# IONZ (Defiance Daily Target 2X Short IONQ ETF)

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

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

## Key facts

- IONZ, what IONQ did: −14.7%, as of Sep 30, 2026.
- IONZ, what −2 times a day gives: −12.1%, as of Sep 30, 2026.
- IONZ, what the fund returned: −26.1%, as of Sep 30, 2026.
- IONZ, the fund itself cost: −14.0 pts, as of Sep 30, 2026.
- IONZ, net assets: $14m (the issuer’s own daily fund list, as of Sep 30, 2026).
- IONZ, expense ratio: 1.91% (485BPOS XBRL, Aug 26, 2026).

## IONZ over each window to Sep 30, 2026

| Window | Fund | IONQ | -2x the move | Difference | IONQ moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −28.4% | +11.6% | −23.1% | −5.3 pts | 55% |
| 3 months | −26.1% | −14.7% | +29.3% | −55.5 pts | 76% |
| 6 months | −92.3% | +57.8% | −115.7% | +23.4 pts | 93% |
| 1 year | −93.4% | −28.7% | +57.4% | −150.8 pts | 94% |
| Since launch | −98.3% | +7.3% | −14.7% | −83.7 pts | 91% |

## 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 | +1.78 times, against -2 stated | ETFIQ |
| Underlying | IONQ | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $14m | the issuer’s own daily fund list, as of Sep 30, 2026 |
| Expense ratio | 1.91% | 485BPOS XBRL, Aug 26, 2026 |
| Launched | Jun 24, 2025 | ETFIQ |
| Underlying volatility over the window | 76% annualized | ETFIQ |

## Questions

### 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.


## Cite this page

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

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