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Launched · SEC filings

Defiance Daily Target 2X Short QBTS ETF

QBTZNasdaqDefianceDThis 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.

$28.80+4.00 (+16.10%)

As of Nov 10, 2026, 11:24 AM ET

D38/ 100

Rank 41 of 58 in Single-Stock Inverse

D38/100Rank 41 of 58inSingle-Stock Inverse
Intraday session: up, 24 prints from 24.81 to 28.80. Range 26.41 to 29.35. Use the arrow keys to read each point.26.0027.0028.0010 AM12 PM2 PM4 PM
Expense ratio
2.31%
Fund size
$3M
1Y total return
−88.9%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
425K sh
52W range
low $12.99high $484.20
Launched
Filings
SEC EDGAR

The ETF.net QBTZ Grade

Based on 5 of 6 pillars

D

Score 38 out of 100

Category
Single-Stock Inverse⁠
Rank
41 of 58
Six-pillar profile for QBTZ. Scores out of 100: Cost 0, Risk 29, Mission 99, Tradability 25, Holdings not scored, Durability 36. Strongest: Mission (99). Weakest: Cost (0). Based on 5 of 6 pillars.

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.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
39
This cap took
0
Published Score
38 Grade D

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F0 out of 100
    Rank 58 of 58

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A99 out of 100
    Rank 4 of 32

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D29 out of 100
    Rank 45 of 54

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D25 out of 100
    Rank 52 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.
    D36 out of 100
    Rank 43 of 58

Our read on QBTZ

ETF.net Research

In short

DThe first 2X short ETF on D-Wave Quantum. QBTZ aims to deliver -200% of QBTS's move for one trading day at a time, then resets, so it is a trading tool rather than a long-haul quantum bet.

Stated mandate

QBTZ seeks daily inverse results equal to -200% of the daily percentage change in D-Wave Quantum Inc.'s share price. It is designed for short-term use and does not target results over periods longer than one trading day.

Why people hold it

  • Does what the label says: -200% of D-Wave Quantum's daily percentage change, reset each session. In our tracking review it lands close to that stated one-day target.defianceetfs.com
  • Shorting a quantum stock usually means a margin account and locating a borrow. QBTZ packages amplified inverse exposure into one ticker in a regular brokerage account.defianceetfs.com
  • One ticker, no options chain. No strikes, no expiry calendar, no premium decay to manage; the inverse exposure is reset for you at the end of each trading day.defianceetfs.com

Worth knowing

  • Costs 2.31%, above what this category typically charges. Cheaper bear peers exist, including TSDD at 0.95% net of a waiver through December 31, 2026 and SKHZ at 0.75%.
  • The -200% target applies to a single day. Over longer holds, daily compounding can push results well away from -2x the period move, in either direction.defianceetfs.com
  • A 2025 launch with assets at the small end of its category and a short risk history, which is part of why it sits in the lower half of its peer group here.

QBTZ Performance

Launched Oct 6, 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.
QBTZ$1,111
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. QBTZ $1,111. SPY $11,339. Use the arrow keys to read each point.$0$5,000$10,000$15,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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 QBTZ. Periods over one year show the average yearly return.
PeriodQBTZ
Year to date−82.7%
1 month+16.4%
3 months+66.5%
1 year−88.9%
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 QBTZ
YearReturn barQBTZ
2026 YTD−82.7%
2025−50.0%

History from Oct 7, 2025

QBTZ in the news

QBTZ Dividends

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

No distributions in the last 12 months.

QBTZ Risk

Risk pillarD29 out of 100Rank 45 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.
204.4%
Annualised · 12 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.
0.36
vs 3-month T-bills · 12 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.
−96.6%
13 months · trough Aug 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.
−8.19
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.

QBTZ Cost

Compare QBTZ and SKHZ

Overpaying vs SKHZ, cheapest in Single-Stock Inverse

$22,090

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

  • QBTZ 2.31%

    $36,572

  • SKHZ 0.75% Cheapest

    $14,482

$10,000
30 years

Cost over time

  • QBTZ 2.31%
  • 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$40K051015202530QBTZ $36,572SKHZ $14,482

Year by year

YearQBTZSKHZOverpaying
10$3,857$1,336$2,521
20$13,687$5,078$8,609
30$36,572$14,482$22,090

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