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IONX vs TSMG

Defiance Daily Target 2X Long IONQ ETF

IONXDNasdaq

Leverage Shares 2x Long TSM Daily ETF

TSMGANasdaq

Overlap

Expense ratio

TSMG −0.62pt a year

IONX1.38%TSMG0.76%

Avg volume · 30D

IONX 16.3×the volume

IONX1.13MTSMG69K

IONX vs TSMG Performance

Oct 31, 2025 – Nov 2, 2026

−93.3%IONX+36.4%TSMG

Oct 31, 2025 to Nov 2, 2026. IONX −93.3%. TSMG +36.4%. Use the arrow keys to read each point.−50%0%100%Oct 2025May 2026Nov 2026
Expense ratio
IONX 1.38%
TSMG 0.76%, better
Fund size
IONX $94M
TSMG $28M
1Y total return
IONX −93.3%
TSMG +36.4%, better
Holdings
IONX 10
TSMG 5
Avg volume (30D)
IONX 1.13M sh, better
TSMG 69K sh
NAV per share
IONX $11.79
TSMG $33.77
52W range

ETF.net Grade

IONX: Cost 20, Risk 28, Mission 85, Tradability 70, Holdings not scored, Durability 79. TSMG: Cost 70, Risk 84, Mission 79, Tradability 74, Holdings not scored, Durability 67.
Pillar letters and Scores for IONX, TSMG, with each pillar’s weight
PillarIONXTSMG
Cost30% weightF20A70Higher
Mission25% weightA85HigherA79
Risk15% weightD28A84Higher
Tradability15% weightA70A74Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA79HigherB67

Rank among Single-Stock Long Leveraged funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. IONX and TSMG are both graded against the same 315 Single-Stock Long Leveraged funds, so their Grades compare head to head.

Single-Stock Long Leveraged⁠

Category · 315 funds
See all 315 ›

TSMG ranks 1st and IONX 252nd of 315 funds in the Single-Stock Long Leveraged Category.

  1. Rank 1ATSMGLeverage Shares 2x Long TSM Daily ETFScore 73
  2. Rank 2AUNHGLeverage Shares 2x Long UNH Daily ETFScore 72
  3. Rank 252DFLYTTradr 2X Long FLY Daily ETFScore 38
  4. Rank 252DIONXDefiance Daily Target 2X Long IONQ ETFScore 38
  5. Rank 252DONDLDaily Target 2X Long ONDS ETFScore 38

Our read on each fund

ETF.net Research

IONXDDefiance Daily Target 2X Long IONQ ETF

TSMGALeverage Shares 2x Long TSM Daily ETF

In short

IONX A pure trading instrument: swaps on IonQ, the trapped-ion quantum computing company, aiming for twice its daily move with no margin account needed. The target resets every day, so this is a day-trade tool by design.

TSMG Two times TSM, one day at a time. TSMG aims for 200% of Taiwan Semiconductor's daily move, no margin account required, at 0.75% a year, below what most leveraged single-stock funds charge.

Stated mandate

IONX The Fund seeks daily leveraged investment results equal to two times the daily percentage change in the share price of IonQ, Inc.

TSMG The fund seeks daily investment results equal to 200% of the daily performance of Taiwan Semiconductor Manufacturing Company Ltd stock, before fees and expenses.

Why people hold it

  • IONX Simple job, clearly stated: total return swaps on IonQ shares plus Treasury bill collateral, targeting 2x IonQ's daily percentage change. No margin account, no options chain.defianceetfs.comsec.gov
  • Day to day, it has stayed close to its stated 2x target, and it changes hands actively, which matters when your holding period is measured in hours.
  • At 1.38%, it is the cheaper of the two 2x IonQ ETFs: IONL charges 1.50% net of a waiver through December 31, 2026, on a 3.63% gross fee.
  • Live since March 2025 inside Defiance's single-stock lineup, so it has a real operating record rather than a launch-week one.
  • TSMG Charges 0.75% a year, undercutting the 0.96% on Direxion's 2x single-stock funds such as AAPU and GGLL.leverageshares.com
  • The milder gear on the leveraged shelf: it targets double TSM's daily move, not triple.leverageshares.com
  • Leverage arrives inside a regular 1940 Act ETF. No margin agreement, no lender, and your exposure is capped at what you put in.leverageshares.com
  • Hits its stated daily target tightly, and rates among the stronger builds in a crowded field of 2x and 3x single-stock funds.

