Launch Roundup
Subversive ETFs listed S&P 500 and Nasdaq-100 funds that exclude Elon Musk's companies
Defiance Daily Target 2X Long IONQ ETF
DThis 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.
$16.69−1.56 (−8.55%)
- 1.38%
- $150M
- −91.6%
- 1.1M sh
- $22.30
- low $16.80high $308.79
The ETF.net IONX Grade
D
Score 38 out of 100
- 282 of 380
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.F22 out of 100Rank 294 of 380Mission
Whether the fund did what it promised, tested against its stated mandate.A84 out of 100Rank 112 of 148Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.F21 out of 100Rank 330 of 363Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A74 out of 100Rank 67 of 380Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A79 out of 100Rank 22 of 380
Our read on IONX
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.
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
- Charges 1.29% a year. The only other 2x IonQ fund, IONL, charges 3.63%, so the same mechanical exposure costs far less here.
- The mandate is narrow and literal: 2x the daily percentage change in IonQ shares, nothing else. Day to day it has tracked that target closely.
- Actively traded for a single-stock leveraged fund, which matters when the holding period is measured in days rather than years.
- Sits 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
- The 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.
- 1.29% is above the typical fee for 2x single-stock funds. The bargain is against its IonQ twin, not the category.
- One volatile stock, doubled, with a track record starting only in 2025. Drawdowns arrive at twice the speed of IonQ's own.
IONX Holdings
- Other
- 10
- 291%
- United States Treasury Bill 11/19/2026
Sectors
- Technology100.0%
IONX Performance
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$841
Returns run to the Oct 12, 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.
| Period | IONX |
|---|---|
| Year to date | −72.0% |
| 1 month | −7.9% |
| 3 months | −43.2% |
| 1 year | −91.6% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | IONX |
|---|---|---|
| 2026 YTD | −72.0% | |
| 2025 | +67.1% |
IONX in the news
IONX Dividends
- $1.66 per share
- Irregular
Distribution data unavailable.
Distribution history
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.
- 202.8%
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.
- 0.66
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.
- −94.0%
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.
- 10.15
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
1.38%
IONX1.38%
- The middle half of Single-Stock Long Leveraged funds
- Median 0.98%
266 of the 333 Single-Stock Long Leveraged funds charge less.
Other funds in Single-Stock Long Leveraged
- DSOFXDaily Target 2X Long SOFI ETFExpense ratio 1.33%1 year return −80.6%
- DXOMXDirexion Daily XOM Bull 2X ETFExpense ratio 2.36%1 year return +115.9%
- DONDLDaily Target 2X Long ONDS ETFExpense ratio 1.32%1 year return —
- DSNOUETF Opportunities Trust - T-REX 2X Long SNOW Daily Target ETFExpense ratio 1.50%1 year return +37.1%
- DRKLXDaily Target 2X Long RKLB ETFExpense ratio 1.63%1 year return −65.1%