# RCAX (Defiance Daily Target 2X Long RCAT ETF)

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

Three months to Sep 11, 2026: RCAX returned −62.9% where its own daily promise gave −57.8%, 5.0 points short.

## Key facts

- RCAX, what RCAT did: −28.8%, as of Sep 11, 2026.
- RCAX, what +2 times a day gives: −57.8%, as of Sep 11, 2026.
- RCAX, what the fund returned: −62.9%, as of Sep 11, 2026.
- RCAX, the fund itself cost: −5.0 pts, as of Sep 11, 2026.
- RCAX, net assets: $9m (source, as filed for Apr 30, 2026).
- RCAX, expense ratio: 1.30% (485BPOS XBRL, Aug 24, 2026).

## RCAX over each window to Sep 11, 2026

| Window | Fund | RCAT | +2x the move | Difference | RCAT moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −45.3% | −22.9% | −45.7% | +0.4 pts | 65% |
| 3 months | −62.9% | −28.8% | −57.6% | −5.3 pts | 86% |
| 6 months | −88.4% | −49.8% | −99.6% | +11.2 pts | 107% |
| Since launch | −87.8% | −44.1% | −88.3% | +0.5 pts | 108% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of RCAT, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.18 times, against +2 stated | ETFIQ |
| Underlying | RCAT | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $9m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.30% | 485BPOS XBRL, Aug 24, 2026 |
| Launched | Feb 3, 2026 | ETFIQ |
| Underlying volatility over the window | 86% annualized | ETFIQ |

## Questions

### Did RCAX return +2 times RCAT?

Over the window to Sep 11, 2026, RCAT moved −28.8% and RCAX returned −62.9%. 2 times that move is −57.6%, so the fund came out 5.3 points short of it.

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

Because it resets daily. RCAX 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.


## Cite this page

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

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