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IONX vs UNHG

Defiance Daily Target 2X Long IONQ ETF

IONXDNasdaq

Leverage Shares 2x Long UNH Daily ETF

UNHGANasdaq

Overlap

Expense ratio

UNHG −0.61pt a year

IONX1.38%UNHG0.77%

Avg volume · 30D

IONX 1.5×the volume

IONX1.13MUNHG726K

IONX vs UNHG Performance

Oct 31, 2025 – Nov 2, 2026

−93.3%IONX+8.4%UNHG

Oct 31, 2025 to Nov 2, 2026. IONX −93.3%. UNHG +8.4%. Use the arrow keys to read each point.−75%−50%−25%25%Oct 2025May 2026Nov 2026
Expense ratio
IONX 1.38%
UNHG 0.77%, better
Fund size
IONX $94M
UNHG $63M
1Y total return
IONX −93.3%
UNHG +8.4%, better
Holdings
IONX 10
UNHG 5
Avg volume (30D)
IONX 1.13M sh, better
UNHG 726K sh
NAV per share
IONX $11.79
UNHG $20.57
52W range

ETF.net Grade

IONX: Cost 20, Risk 28, Mission 85, Tradability 70, Holdings not scored, Durability 79. UNHG: Cost 60, Risk 83, Mission 90, Tradability 90, Holdings not scored, Durability 66.
Pillar letters and Scores for IONX, UNHG, with each pillar’s weight
PillarIONXUNHG
Cost30% weightF20B60Higher
Mission25% weightA85A90Higher
Risk15% weightD28A83Higher
Tradability15% weightA70A90Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA79HigherB66

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 UNHG 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 ›

UNHG ranks 2nd 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 3AOKTGLeverage Shares 2x Long OKTA Daily ETFScore 70
  4. Rank 252DFLYTTradr 2X Long FLY Daily ETFScore 38
  5. Rank 252DIONXDefiance Daily Target 2X Long IONQ ETFScore 38
  6. Rank 252DONDLDaily Target 2X Long ONDS ETFScore 38

Our read on each fund

ETF.net Research

IONXDDefiance Daily Target 2X Long IONQ ETF

UNHGALeverage Shares 2x Long UNH 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.

UNHG Two times UnitedHealth's daily move, reset every night: a managed-care insurer in a category stuffed with chip and AI names. UNHG got there first, and it charges 0.77%.

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.

UNHG The fund seeks daily investment results equal to twice the daily performance of UnitedHealth Group Incorporated 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.
  • UNHG At 0.77%, the cheaper of the only two 2x UNH funds: Direxion's UNHU runs 0.97% net of a waiver through September 1, 2027. Both sit below the category's typical fee.
  • First to the 2x UNH trade, listed July 2025, months before Direxion's version arrived in March 2026. It trades actively for a single-stock leveraged fund.direxion.com
  • Exposure comes from total return swaps reset at each close, and day-to-day it has stayed close to its 2x target. One of the better-built funds in a crowded bull field.leverageshares.comsec.gov

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
  • UNHG Daily reset means multi-day results depend on the path UNH takes, not just its direction. Choppy stretches can erode value even if the stock ends where it started.leverageshares.com
  • Swap-based exposure carries counterparty risk, and everything rides on one managed-care company's news, from earnings to policy headlines.leverageshares.com
  • Listed in 2025, so there is little history to judge it across a full market cycle.

Full IONX profile⁠

Full UNHG profile⁠

IONX vs UNHG 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 UNHG Cost

Overpaying IONX vs UNHG

$9,725

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

  • IONX 1.38%

    $24,554

  • UNHG 0.77%

    $14,829

$10,000
30 years

Cost over time

  • IONX 1.38%
  • UNHG 0.77%
  • 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 $24,554UNHG $14,829

Year by year

YearIONXUNHGOverpaying
10$2,395$1,371$1,024
20$8,848$5,205$3,643
30$24,554$14,829$9,725

Expense ratio

  • 1.38%IONX
  • 0.77%UNHG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

UNHG 135th cheapest of 315 funds

IONX 255th cheapest of 315 funds

IONX vs UNHG Dividends

Last 12 months to Nov 2, 2026
Last payment
IONX $1.66
UNHG $1.90
Ex-dividend
IONX Dec 30, 2025
UNHG Dec 30, 2025
Paid on
IONX Dec 31, 2025
UNHG Jan 2, 2026
Frequency
IONX Irregular
UNHG 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$22026YTD
UNHGIrregular · 1 paymentAll UNHG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.90. Use the arrow keys to read each point.$0$22026YTD

IONX vs UNHG 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 2025UNHG 98.1%since Aug 2025
Return per unit of riskSharpe ratio, 3 years
IONX 0.45since Apr 2025UNHG 0.90since Aug 2025
Worst fallMax drawdown, 5 years
IONX −96.4%since Mar 2025UNHG −57.1%since Jul 2025
Market sensitivityBeta, 5 years
IONX 10.15UNHG 5.19

Popular comparisons

  • IONXDvsTSMGA

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

  • UNHGAvsTSMGA

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

    Expense ratio
    0.77% · 0.76%
    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
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  • UNHGAvsOKTGA

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

    Expense ratio
    0.77% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • IONXDvsPANGA

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    Expense ratio
    1.38% · 0.76%
    Category
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  • UNHGAvsPANGA

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

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