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Launched

Defiance Daily Target 2x Short IONQ ETF

IONZNasdaqCThis 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.

$30.82+2.20 (+7.69%)

At close: Oct 13, 2026, 4:00 PM

C43/ 100

Rank 29 of 58 in Single-Stock Inverse

C43/100Rank 29 of 58inSingle-Stock Inverse
Intraday session: up, 75 prints from 28.62 to 30.82. Range 28.98 to 31.28. Use the arrow keys to read each point.29.0029.5030.0030.5010 AM12 PM2 PM4 PM
Expense ratio
1.91%
Fund size
$9M
1Y total return
−86.0%
Yield · Last 12 months
—
Holdings
3
Avg volume · 30D
1.6M sh
NAV per share
$24.14
52W range
low $17.07high $436.80
Launched

The ETF.net IONZ Grade

Based on 5 of 6 pillars

C

Score 43 out of 100

Category
Single-Stock Inverse⁠
Rank
29 of 58
Six-pillar profile for IONZ. Scores out of 100: Cost 11, Risk 35, Mission 88, Tradability 42, Holdings not scored, Durability 52. Strongest: Mission (88). Weakest: Cost (11). Based on 5 of 6 pillars.

Score 43 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.
    F11 out of 100
    Rank 52 of 58

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A88 out of 100
    Rank 24 of 32

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D35 out of 100
    Rank 39 of 52

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C42 out of 100
    Rank 33 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.
    C52 out of 100
    Rank 26 of 58

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 Oct 13, 2026
Asset class
Other
Holdings
3
Top-10 weight
300%
Largest holding
Cash & Other291.6%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Cash & Other291.58%31,522,121$32M672
002—United States Treasury Bill 11/19/20265.53%600,000$598K56
003—First American Government Obligations Fund 12/01/20312.99%323,049$323K529

Showing 1–3 of 3 holdings

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$1,399
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. IONZ $1,399. SPY $12,044. Use the arrow keys to read each point.$-524$9,868$20,260Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

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.

Trailing total return for IONZ. Periods over one year show the average yearly return.
PeriodIONZ
Year to date−87.4%
1 month−7.5%
3 months−25.1%
1 year−86.0%
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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−87.4%
2025−81.4%

History from Jun 24, 2025

IONZ in the news

Filtered to IONZ · Single-Stock Inverse

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.
150.7%
Annualised · 15 months to Sep 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.
−0.98
vs 3-month T-bills · 15 months to Sep 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%
15 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.

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.

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