{
 "ticker": "QBTZ",
 "name": "Defiance Daily Target 2X Short QBTS ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/QBTZ",
 "html": "https://etfiq.com/funds/QBTZ",
 "markdown": "https://etfiq.com/funds/QBTZ.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: QBTZ returned \u221226.5% where its own daily promise gave \u22123.5%, 23.0 points short.",
 "key_facts": [
  {
   "key": "what_qbts_did",
   "label": "What QBTS did",
   "value": "\u221228.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "QBTZ, what QBTS did: \u221228.1%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u22123.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "QBTZ, what \u22122 times a day gives: \u22123.5%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221226.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "QBTZ, what the fund returned: \u221226.5%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u221223.0 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "QBTZ, the fund itself cost: \u221223.0 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$12m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "QBTZ, net assets: $12m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "2.31%",
   "source": "485BPOS XBRL, Aug 28, 2026",
   "as_of": "2026-09-11",
   "sentence": "QBTZ, expense ratio: 2.31% (485BPOS XBRL, Aug 28, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of QBTS, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+0.94 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "QBTS",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$12m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "2.31%",
   "source": "485BPOS XBRL, Aug 28, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Oct 7, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "94% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+18.1%",
   "QBTS": "\u221219.0%",
   "-2x the move": "+38.0%",
   "Difference": "\u221219.9 pts",
   "QBTS moved about": "69%"
  },
  {
   "window": "3 months",
   "Fund": "\u221226.5%",
   "QBTS": "\u221228.1%",
   "-2x the move": "+56.2%",
   "Difference": "\u221282.7 pts",
   "QBTS moved about": "94%"
  },
  {
   "window": "6 months",
   "Fund": "\u221290.7%",
   "QBTS": "\u22124.3%",
   "-2x the move": "+8.5%",
   "Difference": "\u221299.2 pts",
   "QBTS moved about": "110%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221293.9%",
   "QBTS": "\u221253.0%",
   "-2x the move": "+105.9%",
   "Difference": "\u2212199.9 pts",
   "QBTS moved about": "111%"
  }
 ],
 "questions": [
  {
   "q": "Did QBTZ return -2 times QBTS?",
   "a": "Over the window to Sep 11, 2026, QBTS moved \u221228.1% and QBTZ returned \u221226.5%. 2 times that move is +56.2%, so the fund came out 82.7 points short of it."
  },
  {
   "q": "Why does QBTZ not return -2 times over a year?",
   "a": "Because it resets daily. QBTZ 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."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}