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IONZ vs TSDD

Defiance Daily Target 2x Short IONQ ETF

IONZCNasdaq

GraniteShares 2x Short TSLA Daily ETF

TSDDANasdaq

Overlap

Expense ratio

TSDD −0.93pt a year

IONZ1.91%TSDD0.98%

Avg volume · 30D

TSDD 6.9×the volume

IONZ1.6MTSDD11M

IONZ vs TSDD Performance

Oct 31, 2025 – Nov 2, 2026

−80.0%IONZ−26.1%TSDD

Oct 31, 2025 to Nov 2, 2026. IONZ −80.0%. TSDD −26.1%. Use the arrow keys to read each point.−100%−50%0%50%Oct 2025May 2026Nov 2026
Expense ratio
IONZ 1.91%
TSDD 0.98%, better
Fund size
IONZ $11M
TSDD $30M
1Y total return
IONZ −80.0%
TSDD −26.1%, better
Yield (12M)
IONZ No data
TSDD 10.76%
Holdings
IONZ 3
TSDD 1
Avg volume (30D)
IONZ 1.6M sh
TSDD 11M sh, better
NAV per share
IONZ $36.42
TSDD $6.18
52W range

ETF.net Grade

IONZ: Cost 4, Risk 29, Mission 90, Tradability 44, Holdings not scored, Durability 51. TSDD: Cost 94, Risk 49, Mission 98, Tradability 81, Holdings not scored, Durability 72.
Pillar letters and Scores for IONZ, TSDD, with each pillar’s weight
PillarIONZTSDD
Cost30% weightF4A94Higher
Mission25% weightA90A98Higher
Risk15% weightD29C49Higher
Tradability15% weightC44A81Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC51A72Higher

Rank among Single-Stock Inverse funds

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

Same Category. IONZ and TSDD are both graded against the same 43 Single-Stock Inverse funds, so their Grades compare head to head.

Single-Stock Inverse⁠

Category · 43 funds
See all 43 ›

TSDD ranks 2nd and IONZ 25th of 43 funds in the Single-Stock Inverse Category.

  1. Rank 1AAAPDDirexion Daily AAPL Bear 1X ETFScore 86
  2. Rank 2ATSDDGraniteShares 2x Short TSLA Daily ETFScore 84
  3. Rank 3ATSLSDirexion Daily TSLA Bear 1X ETFScore 81
  4. Rank 23CMUZDefiance Daily Target 2X Short MU ETFScore 50
  5. Rank 25CIONZDefiance Daily Target 2x Short IONQ ETFScore 41
  6. Rank 25CSNDQTradr 2X Short SNDK Daily ETFScore 41

Our read on each fund

ETF.net Research

IONZCDefiance Daily Target 2x Short IONQ ETF

TSDDAGraniteShares 2x Short TSLA Daily ETF

In short

IONZ One ticker, one trade: IONZ aims for -2x the daily move in IonQ, the quantum-computing pure play, using swaps instead of a margin account. The clock resets every day, and its 1.91% fee runs above the category norm.

TSDD Tesla bears pick their dosage; this is the double. TSDD aims for -2x TSLA's move each day, reset daily, at 0.95% net of a waiver through December 31, 2026. Designed as a short-term tool, not a buy-and-forget holding.

Stated mandate

IONZ The Fund seeks daily inverse investment results equal to -2 times the daily percentage change in IonQ Inc.'s share price.

TSDD The fund seeks daily results before fees and expenses equal to negative 200% of the daily percentage change in Tesla's common stock. It is designed as a short-term inverse leveraged vehicle.

Why people hold it

  • IONZ Hews close to its stated -2x daily objective since its June 2025 launch, and sits in the upper half of its bear single-stock leveraged peer group.defianceetfs.com
  • Short exposure without the plumbing: no margin account, no borrowing shares, no recall risk. The bet rides on total return swaps inside a 1940 Act fund.defianceetfs.com
  • Defiance runs the mirror image, a 2x long IonQ fund (IONX), so flipping your direction is a ticker change rather than a new brokerage setup.defianceetfs.com
  • TSDD 0.95% net of a waiver through December 31, 2026 (1.13% gross) undercuts fellow 2x short Tesla fund TSLZ at 1.05% and matches 1x bear TSLS at 0.95%, for double the daily exposure.
  • Hews closely to its stated -2x daily target, one of the tighter implementations among single-stock bear funds.
  • Heavily traded for an inverse single-stock fund, so getting in and out is rarely a chore.
  • A 1940 Act ETF that uses swaps and options on TSLA to sit near 200% short at each close: no margin account or stock borrow on your end.graniteshares.com

Worth knowing

  • IONZ Daily reset means multi-day results compound off each close and can drift far from -2x the period move, especially when IonQ chops around.defianceetfs.com
  • At 1.91% it prices above the category median, and cheaper bear single-stock funds exist (SKHZ at 0.75%, TSLS at 0.95%), though they track different stocks.
  • A small, young fund that holds swap contracts with a counterparty rather than borrowed stock, and it is not built to pay income.defianceetfs.com
  • TSDD The -2x target resets every day. Hold longer and compounding pulls results away from -2x TSLA's cumulative move, in either direction.graniteshares.com
  • One stock, geared twice: a sharp TSLA rally bites just as hard in reverse. Risk is the highest-octane part of this package.
  • A small fund, and the fee waiver runs through December 31, 2026; after that costs can step up toward the 1.13% gross level.

Full IONZ profile⁠

Full TSDD profile⁠

IONZ vs TSDD 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.

IONZ vs TSDD Cost

Overpaying IONZ vs TSDD

$13,416

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

  • IONZ 1.91%

    $31,778

  • TSDD 0.98%

    $18,362

$10,000
30 years

Cost over time

  • IONZ 1.91%
  • TSDD 0.98%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530IONZ $31,778TSDD $18,362

Year by year

YearIONZTSDDOverpaying
10$3,242$1,729$1,513
20$11,705$6,504$5,201
30$31,778$18,362$13,416

Expense ratio

  • 1.91%IONZ
  • 0.98%TSDD, cheaper
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

TSDD 5th cheapest of 43 funds

IONZ 41st cheapest of 43 funds

IONZ vs TSDD Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
IONZ No data
TSDD 10.76%
Payout (12M)
IONZ None
TSDD $0.65
Last payment
IONZ No data
TSDD $0.65
Ex-dividend
IONZ No data
TSDD Dec 29, 2025
Paid on
IONZ No data
TSDD Dec 31, 2025
Frequency
IONZ No data
TSDD Irregular

Distribution history

Per share, 2023 to 2026, same scale for both

IONZAll IONZ payments⁠

No distribution history available.

TSDDIrregular · 2 paymentsAll TSDD payments⁠
One bar per payment. 2 payments from 2023 to 2026 YTD. Dec 27, 2023 $77.34; Dec 29, 2025 $0.65. Use the arrow keys to read each point.$0$5020232026YTD

IONZ vs TSDD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
IONZ 165.7%since Jul 2025TSDD 100.6%
Return per unit of riskSharpe ratio, 3 years
IONZ −0.47since Jul 2025TSDD −0.87
Worst fallMax drawdown, 5 years
IONZ −98.7%since Jun 2025TSDD −99.1%since Aug 2023
Market sensitivityBeta, 5 years
IONZ −9.59TSDD −2.40

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