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QBTZ

GradeCNASDAQ Global Market

Defiance Daily Target 2X Short QBTS ETF

Leveraged · Single-Stock Leveraged · Defiance · Inception 2025-10-06 · SEC filings

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.

$16.21+0.85 (+5.54%)

As of Sep 23, 2026, 2:17 PM EDT

History starts Oct 7, 2025.History starts Oct 7, 2025.
Intraday session: up, 56 prints from 15.36 to 16.21. Range 13.02 to 16.30. Use the arrow keys to read each point.$13.00$14.00$15.0010 AM12 PM2 PM4 PM
Expense ratio
2.31%
Fund size
$4M
1Y return
—
Yield · Last 12 months
—
Holdings
7
Volume · 30D
0.8M sh
NAV per share
$15.13
52W range
low $13.38high $484.20

The ETF.net QBTZ Grade

C

40/ 100

Rank 34 of 58 in Single-Stock Inverse⁠

Confidence High

Six-pillar profile for QBTZ. Scores out of 100: Cost 5, Risk 32, Mission 96, Tradability 30, Holdings not scored, Durability 44. Strongest: Mission (96). Weakest: Cost (5). 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 earned41This cap took−1Published score40 Grade C

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 5
    Category rank55/58 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 96
    Category rank13/31 · top 42%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 32
    Category rank40/48 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 30
    Category rank45/58 · bottom quartile

  • 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 44
    Category rank34/58 · mid-pack

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

Our read on QBTZ

ETF.net Research

CA one-day trade on quantum hype cooling. QBTZ aims to deliver -2x the daily move in D-Wave Quantum stock inside an ordinary brokerage account, no margin agreement and no borrowed shares. A stopwatch instrument, not a set-and-forget short.

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

  1. 01Turns a hard trade into a ticker: shorting a hot quantum name with leverage normally means a margin account and locating borrow. Here it is a share purchase.defianceetfs.com
  2. 02Does the job it advertises. The fund hews closely to its stated goal of -200% of D-Wave Quantum's daily move, which is the whole point of a daily-reset tool.
  3. 03Standard 1940 Act ETF wrapper, so the position cannot cost more than what you put in. No margin calls, no forced buy-in when QBTS rips.defianceetfs.com

Worth knowing

  1. 01The math resets every day. Hold longer than a session and compounding takes over, so results can drift well away from -2x, especially in a stock that whipsaws.
  2. 02At 1.29% a year the fee sits right at the category median and above the big bear funds on mega-caps, like TSLS at 0.95% and AAPD at 0.96%.
  3. 03A 2025 launch and a small asset base relative to established single-stock bear funds, which tends to show up as wider spreads around the edges of the day.

QBTZ Holdings

As of Sep 20, 2026, 5:08 AM
Asset class
Other
Holdings
7
Top-10 weight
300%
Largest holding
Cash & Other297.5%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Cash & Other297.51%13,255,167$13M674
002—First American Government Obligations Fund 12/01/20312.57%114,377$114K625

Showing 1–2 of 2 holdings

QBTZ Performance

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

QBTZ$1,072
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. QBTZ $1,072. SPY $11,430. Use the arrow keys to read each point.$-712$11,586$23,885Dec 2025May 2026Sep 2026

Dec 31, 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 QBTZ. Periods over one year show the average yearly return.
PeriodQBTZ
Year to date−89.3%
1 month+5.2%
3 months−20.6%
1 yearFund is under 1 year old—
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 QBTZ
YearReturn barQBTZ
2026 YTD−89.3%
2025−50.0%

History from Oct 7, 2025

QBTZ in the news

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

QBTZ Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Oct 2025. No distributions yet.

QBTZ 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.
—
Launched Oct 2025; fills in after 12 months
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.
—
Launched Oct 2025; fills in after 12 months
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.
—
Launched Oct 2025; fills in after 12 months
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.
−8.43
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.

QBTZ Cost

Expense ratio2.31%
  • The middle half of Single-Stock Inverse funds
  • Median 1.35%

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

QBTZ costs $231.00 a year on $10,000. The median Single-Stock Inverse fund costs $135.00.