Worth knowing

  • IONX The 2x target resets daily. Hold longer and your result tracks IonQ's path, not just its endpoint; choppy stretches can grind value down even if the stock ends flat.defianceetfs.com
  • Double the daily move of a single volatile quantum computing stock, with no buffer or downside cushion in the structure. Drawdowns arrive at double speed too.defianceetfs.com
  • The fee sits above the category median, and other issuers' 2x single-stock funds charge less (TSMG, 0.76%). Leverage and swap financing costs stack on top.sec.gov
  • TSMG The leverage resets every day. Hold longer and compounding takes over, so multi-day results can drift well away from twice TSM's move, especially in choppy markets.leverageshares.com
  • One stock, one industry. Everything rides on Taiwan Semiconductor, doubled, so company-specific news lands twice as hard.
  • Young and small: launched in January 2025, and it sits among the smaller, less heavily traded names on the leveraged shelf, which can widen spreads.

Full IONX profile⁠

Full TSMG profile⁠

IONX vs TSMG Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IONX vs TSMG Cost

Overpaying IONX vs TSMG

$9,898

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

  • IONX 1.38%

    $24,554

  • TSMG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • IONX 1.38%
  • TSMG 0.76%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530IONX $24,554TSMG $14,656

Year by year

YearIONXTSMGOverpaying
10$2,395$1,353$1,042
20$8,848$5,142$3,706
30$24,554$14,656$9,898

Expense ratio

  • 1.38%IONX
  • 0.76%TSMG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

TSMG 131st cheapest of 315 funds

IONX 255th cheapest of 315 funds

IONX vs TSMG Dividends

Last 12 months to Nov 2, 2026
Last payment
IONX $1.66
TSMG $2.73
Ex-dividend
IONX Dec 30, 2025
TSMG Dec 30, 2025
Paid on
IONX Dec 31, 2025
TSMG Jan 2, 2026
Frequency
IONX Irregular
TSMG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

IONXIrregular · 1 paymentAll IONX payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.66. Use the arrow keys to read each point.$0$2.502026YTD
TSMGIrregular · 1 paymentAll TSMG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $2.73. Use the arrow keys to read each point.$0$2.502026YTD

IONX vs TSMG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
IONX 204.5%since Apr 2025TSMG 77.9%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
IONX 0.45since Apr 2025TSMG 0.97since Feb 2025
Worst fallMax drawdown, 5 years
IONX −96.4%since Mar 2025TSMG −63.7%since Jan 2025
Market sensitivityBeta, 5 years
IONX 10.15TSMG 3.81

Popular comparisons

  • IONXDvsUNHGA

    Defiance Daily Target 2X Long IONQ ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    1.38% · 0.77%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TSMGAvsUNHGA

    Leverage Shares 2x Long TSM Daily ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    0.76% · 0.77%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • IONXDvsOKTGA

    Defiance Daily Target 2X Long IONQ ETF · Leverage Shares 2x Long OKTA Daily ETF

    Expense ratio
    1.38% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TSMGAvsOKTGA

    Leverage Shares 2x Long TSM Daily ETF · Leverage Shares 2x Long OKTA Daily ETF

    Expense ratio
    0.76% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • IONXDvsPANGA

    Defiance Daily Target 2X Long IONQ ETF · Leverage Shares 2x Long PANW Daily ETF

    Expense ratio
    1.38% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TSMGAvsPANGA

    Leverage Shares 2x Long TSM Daily ETF · Leverage Shares 2x Long PANW Daily ETF

    Expense ratio
    0.76% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.