{
 "ticker": "IONZ",
 "name": "Defiance Daily Target 2X Short IONQ ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/ionz",
 "html": "https://etfiq.com/funds/ionz",
 "markdown": "https://etfiq.com/funds/ionz.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: IONZ returned \u221226.1% where its own daily promise gave \u221212.1%, 14.0 points short.",
 "key_facts": [
  {
   "key": "what_ionq_did",
   "label": "What IONQ did",
   "value": "\u221214.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "IONZ, what IONQ did: \u221214.7%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221212.1%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "IONZ, what \u22122 times a day gives: \u221212.1%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221226.1%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "IONZ, what the fund returned: \u221226.1%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u221214.0 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "IONZ, the fund itself cost: \u221214.0 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$14m",
   "source": "the issuer\u2019s own daily fund list, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "IONZ, net assets: $14m (the issuer\u2019s own daily fund list, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.91%",
   "source": "485BPOS XBRL, Aug 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "IONZ, expense ratio: 1.91% (485BPOS XBRL, Aug 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of IONQ, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+1.78 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "IONQ",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$14m",
   "source": "the issuer\u2019s own daily fund list, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.91%",
   "source": "485BPOS XBRL, Aug 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jun 24, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "76% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221228.4%",
   "IONQ": "+11.6%",
   "-2x the move": "\u221223.1%",
   "Difference": "\u22125.3 pts",
   "IONQ moved about": "55%"
  },
  {
   "window": "3 months",
   "Fund": "\u221226.1%",
   "IONQ": "\u221214.7%",
   "-2x the move": "+29.3%",
   "Difference": "\u221255.5 pts",
   "IONQ moved about": "76%"
  },
  {
   "window": "6 months",
   "Fund": "\u221292.3%",
   "IONQ": "+57.8%",
   "-2x the move": "\u2212115.7%",
   "Difference": "+23.4 pts",
   "IONQ moved about": "93%"
  },
  {
   "window": "1 year",
   "Fund": "\u221293.4%",
   "IONQ": "\u221228.7%",
   "-2x the move": "+57.4%",
   "Difference": "\u2212150.8 pts",
   "IONQ moved about": "94%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221298.3%",
   "IONQ": "+7.3%",
   "-2x the move": "\u221214.7%",
   "Difference": "\u221283.7 pts",
   "IONQ moved about": "91%"
  }
 ],
 "questions": [
  {
   "q": "Did IONZ return -2 times IONQ?",
   "a": "Over the window to Sep 30, 2026, IONQ moved \u221214.7% and IONZ returned \u221226.1%. \u22122 times that move is +29.3%, so the fund came out 55.5 points short of it."
  },
  {
   "q": "Why does IONZ not return -2 times over a year?",
   "a": "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."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}