{
 "ticker": "RKLZ",
 "name": "Defiance Daily Target 2X Short RKLB ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/RKLZ",
 "html": "https://etfiq.com/funds/RKLZ",
 "markdown": "https://etfiq.com/funds/RKLZ.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: RKLZ returned +36.5% where its own daily promise gave +61.6%, 25.1 points short.",
 "key_facts": [
  {
   "key": "what_rklb_did",
   "label": "What RKLB did",
   "value": "\u221238.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "RKLZ, what RKLB did: \u221238.5%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "+61.6%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "RKLZ, what \u22122 times a day gives: +61.6%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+36.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "RKLZ, what the fund returned: +36.5%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u221225.1 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "RKLZ, the fund itself cost: \u221225.1 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$9m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "RKLZ, net assets: $9m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.29%",
   "source": "485BPOS XBRL, Aug 26, 2026",
   "as_of": "2026-09-11",
   "sentence": "RKLZ, expense ratio: 1.29% (485BPOS XBRL, Aug 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of RKLB, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-0.95 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "RKLB",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$9m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.29%",
   "source": "485BPOS XBRL, Aug 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Nov 18, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "80% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+44.1%",
   "RKLB": "\u221222.4%",
   "-2x the move": "+44.9%",
   "Difference": "\u22120.8 pts",
   "RKLB moved about": "39%"
  },
  {
   "window": "3 months",
   "Fund": "+36.5%",
   "RKLB": "\u221238.5%",
   "-2x the move": "+77.0%",
   "Difference": "\u221240.6 pts",
   "RKLB moved about": "80%"
  },
  {
   "window": "6 months",
   "Fund": "\u221284.8%",
   "RKLB": "\u22128.0%",
   "-2x the move": "+16.0%",
   "Difference": "\u2212100.8 pts",
   "RKLB moved about": "102%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221297.5%",
   "RKLB": "+47.1%",
   "-2x the move": "\u221294.3%",
   "Difference": "\u22123.2 pts",
   "RKLB moved about": "98%"
  }
 ],
 "questions": [
  {
   "q": "Did RKLZ return -2 times RKLB?",
   "a": "Over the window to Sep 11, 2026, RKLB moved \u221238.5% and RKLZ returned +36.5%. 2 times that move is +77.0%, so the fund came out 40.6 points short of it."
  },
  {
   "q": "Why does RKLZ not return -2 times over a year?",
   "a": "Because it resets daily. RKLZ 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."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}