At a glance
IONX charges 1.38% a year, above the 0.12% average of the 7 funds most like it (the most expensive of 8). It has $143.0M in assets, the 8th largest of that group.
The short version
Defiance Daily Target 2X Long IONQ ETF (IONX) aims to deliver twice the daily percentage move of IonQ, Inc. (NYSE: IONQ), a quantum computing company. It uses swaps and options instead of owning the stock. It resets its leverage every day, so returns over weeks or months can drift far from twice IonQ's move. A 1.38% expense ratio and an 82.1% drop from June 15 to October 26, 2026, mark it as a high-risk, short-term tool.
Price history
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IONX — over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IONX price data to Oct 27, 2026 | -76.3% | — | — | — | — | — |
- The deepest fall in its price history was 82.1% (Jun 15, 2026 to Oct 26, 2026), not yet recovered.
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 66.34% of assets, and 5.66% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 66.34% |
By country
United States 66.34%By issuer
US Treasury 66.34%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $133.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +128.27%, -51.26%, -57.23%.
How it works
IONX is actively managed and follows no index. Its one target is 200% of the daily percentage change in IonQ's share price, measured from one day's market close to the next. To get that exposure, it uses swap agreements with financial institutions. A swap is a contract where a bank or broker agrees to pay the fund the return on a set dollar amount of IonQ stock. The fund also uses listed options, mainly short-dated (a month or less) in-the-money call options. At least 80% of net assets must be in instruments built to deliver 2x IonQ's daily move. The fund expects to put 40% to 60% of its assets toward swap collateral or option premiums. It is classified as non-diversified.
At the end of each trading day, the adviser rebalances to bring exposure back to about 200%. This daily reset means returns over longer periods compound day by day. The prospectus says the fund will lose money if IonQ ends flat over time, and it can lose money even when IonQ rises. It warns against holding shares unmonitored for longer than a single trading day. Portfolio turnover was 33,055%.
As of July 31, 2026, about 66.3% of the fund's $143 million in net assets sat in one US Treasury bill, held as collateral. Cash made up 5.66%. There were also eight derivative positions, including IonQ swaps with counterparties such as Cantor and Marex. The fund holds no IonQ shares and has no shareholder voting rights in IonQ.
What it really costs
- IONX charges 1.38% a year, versus an average of 0.12% for the similar funds below (8th of 8, cheapest first).
- Of that, 1.29% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $140 in the first year and $1,657 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IONX | $140 | $437 | $755 | $1,657 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It resets 2x leverage on a single stock every day, and its prospectus warns against holding it unmonitored for more than one trading day.
IONX launched on March 11, 2025, so it has no record from the 2008, 2020 or 2022 downturns. The prospectus shows no full calendar-year results. The available price history begins June 9, 2026. In that short window, the fund fell 82.1% from June 15 to October 26, 2026, and had not recovered by late October. It lost 51.4% in the month to October 27, 2026. Anyone who needed cash during a stretch like that would have locked in most of the loss. It paid no distributions in the 12 months to October 27, 2026. Its 1.38% expense ratio works out to $140 in the first year and $1,657 over 10 years in the SEC's standard $10,000 example. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a magnified one-day position on IonQ shares and can check that position every trading day.
- Experienced investors who understand swaps, options and daily leverage resets, and who accept the prospectus warning that they could lose all their money.
- Traders who want 2x IonQ exposure in an ordinary brokerage account without using margin or trading options themselves.
Look elsewhere if
- Long-term savers and retirees: daily compounding means IONX can lose money even if IonQ's share price rises over time.
- Income seekers: the fund paid no distributions in the 12 months to October 27, 2026.
- Investors who want diversification or low costs: it tracks one early-stage company and charges 1.38%, or $1,657 over 10 years in the SEC's $10,000 example.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IONX this fund | 0.1 yrs | 1.38% | $143.0M | — | — |
| VGLT Vanguard Long-Term Treasury ETF | 21.7 yrs | 0.03% | $15.13B | -4.4% | +4.2% |
| SPTL SPDR Portfolio Long Term Treasury ETF | 21.8 yrs | 0.03% | $10.47B | -6.0% | +3.9% |
| SCHQ Schwab Long-Term U.S. Treasury ETF | 21.8 yrs | 0.03% | $759.0M | -5.8% | +4.0% |
| BLV Vanguard Long-Term Bond ETF | 22.1 yrs | 0.03% | $8.66B | -5.6% | +5.4% |
| LGOV First Trust Long Duration Opportunities ETF | 20.4 yrs | 0.66% | $619.4M | -4.0% | +5.5% |
| EDV Vanguard Extended Duration Treasury ETF | 24.4 yrs | 0.05% | $4.13B | -11.8% | +2.0% |
| VCLT Vanguard Long-Term Corporate Bond ETF | 22.3 yrs | 0.03% | $9.56B | -5.4% | +6.6% |
Questions investors ask
Can you hold IONX long term?
Its prospectus advises against it. The fund resets to 2x IonQ's daily move every day, and those daily returns compound. Over longer periods, results can differ sharply from twice IonQ's return. The fund loses money if IonQ ends flat, and it can lose money even if IonQ rises. Investors are warned not to hold it unmonitored for longer than a single trading day. From June 15 to October 26, 2026, it fell 82.1%.
Is IONX a bond fund?
No. Some data screens may label it a bond fund because about 66.3% of its assets sat in a US Treasury bill as of July 31, 2026. That Treasury bill is collateral. The fund's real exposure comes from swaps and options tied to IonQ stock, which are designed to deliver twice IonQ's daily move. Long-term Treasury funds sometimes listed next to it follow a completely different strategy and are not alternatives.
Does IONX pay a dividend?
No. IONX paid no distributions in the 12 months to October 27, 2026, so its trailing yield was 0%. Its job is to magnify IonQ's daily share-price moves, not to produce income. The interest earned on its Treasury bill collateral goes toward the fund's costs and its leveraged strategy. Investors looking for regular income would need to look at other types of funds.
What is the IONX expense ratio?
IONX has a 1.38% expense ratio, according to its prospectus filed August 26, 2026. That includes a 1.29% management fee. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $140 after one year, $437 after three years, $755 after five years and $1,657 after ten years. Swap financing costs and very high trading (33,055% turnover) can also hurt results.
IONX vs IONQ stock: what's the difference?
Owning IonQ stock gives you its actual return over any period, plus shareholder voting rights. IONX owns no IonQ shares. It uses swaps and options to aim for twice IonQ's move for one day at a time, then resets. Over weeks or months, its results can differ widely from twice IonQ's return, especially when the stock swings a lot. IONX also charges a 1.38% expense ratio, which owning the stock directly does not.