Skip to content
etf.net

Launched

Defiance Daily Target 2x Short IONQ ETF

IONZNasdaqDefianceCThis 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.

$40.88+4.42 (+12.13%)

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

C41/ 100

Rank 27 of 58 in Single-Stock Inverse

C41/100Rank 27 of 58inSingle-Stock Inverse
Intraday session: up, 79 prints from 36.46 to 40.88. Range 34.83 to 41.33. Use the arrow keys to read each point.35.0038.0039.0040.0010 AM12 PM2 PM4 PM
Expense ratio
1.91%
Fund size
$11M
1Y total return
−82.1%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
1.6M sh
52W range
low $17.07high $436.80
Launched

The ETF.net IONZ Grade

Based on 5 of 6 pillars

C

Score 41 out of 100

Category
Single-Stock Inverse⁠
Rank
27 of 58
Six-pillar profile for IONZ. Scores out of 100: Cost 4, Risk 29, Mission 90, Tradability 44, Holdings not scored, Durability 51. Strongest: Mission (90). Weakest: Cost (4). Based on 5 of 6 pillars.

Score 41 of 100 falls in the C 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.
    F4 out of 100
    Rank 56 of 58

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A90 out of 100
    Rank 20 of 32

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D29 out of 100
    Rank 46 of 54

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C44 out of 100
    Rank 36 of 58

  • 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.
    C51 out of 100
    Rank 28 of 58

Our read on IONZ

ETF.net Research

In short

COne ticker, one trade: IONZ aims for -2x the daily move in IonQ, the quantum-computing pure play, using swaps instead of a margin account. The clock resets every day, and its 1.91% fee runs above the category norm.

Stated mandate

The Fund seeks daily inverse investment results equal to -2 times the daily percentage change in IonQ Inc.'s share price.

Why people hold it

  • Hews close to its stated -2x daily objective since its June 2025 launch, and sits in the upper half of its bear single-stock leveraged peer group.defianceetfs.com
  • Short exposure without the plumbing: no margin account, no borrowing shares, no recall risk. The bet rides on total return swaps inside a 1940 Act fund.defianceetfs.com
  • Defiance runs the mirror image, a 2x long IonQ fund (IONX), so flipping your direction is a ticker change rather than a new brokerage setup.defianceetfs.com

Worth knowing

  • Daily reset means multi-day results compound off each close and can drift far from -2x the period move, especially when IonQ chops around.defianceetfs.com
  • At 1.91% it prices above the category median, and cheaper bear single-stock funds exist (SKHZ at 0.75%, TSLS at 0.95%), though they track different stocks.
  • A small, young fund that holds swap contracts with a counterparty rather than borrowed stock, and it is not built to pay income.defianceetfs.com

IONZ Performance

Launched Jun 23, 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.
IONZ$1,787
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. IONZ $1,787. SPY $11,199. Use the arrow keys to read each point.$0$5,000$10,000$15,000Oct 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 IONZ. Periods over one year show the average yearly return.
PeriodIONZ
Year to date−83.9%
1 month+79.4%
3 months−14.8%
1 year−82.1%
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 IONZ
YearReturn barIONZ
2026 YTD−83.9%
2025−81.4%

History from Jun 24, 2025

IONZ in the news

IONZ Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

IONZ Risk

Risk pillarD29 out of 100Rank 46 of 54 in Single-Stock Inverse

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.
165.7%
Annualised · 16 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.
−0.47
vs 3-month T-bills · 16 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.
−98.7%
16 months · trough May 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.
−9.59
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.

IONZ Cost

Compare IONZ and SKHZ

Overpaying vs SKHZ, cheapest in Single-Stock Inverse

$17,296

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

  • IONZ 1.91%

    $31,778

  • SKHZ 0.75% Cheapest

    $14,482

$10,000
30 years

Cost over time

  • IONZ 1.91%
  • SKHZ 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530IONZ $31,778SKHZ $14,482

Year by year

YearIONZSKHZOverpaying
10$3,242$1,336$1,906
20$11,705$5,078$6,627
30$31,778$14,482$17,296

Other funds in Single-Stock Inverse

See others