{
 "ticker": "QBTZ",
 "name": "Defiance Daily Target 2X Short QBTS ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/qbtz",
 "html": "https://etfiq.com/funds/qbtz",
 "markdown": "https://etfiq.com/funds/qbtz.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: QBTZ returned \u221215.3% where its own daily promise gave +9.6%, 24.9 points short.",
 "key_facts": [
  {
   "key": "what_qbts_did",
   "label": "What QBTS did",
   "value": "\u221229.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "QBTZ, what QBTS did: \u221229.5%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "+9.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "QBTZ, what \u22122 times a day gives: +9.6%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221215.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "QBTZ, what the fund returned: \u221215.3%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u221224.9 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "QBTZ, the fund itself cost: \u221224.9 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$7m",
   "source": "the issuer\u2019s own daily fund list, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "QBTZ, net assets: $7m (the issuer\u2019s own daily fund list, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "2.31%",
   "source": "485BPOS XBRL, Aug 28, 2026",
   "as_of": "2026-09-30",
   "sentence": "QBTZ, expense ratio: 2.31% (485BPOS XBRL, Aug 28, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of QBTS, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+0.52 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "QBTS",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$7m",
   "source": "the issuer\u2019s own daily fund list, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "2.31%",
   "source": "485BPOS XBRL, Aug 28, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Oct 7, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "87% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221212.1%",
   "QBTS": "\u22123.7%",
   "-2x the move": "+7.3%",
   "Difference": "\u221219.4 pts",
   "QBTS moved about": "54%"
  },
  {
   "window": "3 months",
   "Fund": "\u221215.3%",
   "QBTS": "\u221229.5%",
   "-2x the move": "+59.0%",
   "Difference": "\u221274.2 pts",
   "QBTS moved about": "87%"
  },
  {
   "window": "6 months",
   "Fund": "\u221293.8%",
   "QBTS": "+20.9%",
   "-2x the move": "\u221241.9%",
   "Difference": "\u221251.9 pts",
   "QBTS moved about": "108%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221294.1%",
   "QBTS": "\u221253.6%",
   "-2x the move": "+107.2%",
   "Difference": "\u2212201.3 pts",
   "QBTS moved about": "109%"
  }
 ],
 "questions": [
  {
   "q": "Did QBTZ return -2 times QBTS?",
   "a": "Over the window to Sep 30, 2026, QBTS moved \u221229.5% and QBTZ returned \u221215.3%. \u22122 times that move is +59.0%, so the fund came out 74.2 points short of it."
  },
  {
   "q": "Why does QBTZ not return -2 times over a year?",
   "a": "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."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}