# IONX (Defiance Daily Target 2X Long IONQ ETF)

Defiance · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: IONX returned −42.0% where its own daily promise gave −36.9%, 5.1 points short.

## Key facts

- IONX, what IONQ did: −14.7%, as of Sep 30, 2026.
- IONX, what 2 times a day gives: −36.9%, as of Sep 30, 2026.
- IONX, what the fund returned: −42.0%, as of Sep 30, 2026.
- IONX, the fund itself cost: −5.1 pts, as of Sep 30, 2026.
- IONX, net assets: $210m (the issuer’s own daily fund list, as of Sep 30, 2026).
- IONX, expense ratio: 1.38% (485BPOS XBRL, Aug 26, 2026).

## IONX over each window to Sep 30, 2026

| Window | Fund | IONQ | +2x the move | Difference | IONQ moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +19.0% | +11.6% | +23.1% | −4.2 pts | 55% |
| 3 months | −42.0% | −14.7% | −29.3% | −12.7 pts | 76% |
| 6 months | +41.9% | +57.8% | +115.7% | −73.8 pts | 93% |
| 1 year | −84.0% | −28.7% | −57.4% | −26.6 pts | 94% |
| Since launch | −29.6% | +101.0% | not meaningful over this window | not meaningful over this window | 97% |

## 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 | +2.86 times, against +2 stated | ETFIQ |
| Underlying | IONQ | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $210m | the issuer’s own daily fund list, as of Sep 30, 2026 |
| Expense ratio | 1.38% | 485BPOS XBRL, Aug 26, 2026 |
| Launched | Mar 12, 2025 | ETFIQ |
| Underlying volatility over the window | 76% annualized | ETFIQ |

## Questions

### Did IONX return +2 times IONQ?

Over the window to Sep 30, 2026, IONQ moved −14.7% and IONX returned −42.0%. 2 times that move is −29.3%, so the fund came out 12.7 points short of it.

### Why does IONX not return +2 times over a year?

Because it resets daily. IONX 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.

### Which +2x IONQ ETF tracked its stated multiple most closely?

3 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself.


## Cite this page

ETFIQ, IONX, data as of Sep 30, 2026. https://etfiq.com/funds/ionx
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/ionx  ·  JSON: https://etfiq.com/funds/ionx.json