ETFIQ
RankingsCompareHoldingsResearch
My portfolioWeekly note

IONZ Defiance Daily Target 2X Short IONQ ETF

Aims to return twice the opposite of the daily move of IONQDefiance1.91% fee$14mSince Jun 24, 2025Fund page at the issuer ↗SEC filings ↗Every Defiance fund ETFIQ covers
Share on XDownload as PDFCompareAdd to portfolioAlerts

Three months to Sep 30, 2026: IONZ returned −26.1% where its own daily promise gave −12.1%, 14.0 points short.

−14.7%
What IONQ did
−12.1%
What −2 times a day gives
−26.1%
What the fund returned
−14.0 pts
The fund itself cost
What it aimed at, and what it did
5.3 pts short of its stated multipleIONZ returned −28.4% while −2 times IONQ's move would have been −23.1%IONQ +11.6% ×−2 implies−23.1%IONZ returned−28.4%5.3 pts short of its stated multipleIONZ returned −28.4% while −2 times IONQ's move would have been −23.1%IONQ +11.6% ×−2 implies−23.1%IONZ returned−28.4%

Over the 1 month to Sep 30, 2026, IONZ returned −28.4%, where −2 times that move implies −23.1%. The difference is −5.3 pts.

55.5 pts short of its stated multipleIONZ returned −26.1% while −2 times IONQ's move would have been +29.3%IONQ −14.7% ×−2 implies+29.3%IONZ returned−26.1%55.5 pts short of its stated multipleIONZ returned −26.1% while −2 times IONQ's move would have been +29.3%IONQ −14.7% ×−2 implies+29.3%IONZ returned−26.1%

Over the 3 months to Sep 30, 2026, IONZ returned −26.1%, where −2 times that move implies +29.3%. The difference is −55.5 pts.

23.4 pts ahead of its stated multipleIONZ returned −92.3% while −2 times IONQ's move would have been −115.7%IONQ +57.8% ×−2 implies−115.7%IONZ returned−92.3%23.4 pts ahead of its stated multipleIONZ returned −92.3% while −2 times IONQ's move would have been −115.7%IONQ +57.8% ×−2 implies−115.7%IONZ returned−92.3%

Over the 6 months to Sep 30, 2026, IONZ returned −92.3%, where −2 times that move implies −115.7%. The difference is +23.4 pts.

150.8 pts short of its stated multipleIONZ returned −93.4% while −2 times IONQ's move would have been +57.4%IONQ −28.7% ×−2 implies+57.4%IONZ returned−93.4%150.8 pts short of its stated multipleIONZ returned −93.4% while −2 times IONQ's move would have been +57.4%IONQ −28.7% ×−2 implies+57.4%IONZ returned−93.4%

Over the 1 year to Sep 30, 2026, IONZ returned −93.4%, where −2 times that move implies +57.4%. The difference is −150.8 pts.

83.7 pts short of its stated multipleIONZ returned −98.3% while −2 times IONQ's move would have been −14.7%IONQ +7.3% ×−2 implies−14.7%IONZ returned−98.3%83.7 pts short of its stated multipleIONZ returned −98.3% while −2 times IONQ's move would have been −14.7%IONQ +7.3% ×−2 implies−14.7%IONZ returned−98.3%

Over the since launch to Sep 30, 2026, IONZ returned −98.3%, where −2 times that move implies −14.7%. The difference is −83.7 pts.

ETFIQ Decay Resistance Score
2.0123rd of 125

IONZ finished 14 points short of what -2 times IONQ’s daily move would have given, compounded through the same days.

points against its own daily promise, compounded−14.0 pts · 2nd pct
All 125 ranked by this score →How it is computed →

Did it keep up with its own daily multiple, compounded day by day?

