Aims for twice the opposite of the daily return of QBTS stock, using swaps and other derivatives, so it rises on days QBTS falls. Because it resets daily, its return over longer periods can differ a lot from twice the opposite.
QBTZ, the Defiance Daily Target 2X Short QBTS ETF, is a $7 million ETF whose main story is the quantum frontier.
The narrative it carries
This is its only narrative.
The quantum frontier →
Quantum computing developers and the chip companies beside them, and the distance from milestone to revenue.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | QTUM | 92.7% | $5.64bn | +44.6% | 0.40% |
| 2 | WQTM | 5.8% | $352.2m | – | 0.45% |
| 3 | CHPX | 0.5% | $116.1m | +98.8% | 0.50% |
| 4 | QTUP | 0.5% | $20.6m | – | 0.77% |
| 5 | CQTM | 0.4% | $16.8m | – | 0.35% |
| 20 other ETFs | 0.1% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 25 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| QBTZ | −10.3% | −12.0% | −87.1% | – | – | – |
| The quantum frontierits narrative | +7.8% | +0.2% | +42.2% | – | – | – |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on October 7, 2025: −93.6%.
$10,000 invested October 31, 2025
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
QBTZ has traded for less than a year, so how it moves against the market is not shown yet.
Risk
How it is built
Seeks 2x the inverse of the daily return of its exposure. It carries the narrative but does not count toward Share of Narrative, because inverse exposure is excluded.
Narrative exposure
Common questions
What story is QBTZ selling?
QBTZ’s main story is the quantum frontier, which covers quantum computing developers and the chip companies beside them, and the distance from milestone to revenue.
Run an ETF in the quantum frontier? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
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