IONZ
Defiance Daily Target 2X Short IONQ ETF
Distribution Rate *
Distribution Frequency
30-Day SEC Yield **
Defiance Daily Target 2X Short IONQ ETF
The Defiance Daily Target 2X Short IONQ ETF (the “Fund”) seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of IonQ Inc. (NYSE: IONQ) (the “Underlying Security” or “IONQ”).
IONZ does not invest directly in IONQ. Because the Fund seeks daily -200% inverse leveraged investment results, it is very different from most other exchange-traded funds. It is also riskier than alternatives that do not use leverage or short strategies. There is no guarantee that the Fund will meet its stated objective. The return of the Fund for a period longer than a trading day will be the result of each trading day’s compounded return over the period, which will very likely differ from -200% of the return of the Underlying Security for that period.
Underlying Stock: IonQ Inc. (NYSE: IONQ)
IonQ Inc. is a quantum computing company that develops and commercializes quantum hardware and software. IonQ’s systems use trapped ion technology to perform quantum operations and are accessible through major cloud platforms. The company is considered a leader in the emerging field of quantum information processing. IONQ is listed on the New York Stock Exchange (“NYSE”). According to its most recent Form 10-K filing, IonQ had an aggregate market value of common equity held by non-affiliates of approximately $2.3 billion as of December 31, 2024.
The Fund may not achieve investment results, before fees and expenses, that correspond to -2 times the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual inverse exposure may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower or more volatile returns.
The fund attempts to provide daily investment results that correspond to two times the inverse (or opposite) of the performance of an underlying exchange-traded fund (an “Underlying Security”). The Fund is not intended to be used by, and are not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund is very different from most mutual funds and exchange-traded funds.
The Funds’ investment adviser will not attempt to position the Funds portfolio to ensure that the Funds do not gain or lose more than a maximum percentage of their net asset value on a given trading day. As a consequence, if the share price of a Fund’s underlying security increases by more than 50% on a given trading day, a Fund’s investors would lose all of their money.
IONZMarket Price
Performance
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | 8.83% | 54.24% | 8.83% | -19.47% | -79.37% |
| Market Price (%) | 9.84% | 55.53% | 9.84% | -18.95% | -79.25% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | -29.44% | -30.90% | -34.96% | -80.46% | -86.62% |
| Market Price (%) | -29.38% | -30.21% | -35.39% | -80.45% | -86.66% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | 2.11% | 2.11% | 13.46% | -78.16% | -80.64% |
| Market Price (%) | 1.19% | 1.19% | 12.45% | -78.44% | -80.88% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | -7.82% | -26.00% | -78.24% | -81.04% |
| Market Price (%) | xx.xx% | -8.51% | -26.20% | -78.25% | -81.11% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | 20.54% | -69.96% | xx.xx% | -79.44% |
| Market Price (%) | xx.xx% | 21.47% | -69.74% | xx.xx% | -79.35% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | -33.41% | -80.75% | xx.xx% | -82.94% |
| Market Price (%) | xx.xx% | -33.59% | -80.83% | xx.xx% | -83.00% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | -62.58% | -70.60% | xx.xx% | -74.38% |
| Market Price (%) | xx.xx% | -62.49% | -70.52% | xx.xx% | -74.40% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | xx.xx% | -22.73% | xx.xx% | xx.xx% | -31.54% |
| Market Price (%) | xx.xx% | -23.04% | xx.xx% | xx.xx% | -31.75% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| 2025 | |
|---|---|
| Total Return NAV(%) | xx.xx% |
| Market Price (%) | xx.xx% |
Fund Details
Data as of 04/09/2026Top Holdings
| Name | Symbol | Stock price | % Net assets | Shares Held | Market Value |
|---|---|---|---|---|---|
| Cash & Other | Cash&Other | $1.00 | 295.33% | 35,960,864 | $35,960,864 |
| First American Government Obligations Fund 12/01/2031 | FGXXX | $100.00 | 4.42% | 537,705 | $537,705 |
| United States Treasury Bill 04/23/2026 | 912797SM0 | $99.90 | 0.16% | 20,000 | $19,980 |
| Ionq Inc Swap Nomura-s | 46222L108-TRS-09/28/26-S-IONZ | $28.79 | -17.19% | -72,700 | $-2,093,033 |
| Ionq Inc Swap Cs | 46222L108-TRS-11/16/27-S-IONZ | $28.79 | -22.77% | -96,323 | $-2,773,139 |
| Ionq Inc Marex-s | 46222L108-TRS-09/25/26-S-IONZ | $28.79 | -26.82% | -113,415 | $-3,265,218 |
| Ionq Inc Swap Cantor-s | 46222L108-TRS-09/08/28-S-IONZ | $28.79 | -28.00% | -118,434 | $-3,409,715 |
| Ionq Inc Swap Jnst-s | 46222L108-TRS-03/17/33-S-IONZ | $28.79 | -105.21% | -445,000 | $-12,811,550 |
Distributions
Declaration Date |
Ex-Div Date |
Record Date |
Payable Date |
Amount ($) |
|---|---|---|---|---|
12/29/2026 |
12/30/2026 |
12/30/2026 |
12/31/2026 |
$– |
| Declaration Date | Ex-Div Date | Record Date | Payable Date | Amount ($) | |
|---|---|---|---|---|---|
| 12/29/2025 | 12/30/2025 | 12/30/2025 | 12/31/2025 | — |
| Distribution Rate *
Payable As of |
-% |
| Distribution Frequency | Monthly |
| 30-Day SEC Yield ** As of — |
-% |
