On June 10, Defiance Quantum ETF fell 5.03% in regular trading, trading at $149.48/share, with trading volume of $191 million. On the news front, Honeywell's quantum computing subsidiary Quantinuum listed on Nasdaq at $60 per share, raising $1.68 billion with a valuation exceeding $14 billion, marking the largest IPO in quantum computing history.

The ETF had previously plunged over 5% due to a capital siphoning effect as investors sold existing quantum computing positions to participate in the Quantinuum offering. While the ETF briefly rebounded to $161.96 after Quantinuum's muted first-day gain of just 0.63%, the rotation pressure has not been fully absorbed. Rigetti Computing previously tumbled 10.36%, D-Wave Quantum fell 7.9%, and IonQ declined 4.44%. The limited appetite for chasing Quantinuum higher, combined with broader tech sector risk-off sentiment, has reignited selling pressure across the quantum computing space.

The fund uses a passive management approach to track the performance of an index consisting of companies that derive at least 50% of their annual revenue from quantum computing and machine learning technology development.

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