM) posted record second quarter Revenue of USD 18.7 million, up 42 percent year on year.
  • At 1.49 percent, the fund's expense ratio is the highest of the four new 2x chip funds reviewed this week.

A First to Market Fund on Everspin

Tradr 2X Long MRAM Daily ETF (CBOE:MRAX) debuted on Cboe on August 11, 2026, alongside 2x funds on SiTime and United Microelectronics, taking Tradr's lineup to 75 leveraged ETFs. The firm said the Everspin and SiTime funds were the first to market on those stocks. MRAX seeks 200 percent of the daily performance of Everspin Technologies (NASDAQ:MRAM), before fees, and lists an expense ratio of 1.49 percent. Total Assets were reported near USD 1 million, which makes trading costs and spreads an important consideration alongside the headline fee. The sibling funds trade as SITX and UMCU. Matt Markiewicz, Head of Product and Capital Markets at Tradr, said traders increasingly want ways to express views on emerging technology leaders beyond the high profile chip stocks.

Everspin's Niche in Persistent Memory

Everspin makes magnetoresistive random access memory, which retains data without power and is used in industrial, energy and aerospace systems. Second quarter 2026 revenue, reported August 5, rose 42 percent to USD 18.7 million, with product sales up 38 percent to USD 15.3 million and non GAAP Earnings of USD 0.11 per share. That compares with first quarter revenue of USD 14.87 million. Management guided third quarter revenue to USD 19.5 million to USD 20.5 million. President and CEO Sanjeev Aggarwal credited industrial automation, energy management, and aerospace and defense. A USD 40 million contract with a US defense prime, spanning about 2.5 years for Toggle MRAM and engineering services, began contributing revenue. The shares closed at USD 18.47 on September 25, up 3.3 percent, within a 52 week range of USD 7.35 to USD 51.50.

Small Cap Volatility Meets Daily Leverage

Everspin is a small company whose shares have swung widely, and that matters more in a 2x wrapper. Daily resets mean the fund's return over weeks can drift away from twice the stock's return, in either direction. As a labeled illustration, if the stock rises 10 percent and then falls 10 percent, it ends 1 percent lower, while a 2x fund ends 4 percent lower. Analyst views are split: Needham raised its target to USD 19 in August, while Weiss Ratings cut its grade. Insiders sold about USD 18.7 million of stock over the past 12 months with no purchases, another data point for a balanced read. Sector mood, tracked through the iShares Semiconductor ETF (NASDAQ:SOXX), can also swing a name this size quickly.

Where Things Stand

Possibly, though with clear caveats. Tradr 2X Long MRAM Daily ETF (CBOE:MRAX) is up 21.18 percent since launch as Everspin Technologies (NASDAQ:MRAM) delivered record revenue and a defense contract ramp. Against that sit a high 1.49 percent expense ratio, a small asset base and a stock that has traded in a very wide range. Third quarter guidance of USD 19.5 million to USD 20.5 million will be the next test of that momentum. The fund is designed for single day exposure.