Defiance Daily Target 2X Long IONQ ETFIONX

Defiance Daily Target 2X Long IONQ ETF (IONX) is billed as the first fund to strip software out of the Nasdaq-100 and then double down on the remaining stocks, starting with IONQ. The homepage still trumpets that line in bold, accompanied by an image of a robot holding a tablet-presumably calculating the fund’s 0.95% expense ratio rather than any quantum breakthrough. (source: Defiance ETFs homepage, https://www.defianceetfs.com/)

The ETF’s mandate is straightforward: deliver 2× the daily return of the Nasdaq-100 ex-software index, then lever that basket 2× via IONQ. That means if the index rises 1% in a day, the ETF aims for 2% before its own fees; if it falls 1%, the ETF is on the hook for 2% before fees. The FAQ helpfully explains this arithmetic while omitting the part about how many quantum computers the source requires readers to buy to offset the expense drag. (source: Defiance ETFs FAQ, https://www.defianceetfs.com/faqs/)

The fund’s prospectus repeats the same three marketing lines across multiple pages: “ETFs built for the next generation,” “the first ETF targeting Nasdaq-100 ex-software companies,” and a promise of innovation. What it does not do is supply IONQ revenue, net income, or cash flow because, at the time of writing, none exist to disclose. The only numbers Defiance supplies are the 0.95% annual fee and the fact that the adviser, Defiance ETFs, provides investment management services for the fund. (source: Prospectuses, https://www.defianceetfs.com/prospectuses/)

For live price and volume, the Nasdaq quote page for IONX is the canonical source; it confirms the wrapper exists and trades, but it does not explain why anyone should pay 95 basis points a year to double the daily moves of a single unprofitable stock via a bespoke ex-software index. (source: Nasdaq IONX quote, https://www.nasdaq.com/market-activity/etf/ionx)

The FINRA Fund Analyzer confirms IONX’s 0.95% expense ratio and classifies the fund as concentrated, but it cannot tell you whether the underlying index or IONQ will ever deliver compounding returns; those remain unknowns. (source: FINRA Fund Analyzer, https://tools.finra.org/fund_analyzer/)