Defiance Daily Target 2x Short QBTS ETF (QBTZ)

The Defiance Daily Target 2x Short QBTS ETF is a leveraged inverse single-stock fund from Defiance ETFs. Its underlying stock is D-Wave Quantum, the quantum computing company listed under the ticker QBTS.

The fund seeks daily investment results, before fees and expenses, equal to negative two times the daily percentage change in D-Wave Quantum's share price. In other words, it is designed to rise when the stock falls on a given day, and vice versa. It uses swaps and other derivatives to create this exposure.

Because the inverse leverage is reset daily, the fund targets one-day returns only. Over longer periods its results can differ greatly from negative two times D-Wave's return. It trades on the Nasdaq under the ticker QBTZ.