QBTZ
Defiance Daily Target 2X Short QBTS ETF
Distribution Rate *
Distribution Frequency
30-Day SEC Yield **
Daily Target 2X Short QBTS (D-Wave Quantum) ETF
Overview
The Defiance Daily Target 2X QBTS ETF (QBTZ) provides investors with amplified inverse exposure to D-Wave Quantum Inc. (NYSE: QBTS), a pioneer in the commercialization of quantum computing technology. QBTZ seeks to deliver -200% of the daily performance of D-Wave’s stock, offering active traders a tactical vehicle to pursue enhanced downside exposure without the need for a margin account.
Investment Objective
The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of D-Wave Quantum Inc. (NYSE: QBTS) The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.
Underlying Stock: D-Wave Quantum Inc.
D-Wave Quantum Inc. develops and commercializes quantum computing systems, software, and services, with a focus on solving real-world optimization, artificial intelligence, materials science, logistics, and cybersecurity problems. As one of the earliest entrants in the quantum sector, D-Wave is advancing adoption of its annealing-based quantum computing solutions across both enterprise and government applications.
An investment in QBTZ is not an investment in D-Wave Quantum Inc.
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 inverse (-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. The Fund pursues daily leveraged investment objectives, which means it is riskier than alternatives that do not use leverage. The Fund magnifies the inverse performance of the Underlying Security and is designed strictly for short-term use. For periods longer than a single day, the Fund’s performance will be the result of compounded daily returns, which is very likely to differ from -200% of the return of QBTS over the same period. It is possible investors could lose their entire principal within a single trading day.
QBTZMarket Price
Performance
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | -44.50% | -67.60% | -56.19% | -49.41% | -73.42% |
| Market Price (%) | -44.19% | -67.43% | -56.02% | -49.24% | -73.35% |
| 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 | |
|---|---|---|---|---|---|
| Market Price (%) | 71.38% | 45.35% | 71.38% | xx.xx% | -18.17% |
| Total Return NAV (%) | 71.27% | 45.75% | 71.27% | xx.xx% | -17.99% |
| 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 | 1 Year | 3 Years | Since Inception | |
|---|---|---|---|---|---|---|---|
| Total Return (NAV) (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% | xx.xx% | xx.xx% | xx.xx% | xx.xx% | xx.xx% |
| 1 Year | Since Inception | |
|---|---|---|
| Total Return (NAV) (%) | xx.xx% | xx.xx% |
| Market Price (%) | xx.xx% | xx.xx% |
Fund Details
Data as of 05/15/2026Top Holdings
| Name | Symbol | Stock price | % Net assets | Shares Held | Market Value |
|---|---|---|---|---|---|
| Cash & Other | Cash&Other | $1.00 | 281.09% | 40,702,081 | $40,702,081 |
| United States Treasury Bill 05/21/2026 | 912797SV0 | $99.98 | 13.60% | 1,970,000 | $1,969,617 |
| First American Government Obligations Fund 12/01/2031 | FGXXX | $100.00 | 5.21% | 754,931 | $754,931 |
| D-wave Quantum Inc.-swap-nmra-s | 26740W109-TRS-03/31/33-S-QBTZ | $19.06 | -25.38% | -192,838 | $-3,675,492 |
| D-wave Quantum Inc S Cantor | 26740W109-TRS-09/08/28-S-QBTZ | $19.06 | -33.19% | -252,120 | $-4,805,407 |
| D-wave Quantum Swap Jnst-s | 26740W109-TRS-03/17/33-S-QBTZ | $19.06 | -42.57% | -323,377 | $-6,163,566 |
| D-wave Quantum Inc Com Swap Cs | 26740W109-TRS-11/16/27-S-QBTZ | $19.06 | -43.23% | -328,437 | $-6,260,009 |
| D-wave Quantum Inc Swap Marex | 26740W109-TRS-10/10/28-S-QBTZ | $19.06 | -55.60% | -422,430 | $-8,051,516 |
Distributions
Declaration Date |
Ex-Div Date |
Record Date |
Payable Date |
Amount ($) |
|---|---|---|---|---|
12/29/2026 |
12/30/2026 |
12/30/2026 |
12/31/2026 |
$– |
| Declaration Date | Ex-Div Date | Record Date | Payable Date | Amount ($) | |
|---|---|---|---|---|---|
| 12/30/2025 | 12/31/2025 | 12/31/2025 | 01/02/2025 | — |
| Distribution Rate *
Payable As of |
-% |
| Distribution Frequency | Monthly |
| 30-Day SEC Yield ** As of — |
-% |
