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IONZ

GradeCNASDAQ Global Market

Defiance Daily Target 2x Short IONQ ETF

Leveraged · Single-Stock Leveraged · Defiance · Inception 2025-06-23

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.

$22.04−2.20 (−9.07%)

As of Sep 23, 2026, 3:04 PM EDT

History starts Jun 24, 2025.
Intraday session: down, 67 prints from 24.24 to 22.04. Range 18.17 to 22.61. Use the arrow keys to read each point.$18.00$20.0010 AM12 PM2 PM4 PM
Expense ratio
1.91%
Fund size
$5M
1Y return
−89.7%
Yield · Last 12 months
—
Holdings
7
Volume · 30D
1.6M sh
NAV per share
$24.55
52W range
low $17.30high $436.80

The ETF.net IONZ Grade

C

40/ 100

Rank 31 of 58 in Single-Stock Inverse⁠

Confidence High

Six-pillar profile for IONZ. Scores out of 100: Cost 11, Risk 31, Mission 87, Tradability 39, Holdings not scored, Durability 49. Strongest: Mission (87). Weakest: Cost (11). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 40 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned42This cap took−2Published score40 Grade C

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 11
    Category rank52/58 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 87
    Category rank23/31 · mid-pack

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 31
    Category rank41/48 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 39
    Category rank38/58 · mid-pack

  • 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.
    CScore 49
    Category rank31/58 · mid-pack

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

Our read on IONZ

ETF.net Research

CA one-click 2x bearish bet on one of the loudest quantum computing stocks: IONZ aims for -2 times IonQ's move each day, then resets. No margin account, no borrowing shares.

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

  1. 01Launched in 2025, it turns a leveraged short on IonQ into an ordinary brokerage trade: no margin account, no hunting for shares to borrow.defianceetfs.com
  2. 02It has stayed close to its stated -2x daily objective, one of the tighter mandate deliveries among inverse single-stock funds.
  3. 03The 1.29% expense ratio sits right at the going rate for leveraged single-stock bear funds, not above it.
  4. 04Shares change hands actively even with a small asset base, so the fund gets used, not just listed.

Worth knowing

  1. 01Daily reset math: hold past one session and results can drift far from -2x IonQ's move over that stretch, especially when the stock chops around.defianceetfs.com
  2. 02Cheaper bears exist in the category, such as Direxion's TSLS (0.95%) and AAPD (0.96%), though those track different stocks at 1x.
  3. 03Doubling down inversely on a single volatile quantum computing name sits at the sharp end of the risk spectrum, and the fund's record starts only in 2025.

IONZ Holdings

As of Sep 20, 2026, 5:08 AM
Asset class
Other
Holdings
7
Top-10 weight
300%
Largest holding
Cash & Other295.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Cash & Other295.68%16,376,062$16M674
002—First American Government Obligations Fund 12/01/20314.48%247,922$248K625

Showing 1–2 of 2 holdings

IONZ Performance

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

IONZ$1,033
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. IONZ $1,033. SPY $11,723. Use the arrow keys to read each point.$-405$8,218$16,842Sep 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 IONZ. Periods over one year show the average yearly return.
PeriodIONZ
Year to date−89.3%
1 month+0.6%
3 months+5.9%
1 year−89.7%
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 IONZ
YearReturn barIONZ
2026 YTD−89.3%
2025−81.4%

History from Jun 24, 2025

IONZ in the news

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

IONZ Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

IONZ 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.
155.6%
Annualised · 14 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.
−0.85
vs 3-month T-bills · 14 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.
−98.7%
14 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.
−9.94
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.

IONZ Cost

Expense ratio1.91%
  • The middle half of Single-Stock Inverse funds
  • Median 1.35%

36 of the 43 Single-Stock Inverse funds charge less.

IONZ costs $191.00 a year on $10,000. The median Single-Stock Inverse fund costs $135.00.