# QBTZ (Defiance Daily Target 2X Short QBTS ETF)

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

Three months to Sep 11, 2026: QBTZ returned −26.5% where its own daily promise gave −3.5%, 23.0 points short.

## Key facts

- QBTZ, what QBTS did: −28.1%, as of Sep 11, 2026.
- QBTZ, what −2 times a day gives: −3.5%, as of Sep 11, 2026.
- QBTZ, what the fund returned: −26.5%, as of Sep 11, 2026.
- QBTZ, the fund itself cost: −23.0 pts, as of Sep 11, 2026.
- QBTZ, net assets: $12m (source, as filed for Apr 30, 2026).
- QBTZ, expense ratio: 2.31% (485BPOS XBRL, Aug 28, 2026).

## QBTZ over each window to Sep 11, 2026

| Window | Fund | QBTS | -2x the move | Difference | QBTS moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +18.1% | −19.0% | +38.0% | −19.9 pts | 69% |
| 3 months | −26.5% | −28.1% | +56.2% | −82.7 pts | 94% |
| 6 months | −90.7% | −4.3% | +8.5% | −99.2 pts | 110% |
| Since launch | −93.9% | −53.0% | +105.9% | −199.9 pts | 111% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of QBTS, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +0.94 times, against -2 stated | ETFIQ |
| Underlying | QBTS | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $12m | source, as filed for Apr 30, 2026 |
| Expense ratio | 2.31% | 485BPOS XBRL, Aug 28, 2026 |
| Launched | Oct 7, 2025 | ETFIQ |
| Underlying volatility over the window | 94% annualized | ETFIQ |

## Questions

### Did QBTZ return -2 times QBTS?

Over the window to Sep 11, 2026, QBTS moved −28.1% and QBTZ returned −26.5%. 2 times that move is +56.2%, so the fund came out 82.7 points short of it.

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

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.


## Cite this page

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

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