IONX | Defiance Daily Target 2X Long IONQ ETF
$IONX

IONX

$

Defiance Daily Target 2X Long IONQ ETF

Name(Required)
Distribution Rate *
-%
Payable As of
Distribution Frequency
Monthly
30-Day SEC Yield **
As of —
-%
rating

IONX, Daily Target 2X Long IONQ (Ionq, inc) ETF

The Defiance Daily Target 2X Long IONQ ETF (the “Fund”) seeks daily leveraged investment results of two times (200%) the daily percentage change in the share price of IonQ, Inc. (NYSE: IONQ) (the “Underlying Security” or “IONQ”). Because the Fund seeks daily leveraged investment results, it is very different from most other exchange-traded funds. It is also riskier than alternatives that do not use leverage. There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of IONQ for periods greater than a day.

Underlying Security: IonQ, Inc. (NYSE: IONQ)

IonQ, Inc. sells quantum computing hardware together with related maintenance and support. IONQ also sells access to several quantum computers of various qubit capacities and is in the process of researching and developing technologies for quantum computers with increasing computational capabilities. IONQ is listed on the New York Stock Exchange. Per IONQ’s most recent Form 10-K filing, the aggregate market value of the voting stock of IONQ held by non-affiliates as of June 30, 2023 was $2.3 billion.

The Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the underlying security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.

IONXMarket Price

Performance

YTD 1 Month 3 Months 6 Months Since Inception
Market Price (%) -40.37% -19.88% -54.74% -56.66% 32.70%
Total Return NAV (%) -40.01% -19.41% -54.64% -56.56% 33.17%
1 Year 3 Years 5 Years Since Inception
Market Price (%) xx.xx% xx.xx% xx.xx% xx.xx%
Total Return (%) xx.xx% xx.xx% xx.xx% xx.xx%
YTD 1 Month 3 Months 6 Months Since Inception
Market Price (%) -25.58% -25.58% -68.63% -41.47% 65.62%
Total Return NAV (%) -25.56% -25.56% -68.73% -41.48% 65.25%
1 Year 3 Years 5 Years Since Inception
Market Price (%) xx.xx% xx.xx% xx.xx% xx.xx%
Total Return (%) xx.xx% xx.xx% xx.xx% xx.xx%
YTD 1 Month 3 Months 6 Months Since Inception
Market Price (%) xx.xx% -24.10% -61.97% -36.41% 122.53%
Total Return NAV (%) xx.xx% -24.38% -62.13% -36.40% 122.00%
1 Year 3 Years 5 Years Since Inception
Market Price (%) xx.xx% xx.xx% xx.xx% xx.xx%
Total Return (%) xx.xx% xx.xx% xx.xx% xx.xx%
YTD 1 Month 3 Months 6 Months Since Inception
Market Price (%) xx.xx% -44.46% -4.23% -8.94% 193.20%
Total Return NAV (%) xx.xx% -44.44% -4.23% -9.16% 193.58%
1 Year 3 Years 5 Years Since Inception
Market Price (%) xx.xx% xx.xx% xx.xx% xx.xx%
Total Return (%) xx.xx% xx.xx% xx.xx% xx.xx%
YTD 1 Month 3 Months 6 Months Since Inception
Market Price (%) xx.xx% -9.78% 86.57% 207.10% 427.90%
Total Return NAV (%) xx.xx% -9.85% 87.14% 206.26% 428.40%
1 Year 3 Years 5 Years Since Inception
Market Price (%) xx.xx% xx.xx% xx.xx% xx.xx%
Total Return (%) xx.xx% xx.xx% xx.xx% xx.xx%
YTD 1 Month 3 Months 6 Months Since Inception
Market Price (%) xx.xx% 91.13% 67.21% 367.56% 485.15%
Total Return NAV (%) xx.xx% 91.22% 67.93% 367.66% 486.17%
1 Year 3 Years 5 Years Since Inception
Market Price (%) xx.xx% xx.xx% xx.xx% xx.xx%
Total Return (%) xx.xx% xx.xx% xx.xx% xx.xx%
YTD 1 Month 3 Months 6 Months Since Inception
Market Price (%) xx.xx% 8.20% -4.92% xx.xx% 206.15%
Total Return NAV (%) xx.xx% 8.57% -5.14% xx.xx% 206.55%
1 Year 3 Years 5 Years Since Inception
Market Price (%) xx.xx% xx.xx% xx.xx% xx.xx%
Total Return (%) xx.xx% xx.xx% xx.xx% xx.xx%
2025
Total Return NAV(%) xx.xx%
Market Price (%) xx.xx%
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 833.333.9383. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Market price is the price at which shares in the ETF can be brought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

Fund Details

 Data as of 03/12/2026
Net Assets $153.01M
Premium/discount 0.09%
NAV $9.49
Closing Price $9.50
Shares Outstanding 16,120,000
Median 30 Day Spread 0.17%
Fund inception 03/11/2025
Ticker IONX
Primary Exchange NASDAQ
CUSIP 88636R230
Fund Holdings 9
NAV Symbol IONX.NV
Expense Ratio 1.31%
30 Day SEC Yield* -0.48%
* Yield as of 02-28-2026
The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the Underlying Security’s performance is flat, and it is possible that the Fund will lose money even if the Underlying Security’s performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day.


Top Holdings

View full holdings
Name Symbol Stock price % Net assets Shares Held Market Value
Ionq Inc Swap L-cs 46222L108-TRS-11/23/27-L-IONX $32.98 50.60% 2,276,420 $75,076,332
Ionq Inc Swap Nomura 46222L108-TRS-09/15/28-L-IONX $32.98 33.01% 1,485,146 $48,980,115
Ionq Inc Swap Bmo 46222L108-TRS-06/30/27-L-IONX $32.98 32.01% 1,440,000 $47,491,200
Ionq Inc Swap Marex-l 46222L108-TRS-02/05/29-L-IONX $32.98 29.17% 1,312,292 $43,279,390
Ionq Inc Swap Nbc-l 46222L108-TRS-01/31/33-L-IONX $32.98 28.01% 1,260,000 $41,554,800
Ionq Inc Swap Cantor 46222L108-TRS-09/08/28-L-IONX $32.98 27.12% 1,220,005 $40,235,765
United States Treasury Bill 03/19/2026 912797PV3 $99.97 12.90% 19,150,000 $19,144,247
First American Government Obligations Fund 12/01/2031 FGXXX $100.00 7.04% 10,445,571 $10,445,571
Cash & Other Cash&Other $1.00 -119.94% -177,961,299 $-177,961,299
Data as of 03/16/2026. Fund holdings are subject to change at any time and should not be considered recommendations to buy or sell any security.
View full holdings
Download Fund Documents
Prospectus
Summary Prospectus
SAI
Premium Discount Graph
IntraDay Trades
Annual 4-30-25 Financial Statement
Annual 4-30-25 TSR
Q1 Holdings 07-31-2025
10-31-25 Semi-Annual TSR
Semi-Annual 10-31-25 Financial Statements

Distributions

2026 Distribution Schedule
entries per page
Declaration Date
Ex-Div Date
Record Date
Payable Date
Amount ($)
12/29/2026
12/30/2026
12/30/2026
12/31/2026
$–
12/29/2025
12/30/2025
12/30/2025
12/31/2025
$0.55334626
Declaration Date Ex-Div Date Record Date Payable Date Amount ($)
12/29/2025 12/30/2025 12/30/2025 12/31/2025 $0.55334626
Distribution Rate *
Payable As of 		-%
Distribution Frequency Monthly
30-Day SEC Yield **
As of —		 -%