Share-split context: A reverse split was recorded on Mar 23, 2026 with coefficient 0.333333. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

What this ETF is trying to do

The DEFIANCE 2X DAILY LONG PURE QUANTUM ETF (QPUX) is a leveraged ETF. This means it is designed to try and provide double the daily return of an index focused on quantum computing companies. Because it is leveraged, its price can move much faster than the underlying assets.

What the numbers show

The data shows that QPUX has experienced significant share-price declines recently.

• Year-to-Date (YTD) Price Return: -76.05%

• One-Year Price Return: -94.39%

For this ETF, the YTD total return and one-year total return are also -76.05% and -94.39%, respectively. This is because there were no distributions to add to the price movement.

The fund has a history of a reverse split on March 23, 2026. During a reverse split, multiple old shares were combined into fewer new shares. This caused the quoted per-share price to rise mechanically. It is important to know that this mechanical increase did not restore any lost investment value.

Income and distribution explanation

QPUX does not currently provide cash distributions to investors. The distribution yield is 0%, and there have been no distributions detected in the last 12 months. Because there are no distributions, the total return for this fund is based entirely on the movement of the share price.

NAV erosion explanation, if relevant

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

However, StockValueFinder uses an erosion-risk score to measure how much the price has dropped. QPUX has an erosion score of 10, which is labeled as "Severe price erosion." Additionally, the fund has a severe erosion-risk flag. This means that the split-adjusted price trend and the erosion score triggered a warning about substantial price deterioration.

Pros

• Targeted Exposure: It provides focused exposure to the quantum computing sector.

• Leveraged Growth: For investors seeking high volatility, it offers 2X daily leverage on its target index.

Cons

• Significant Price Decline: The fund has lost a large portion of its value over the last year (-94.39%).

• High Risk: The severe erosion-risk flag and score indicate significant price deterioration.

• Leverage Risks: Leveraged ETFs can be very volatile and may not be suitable for long-term holding.

Portfolio Exposure

The following are some of the Top Holdings for QPUX (as of October 8, 2026). Please note that these holdings can change over time:

• US DOLLARS: 57.53%

• IONQ INC SWAP L-CS: 24.63%

• QUANTINUUM INC.-SWAP-MREX-L: 19.11%

• D-WAVE QUANTUM SWAP CS-L: 13.74%

• D-WAVE QUANTUM INC SWAP MAREX: 12.42%

• ARQIT QUANTUM INC.-SWAP-MREX-L: 9.07%

• IONQ INC SWAP MAREX: 8.89%

• IQM QUANTUM COMPUTERS OYJ-SWAP-MREX-L: 8.60%

• FIRST AMERICAN GOVERNMENT OBLIGS X: 8.40%

• INFLEQTION INC.-SWAP-MREX-L PAY: 7.83%

Beginner takeaway

QPUX is a high-risk, leveraged ETF focused on quantum computing. While it offers the potential for doubled daily returns, the data shows it has suffered a very large share-price decline over the past year. Investors should be aware of the "severe price erosion" warning and understand that leverage can increase both gains and losses quickly.