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Launched

Defiance Daily Target 2X Long IONQ ETF

IONXNasdaqDefianceDThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$10.32−1.48 (−12.54%)

At close: Nov 2, 2026, 4:00 PM ET

D38/ 100

Rank 285 of 380 in Single-Stock Long Leveraged

D38/100Rank 285 of 380inSingle-Stock Long Leveraged
Intraday session: down, 79 prints from 11.80 to 10.32. Range 10.12 to 12.19. Use the arrow keys to read each point.10.0011.0011.5010 AM12 PM2 PM4 PM
Expense ratio
1.38%
Fund size
$94M
1Y total return
−92.4%
Yield · Last 12 months
No data
Holdings
10
Avg volume · 30D
1.13M sh
52W range
low $10.55high $159.69
Launched

The ETF.net IONX Grade

Based on 5 of 6 pillars

D

Score 38 out of 100

Category
Single-Stock Long Leveraged⁠
Rank
285 of 380
Six-pillar profile for IONX. Scores out of 100: Cost 20, Risk 28, Mission 85, Tradability 72, Holdings not scored, Durability 79. Strongest: Mission (85). Weakest: Cost (20). Based on 5 of 6 pillars.

Score 38 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F20 out of 100
    Rank 303 of 380

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A85 out of 100
    Rank 103 of 150

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D28 out of 100
    Rank 304 of 368

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A72 out of 100
    Rank 80 of 380

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A79 out of 100
    Rank 23 of 380

Our read on IONX

ETF.net Research

In short

DA pure trading instrument: swaps on IonQ, the trapped-ion quantum computing company, aiming for twice its daily move with no margin account needed. The target resets every day, so this is a day-trade tool by design.

Stated mandate

The Fund seeks daily leveraged investment results equal to two times the daily percentage change in the share price of IonQ, Inc.

Why people hold it

  • Simple job, clearly stated: total return swaps on IonQ shares plus Treasury bill collateral, targeting 2x IonQ's daily percentage change. No margin account, no options chain.defianceetfs.comsec.gov
  • Day to day, it has stayed close to its stated 2x target, and it changes hands actively, which matters when your holding period is measured in hours.
  • At 1.38%, it is the cheaper of the two 2x IonQ ETFs: IONL charges 1.50% net of a waiver through December 31, 2026, on a 3.63% gross fee.
  • Live since March 2025 inside Defiance's single-stock lineup, so it has a real operating record rather than a launch-week one.

Worth knowing

  • The 2x target resets daily. Hold longer and your result tracks IonQ's path, not just its endpoint; choppy stretches can grind value down even if the stock ends flat.defianceetfs.com
  • Double the daily move of a single volatile quantum computing stock, with no buffer or downside cushion in the structure. Drawdowns arrive at double speed too.defianceetfs.com
  • The fee sits above the category median, and other issuers' 2x single-stock funds charge less (TSMG, 0.76%). Leverage and swap financing costs stack on top.sec.gov

IONX Holdings

Asset class
Other
Holdings
10
Top-10 weight
309%
Largest holding
United States Treasury Bill 11/19/2026108.0%

Sectors

  • Technology100.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataUnited States Treasury Bill 11/19/2026108.04%101,470,000$101M62
2No dataIonq Inc Swap L-Cs33.49%1,045,017$31.4M2
3No dataIonq Inc Swap Jnst-L31.99%998,413$30M1
4No dataIonq Inc Swap Cantor30.79%960,730$28.9M1
5No dataIonq Inc Swap Nbc-L30.78%960,491$28.9M1
6No dataIonq Inc Swap Marex-L28.77%897,678$27M1
7No dataIonq, Inc.-Swap-Mscs-L20.01%624,492$18.8M1
8No dataIonq Inc Swap Nomura17.69%551,993$16.6M1
9No dataIonq Inc Swap Bmo6.86%214,000$6.43M1
10No dataFirst American Government Obligations Fund 12/01/20310.53%494,175$494K477

Showing 1–10 of 10 holdings

IONX Performance

Launched Mar 11, 2025

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
IONX$764
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. IONX $764. SPY $11,199. Use the arrow keys to read each point.$0$5,000$10,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for IONX. Periods over one year show the average yearly return.
PeriodIONX
Year to date−81.9%
1 month−57.0%
3 months−45.4%
1 year−92.4%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for IONX
YearReturn barIONX
2026 YTD−81.9%
2025+67.1%

History from Mar 12, 2025

IONX in the news

IONX Dividends

Last payment
$1.66 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.66. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Dec 31, 2025$1.66

$10,000 in IONX 1 year ago paid $105 in dividends.

IONX Risk

Risk pillarD28 out of 100Rank 304 of 368 in Single-Stock Long Leveraged

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
204.5%
Annualised · 19 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.45
vs 3-month T-bills · 19 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−95.9%
19 months · trough Oct 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
10.15
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

IONX Cost

Compare IONX and GOGL

Overpaying vs GOGL, tied cheapest in Single-Stock Long Leveraged

$20,399

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • IONX 1.38%

    $24,554

  • GOGL 0.20% Tied cheapest

    $4,155

$10,000
30 years

Cost over time

  • IONX 1.38%
  • GOGL 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530IONX $24,554GOGL $4,155

Year by year

YearIONXGOGLOverpaying
10$2,395$365$2,030
20$8,848$1,421$7,427
30$24,554$4,155$20,399

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