QPUX
Leveraged Long
Defiance 2X Daily Long Pure Quantum ETF
Defiance 2X Daily Long Pure Quantum ETF (QPUX)
Overview
The Defiance 2X Daily Long Pure Quantum ETF (QPUX) seeks to provide investors with amplified daily exposure to a select, actively managed basket of pure quantum computing companies (the Target Portfolio). The Fund seeks to deliver 200% of the daily performance of this generally equal-weighted Target Portfolio through swap agreements and/or listed options that reference the Target Portfolio securities, offering investors a leveraged way to gain access to innovation in quantum computing and machine learning without the need for a margin account. The companies currently in the Target Portfolio are listed below.
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 Target Portfolio’s performance is flat, and it is possible that the Fund will lose money even if the Target Portfolio’s market value 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.
An investment in QPUX is not an investment in any of the companies in the Target Portfolio. The Fund does not hold their shares directly; it seeks its exposure through swap agreements and/or listed options.
Investment Objective
The Fund seeks daily investment results, before fees and expenses, that correspond to two times (2X) the performance of an actively-managed group of “pure quantum” company securities for a single day (the “Target Portfolio”). The Fund does not seek to achieve its stated investment objective for any period other than a single trading day.
Target Portfolio
The Target Portfolio consists of generally between four and ten pure quantum companies, defined as companies with at least 50% of their annual revenue derived from, or operating activity engaged in, the development of quantum computing or machine learning. Each trading day, the Target Portfolio is generally rebalanced to ensure equal weighting of its underlying securities, and the Adviser may adjust individual weightings to manage risk or liquidity. At least quarterly, the Target Portfolio is either reaffirmed or replaced, and the Adviser may adjust it at any time. The Fund does not invest directly in the securities of the Target Portfolio companies; it seeks its 2X exposure through swap agreements and/or listed options that reference those securities. As of September 10, 2026, the Fund’s swap agreements reference the following companies:
- IonQ, Inc. (IONQ): Trapped-ion quantum hardware and cloud software
- D-Wave Quantum Inc. (QBTS): Quantum annealing-based computing
- Quantinuum Inc. (QNT): Full-stack trapped-ion quantum computing systems and software
- Infleqtion, Inc. (INFQ): Neutral-atom quantum computing and quantum sensing
- Arqit Quantum Inc. (ARQQ): Quantum-safe encryption software
- Rigetti Computing, Inc. (RGTI): Hybrid quantum-classical systems
- Quantum Computing Inc. (QUBT): Quantum software and AI integration
- IQM Quantum Computers Oyj (IQMX): Full-stack superconducting quantum computers
- Xanadu Quantum Technologies Limited (XNDU): Photonic quantum computing hardware and software
- BTQ Technologies Corp. (BTQ): Post-quantum cryptography and quantum-secure infrastructure
- Horizon Quantum Holdings Ltd. (HQ): Software tools and infrastructure for developing quantum applications
Fund holdings are subject to change at any time. See the holdings table below for the Fund’s current positions.
QPUXMarket Price
Performance
| YTD | 1 Month | 3 Months | 6 Months | Since Inception | |
|---|---|---|---|---|---|
| Total Return NAV (%) | -72.94% | -11.27% | -53.47% | -14.46% | -78.40% |
| Market Price (%) | -72.98% | -10.58% | -53.45% | -13.55% | -78.30% |
| 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|
| Total Return (%) | -88.80% | xx.xx% | xx.xx% | -73.60% |
| Market Price (%) | -88.70% | xx.xx% | xx.xx% | -73.49% |
| YTD | 1 Month | 3 Months | 6 Months | 1 Year | 3 Years | Since Inception | |
|---|---|---|---|---|---|---|---|
| Total Return (NAV) (%) | — | — | — | — | — | — | — |
| Market Price (%) | — | — | — | — | — | — | — |
| 1 Year | Since Inception | |
|---|---|---|
| Total Return (NAV) (%) | — | — |
| Market Price (%) | — | — |
Fund Details
Top Holdings
| Name | Symbol | Stock Price | % Net Assets | Shares Held | Market Value |
|---|---|---|---|---|---|
| United States Treasury Bill 11/19/2026 | 912797UZ8 | $99.51 | 40.13 | 14,140,000 | $14,071,001 |
| Ionq Inc Swap L-cs | 46222L108-TRS-11/23/27-L-QPUX | $43.77 | 25.69 | 205,804 | $9,008,041 |
| Quantinuum Inc.-swap-mrex-l | 74768A104-TRS-09/03/33-L-QPUX | $46.08 | 17.46 | 132,843 | $6,121,405 |
| D-wave Quantum Swap Cs-l | 26740W109-TRS-03/14/28-L-QPUX | $15.77 | 11.51 | 255,994 | $4,037,025 |
| D-wave Quantum Inc Swap Marex | 26740W109-TRS-10/08/27-L | $15.77 | 11.26 | 250,488 | $3,950,196 |
| Arqit Quantum Inc.-swap-mrex-l | G0567U127-TRS-09/03/33-L-QPUX | $24.62 | 9.89 | 140,877 | $3,468,392 |
| Ionq Inc Swap Marex | 46222L108-TRS-10/08/27-L | $43.77 | 9.06 | 72,587 | $3,177,133 |
| Iqm Quantum Computers Oyj-swap-mrex-l | 462921107-TRS-09/03/33-L-QPUX | $10.35 | 8.59 | 291,129 | $3,013,185 |
| Infleqtion, Inc.-swap-mrex-l | 45676K103-TRS-09/03/33-L-QPUX | $13.15 | 8.16 | 217,721 | $2,863,031 |
| Ionq, Inc.-swap-nmra-l | 46222L108-TRS-03/31/33-L-QPUX | $43.77 | 7.68 | 61,500 | $2,691,855 |
Distributions
Declaration Date |
Ex-Div Date |
Record Date |
Payable Date |
Amount ($) |
|---|---|---|---|---|
12/29/2026 |
12/30/2026 |
12/30/2026 |
12/31/2026 |
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