Defiance Daily Target 2X Short QBTS ETF
QBTZ
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- Defiance Daily Target 2X Short QBTS ETF (QBTZ) is an actively managed exchange-traded fund that seeks daily investment results, before fees and expenses, equal to -200% of the daily percentage change in the share price of D-Wave Quantum Inc. (NYSE: QBTS), a developer of quantum computing systems, software, and services focused on optimization, artificial intelligence, materials science, logistics, and cybersecurity applications; the fund achieves this leveraged inverse exposure through derivatives including swap agreements with counterparties such as Cantor and Marex, listed options contracts (primarily short-dated in-the-money calls or equivalent strategies like buying calls and selling puts), and collateral investments in cash equivalents and short-term U.S. Treasury bills. QBTZ is designed exclusively for short-term tactical trading by sophisticated investors who actively monitor positions, as daily rebalancing and compounding effects cause performance to diverge significantly from -2x QBTS over periods longer than one day, potentially resulting in substantial losses including the entire principal in a single session. The fund operates without a margin account requirement and emphasizes high portfolio turnover to maintain target exposure. Launched on October 6, 2025, by Defiance ETFs, a Miami-based issuer founded in 2018 that specializes in thematic, income, and first-mover single-stock leveraged ETFs, QBTZ represents the latest expansion of Defiance's innovative lineup targeting high-growth sectors like quantum computing, following recent introductions such as the Daily Target 2X Short SMCI ETF (SMCZ) in March 2025 and a June 2025 suite of leveraged ETFs on IonQ (IONQ), Oklo (OKLO), and SoundHound AI (SOUN). QBTZ trades on the Nasdaq with a gross expense ratio of 1.29% and monthly distributions, holding primarily cash & other assets (approximately 290% of net assets for leverage collateral), U.S. Treasury bills, and total return swaps providing the inverse exposure (e.g., -34% to -114% notional allocations across multiple contracts); it targets active traders pursuing amplified downside bets on QBTS amid its volatile performance in the quantum computing industry, without direct affiliation to or investment in D-Wave Quantum.