Points against its own daily promise, compounded
QBTZ −24.9 ptsRKLZ −21.5 ptsRGTZ −10.3 ptsASTN −9.3 ptsSPCQ −6.0 ptsSMZ −5.6 ptsMUZ −3.1 ptsAPLZ −2.0 ptsSMCZ −1.1 ptsCONI −0.9 ptsSVIX −0.9 ptsSMST −0.8 ptsBMNZ −0.7 ptsSNK −0.5 ptsCORD −0.3 ptsCRCD −0.3 ptsSSPC −0.2 ptsIREZ −0.1 ptsMSTZ −0.1 ptsPLTZ −0.1 ptsSTSM −0.1 ptsNBIZ 0.0 ptsGDXD +0.1 ptsBEZ +0.2 ptsNVDQ +0.2 ptsDAMD +0.3 ptsETHD +0.3 ptsSNDQ +0.3 ptsTSLZ +0.3 ptsBTCZ +0.5 ptsCBRZ +0.5 ptsLITZ +0.5 ptsSBIT +0.8 ptsMSFD +1.0 ptsSETH +1.0 ptsEFZ +1.1 ptsSPCG +1.1 ptsBITI +1.2 ptsDULL +1.2 ptsGGLS +1.2 ptsMETD +1.2 ptsPALD +1.2 ptsAMZD +1.3 ptsBZQ +1.3 ptsYXI +1.3 ptsAAPD +1.4 ptsAMZO +1.4 ptsCSCS +1.4 ptsEUM +1.4 ptsJDST +1.4 ptsNVD +1.4 ptsNVDS +1.4 ptsORCS +1.4 ptsQCMD +1.4 ptsREK +1.4 ptsEFU +1.5 ptsNFXS +1.5 ptsSCO +1.5 ptsTSDD +1.5 ptsTSMZ +1.5 ptsDOG +1.6 ptsDRIP +1.6 ptsEWV +1.6 ptsMUD +1.6 ptsMYY +1.6 ptsNVDD +1.6 ptsRWM +1.6 ptsSBB +1.6 ptsSKRE +1.6 ptsDUG +1.7 ptsDUST +1.7 ptsPSQ +1.7 ptsSEF +1.7 ptsSH +1.7 ptsSPDN +1.7 ptsTBX +1.7 ptsAVS +1.8 ptsEPV +1.8 ptsERY +1.8 ptsTBF +1.8 ptsEEV +1.9 ptsRXD +2.0 ptsREW +2.1 ptsTSLS +2.1 ptsSMN +2.2 ptsSZK +2.2 ptsPST +2.3 ptsTSLQ +2.4 ptsWEBS +2.4 ptsFNGD +2.5 ptsSDS +2.5 ptsSKF +2.5 ptsSRS +2.5 ptsDXD +2.6 ptsQID +2.6 ptsSDP +2.6 ptsTBT +2.7 ptsFXP +2.8 ptsSIJ +2.8 ptsTECS +2.8 ptsMZZ +2.9 ptsEDZ +3.0 ptsGLL +3.0 ptsLABD +3.0 ptsSCC +3.0 ptsSDD +3.0 ptsTWM +3.0 ptsHIBS +3.2 ptsYANG +3.2 ptsSPXS +3.4 ptsSPXU +3.4 ptsSQQQ +3.4 ptsDRV +3.5 ptsSOXS +3.7 ptsFAZ +4.0 ptsSDOW +4.0 ptsTTT +4.0 ptsZSL +4.1 ptsTZA +4.2 ptsSMDD +4.3 ptsSRTY +4.4 ptsTMV +4.6 ptsTYO +4.7 ptsBIS +5.1 ptsIONZ −14.0 ptsIONZ −14.0 pts−24.9 pts+5.1 pts
−24.9 pts to +5.1 pts across 125

That is the share of the 125 inverse ETFs over three months sitting at or below IONZ.

A position in this set, not a rating: it moves when the set moves, and it is not a figure to average against another desk's.

