# ORCX (Defiance Daily Target 2X Long ORCL ETF)

Defiance · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: ORCX returned −40.0% where its own daily promise gave −37.9%, 2.2 points short.

## Key facts

- ORCX, what ORCL did: −18.1%, as of Sep 11, 2026.
- ORCX, what +2 times a day gives: −37.9%, as of Sep 11, 2026.
- ORCX, what the fund returned: −40.0%, as of Sep 11, 2026.
- ORCX, the fund itself cost: −2.2 pts, as of Sep 11, 2026.
- ORCX, net assets: $291m (source, as filed for Apr 30, 2026).
- ORCX, expense ratio: 1.31% (485BPOS XBRL, Aug 28, 2026).

## ORCX over each window to Sep 11, 2026

| Window | Fund | ORCL | +2x the move | Difference | ORCL moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −6.7% | −2.0% | −3.9% | −2.8 pts | 47% |
| 3 months | −40.0% | −18.1% | −36.2% | −3.9 pts | 56% |
| 6 months | −25.8% | −2.4% | −4.8% | −21.0 pts | 61% |
| 1 year | −84.8% | −50.6% | −101.3% | +16.5 pts | 57% |
| Since launch | −63.7% | −12.4% | −24.7% | −39.0 pts | 61% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of ORCL, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.21 times, against +2 stated | ETFIQ |
| Underlying | ORCL | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $291m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.31% | 485BPOS XBRL, Aug 28, 2026 |
| Launched | Feb 7, 2025 | ETFIQ |
| Underlying volatility over the window | 56% annualized | ETFIQ |

## Questions

### Did ORCX return +2 times ORCL?

Over the window to Sep 11, 2026, ORCL moved −18.1% and ORCX returned −40.0%. 2 times that move is −36.2%, so the fund came out 3.9 points short of it.

### Why does ORCX not return +2 times over a year?

Because it resets daily. ORCX aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which +2x ORCL ETF tracked its stated multiple most closely?

3 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

ETFIQ, ORCX, data as of Sep 11, 2026. https://etfiq.com/funds/ORCX
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/ORCX  ·  JSON: https://etfiq.com/funds/ORCX.json