# IONZ (Defiance Daily Target 2X Short IONQ ETF)

Defiance · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: IONZ returned +26.7% where its own daily promise gave +52.1%, 25.4 points short.

## Key facts

- IONZ, what IONQ did: −36.5%, as of Sep 11, 2026.
- IONZ, what −2 times a day gives: +52.1%, as of Sep 11, 2026.
- IONZ, what the fund returned: +26.7%, as of Sep 11, 2026.
- IONZ, the fund itself cost: −25.4 pts, as of Sep 11, 2026.
- IONZ, net assets: $22m (source, as filed for Apr 30, 2026).
- IONZ, expense ratio: 1.91% (485BPOS XBRL, Aug 26, 2026).

## IONZ over each window to Sep 11, 2026

| Window | Fund | IONQ | -2x the move | Difference | IONQ moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +23.7% | −18.7% | +37.4% | −13.7 pts | 68% |
| 3 months | +26.7% | −36.5% | +72.9% | −46.2 pts | 80% |
| 6 months | −85.2% | +11.4% | −22.9% | −62.3 pts | 94% |
| 1 year | −95.3% | −21.9% | +43.8% | −139.0 pts | 96% |
| Since launch | −97.5% | −10.1% | +20.1% | −117.6 pts | 92% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of IONQ, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -0.73 times, against -2 stated | ETFIQ |
| Underlying | IONQ | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $22m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.91% | 485BPOS XBRL, Aug 26, 2026 |
| Launched | Jun 24, 2025 | ETFIQ |
| Underlying volatility over the window | 80% annualized | ETFIQ |

## Questions

### Did IONZ return -2 times IONQ?

Over the window to Sep 11, 2026, IONQ moved −36.5% and IONZ returned +26.7%. 2 times that move is +72.9%, so the fund came out 46.2 points short of it.

### Why does IONZ not return -2 times over a year?

Because it resets daily. IONZ aims at -2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, IONZ, data as of Sep 11, 2026. https://etfiq.com/funds/IONZ
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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