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IONX

GradeDNASDAQ

Defiance Daily Target 2X Long IONQ ETF

Leveraged · Single-Stock Leveraged · Defiance · Inception 2025-03-11

This 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.

$26.01+2.10 (+8.78%)

As of Sep 23, 2026, 3:05 PM EDT

History starts Mar 12, 2025.
Intraday session: up, 68 prints from 23.91 to 26.01. Range 25.44 to 29.50. Use the arrow keys to read each point.$25.00$27.00$28.00$29.0010 AM12 PM2 PM4 PM
Expense ratio
1.38%
Fund size
$159M
1Y return
−90.0%
Yield · Last 12 months
Data unavailable
Holdings
11
Volume · 30D
1.2M sh
NAV per share
$23.65
52W range
low $16.80high $311.87

The ETF.net IONX Grade

D

35/ 100

Rank 237 of 380 in Single-Stock Long Leveraged⁠

Confidence High

Six-pillar profile for IONX. Scores out of 100: Cost 22, Risk 25, Mission 83, Tradability 58, Holdings not scored, Durability 79. Strongest: Mission (83). Weakest: Cost (22). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 35 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 22
    Category rank297/380 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 83
    Category rank115/147 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 25
    Category rank246/285 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 58
    Category rank143/380 · top 38%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 79
    Category rank24/380 · top 6%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on IONX

ETF.net Research

DTwo times IonQ's daily move, reset every day. One of only two US ETFs running that trade, and the cheaper of the pair by a wide margin.

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

  1. 01Charges 1.29% a year. The only other 2x IonQ fund, IONL, charges 3.63%, so the same mechanical exposure costs far less here.
  2. 02The mandate is narrow and literal: 2x the daily percentage change in IonQ shares, nothing else. Day to day it has tracked that target closely.
  3. 03Actively traded for a single-stock leveraged fund, which matters when the holding period is measured in days rather than years.
  4. 04Sits in the upper half of a crowded field of 2x single-stock bull funds on how cleanly it executes the job it advertises.

Worth knowing

  1. 01The 2x target resets daily. Hold longer and returns can drift from twice the stock's move over that stretch: choppy tape erodes, sustained trends compound.
  2. 021.29% is above the typical fee for 2x single-stock funds. The bargain is against its IonQ twin, not the category.
  3. 03One volatile stock, doubled, with a track record starting only in 2025. Drawdowns arrive at twice the speed of IonQ's own.

IONX Holdings

As of Sep 20, 2026, 5:08 AM
Asset class
Other
Holdings
11
Top-10 weight
281%
Largest holding
United States Treasury Bill 11/19/202674.4%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—United States Treasury Bill 11/19/202674.35%111,000,000$110M48
002—IONQ, INC.-SWAP-MSCS-L33.58%1,273,000$50M1
003—IONQ INC SWAP NBC-L27.29%1,034,528$40M1
004—IONQ INC SWAP MAREX-L26.83%1,017,022$40M1
005—IONQ INC SWAP NOMURA25.69%973,890$38M1
006—IONQ INC SWAP L-CS25.38%962,016$38M2
007—IONQ INC SWAP JNST-L25.31%959,385$38M1
008—IONQ INC SWAP CANTOR23.05%873,739$34M1
009—IONQ INC SWAP BMO12.98%492,000$19M1
010—First American Government Obligations Fund 12/01/20316.67%9,891,754$10M625

Showing 1–10 of 10 holdings

IONX Performance

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

IONX$1,004
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. IONX $1,004. SPY $11,723. Use the arrow keys to read each point.$-170$6,238$12,646Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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−63.3%
1 month−22.4%
3 months−61.8%
1 year−90.0%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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−63.3%
2025+67.1%

History from Mar 12, 2025

IONX in the news

ETF.net Research hasn’t filed on IONX yet — coverage lands here as it’s written.

IONX Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
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

IONX Risk

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.
209.0%
Annualised · 17 months to Aug 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.
0.62
vs 3-month T-bills · 17 months to Aug 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.
−94.0%
18 months · trough Jul 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.

IONX Cost

Expense ratio1.38%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

262 of the 329 Single-Stock Long Leveraged funds charge less.

IONX costs $138.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.