WindowFundIONQ-2x the moveDifferenceIONQ moved about
1M Aug 31 – Sep 30, 2026−28.4%+11.6%−23.1%−5.3 pts55%
3M Jul 1 – Sep 30, 2026−26.1%−14.7%+29.3%−55.5 pts76%
6M Apr 1 – Sep 30, 2026−92.3%+57.8%−115.7%+23.4 pts93%
1Y Sep 30, 2025 – Sep 30, 2026−93.4%−28.7%+57.4%−150.8 pts94%
Since launch Jun 24, 2025 – Sep 30, 2026−98.3%+7.3%−14.7%−83.7 pts91%

IONZ over each window to Sep 30, 2026. Every figure is an ETFIQ calculation. Source: ETFIQ.

In plain words

Read the multiple against the whole window instead and −2 times IONQ's −14.7% implies +29.3%, which makes IONZ look 55.5 points short. 41.5 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. IONZ aims to return -2 times IONQ's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. IONQ moved at 76% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
Sets out to return-2 times the daily move of IONQ, reset daily
Multiple a holder actually got over the window (ETFIQ)+1.78 times, against -2 stated
UnderlyingIONQ
Segmentsingle stock, company
Net assets (the issuer’s own daily fund list, as of Sep 30, 2026)$14m
Expense ratio (485BPOS XBRL, Aug 26, 2026)1.91%
LaunchedJun 24, 2025
Underlying volatility over the window (ETFIQ)76% annualized
IONZ (Defiance Daily Target 2X Short IONQ ETF), leveraged ETFs fields as of Sep 30, 2026. Source: ETFIQ.
Returns are ETFIQ calculations from Tiingo end-of-day prices, distributions reinvested, measured against the underlying over exactly the same days. How these figures are computed

Questions people ask about IONZ

Did IONZ return -2 times IONQ?
Over the window to Sep 30, 2026, IONQ moved −14.7% and IONZ returned −26.1%. −2 times that move is +29.3%, so the fund came out 55.5 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.
Sources and dates
Prices, IONZ and IONQTiingo end-of-day prices ↗
Fee, 1.91%SEC 485BPOS XBRL · Aug 26, 2026
Net assets, $14mThe issuer’s own daily fund list · Sep 30, 2026
IssuerDefiance page for IONZ ↗
All fund filingsFund filings on SEC EDGAR ↗
SourceSEC investment company series and class file, which lists every registered fund ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.

How these figures are computed →Standards and sources →Open data →
Cite this page

ETFIQ, IONZ, leveraged ETFs, data as of Sep 30, 2026. https://etfiq.com/funds/ionz

Open IONZ live on ETFIQ

The label bar for IONZ, redrawn every trading night. Free to use with the credit link.

Free to use with attribution; the underlying files are at Open data.

Stated multiple
What the fund sets out to return against its underlying, each day. A fund at 2x aims to return twice the underlying’s daily move, and an inverse fund at -2x aims to return twice it in the opposite direction.
Daily reset
The fund starts each day aiming at the multiple again, from wherever it now stands. It is the mechanism that makes these funds behave as they do, and the reason the stated multiple applies to a day rather than to a holding period.
Compounding
Daily results multiply together rather than adding up. Two days of the multiple is not twice the multiple, and over a run of days the difference between the two grows with how far the underlying moves about.
Decay
What compounding costs a holder when the underlying falls and rises back to where it started. The underlying is level and the fund is down; the more violently it moved, the further down.
Difference against the stated multiple
The fund’s return minus the stated multiple times the underlying’s return, in percentage points. The one figure that says whether a holder got what the fund’s own multiple describes.
Every term used here, defined in full on the leveraged ETFs vocabulary page. →
4th of 4 leveraged ETFs on IONQ, by where they finished against their stated multiple→3rd of 4 leveraged and inverse ETFs by net assets→Why did my leveraged ETF lose money?→Defiance: every fund ETFIQ covers→Leveraged ETFs against their own promise, 2026-Q2→Leveraged ETFs against their own promise, August 2026→Leveraged ETFs short of their stated multiple→The inverse ETFs furthest from their stated multiple→