QBTZ | Defiance Daily Target 2X Short QBTS ETF
$QBTZ

QBTZ

$

Defiance Daily Target 2X Short QBTS ETF

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

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
Market Price (%) 26.91% 26.91% 15.43% xx.xx% -39.40%
Total Return NAV (%) 26.68% 26.68% 15.46% xx.xx% -39.34%
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% -53.95% xx.xx% xx.xx% -52.25%
Total Return NAV (%) xx.xx% -53.85% xx.xx% xx.xx% -52.12%
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
Total Return NAV (%) xx.xx% 97.51% xx.xx% xx.xx% 3.76%
Market Price (%) xx.xx% 97.52% xx.xx% xx.xx% 3.70%
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% xx.xx% xx.xx% xx.xx% -47.46%
Market Price (%) xx.xx% xx.xx% xx.xx% xx.xx% -47.50%
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%
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 02/17/2026
Net Assets $9.46M
Premium/discount -0.07%
NAV $12.29
Closing Price $12.28
Shares Outstanding 770,000
Median 30 Day Spread 0.17%
Fund inception 10/06/2025
Ticker QBTZ
Primary Exchange NASDAQ
CUSIP 88636V645
Fund Holdings 4
NAV Symbol QBTZ.NV
Expense Ratio 1.29%
30 Day SEC Yield* -0.65%
* Yield as of 01-31-2026


Top Holdings

View full holdings
Name Symbol Stock price % Net assets Shares Held Market Value
Cash & Other Cash&Other $1.00 299.89% 44,611,494 $44,611,494
D-wave Quantum Inc S Cantor 26740W109-TRS-09/08/28-S-QBTZ $19.07 -55.91% -436,118 $-8,316,770
D-wave Quantum Inc Com Swap Cs 26740W109-TRS-11/16/27-S-QBTZ $19.07 -69.69% -543,610 $-10,366,643
D-wave Quantum Inc Swap Marex 26740W109-TRS-10/10/28-S-QBTZ $19.07 -74.34% -579,930 $-11,059,265
Data as of 02/19/2026. 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
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
$–
Declaration Date Ex-Div Date Record Date Payable Date Amount ($)
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 —		 -%