# RKLZ (Defiance Daily Target 2X Short RKLB ETF)

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

Three months to Sep 11, 2026: RKLZ returned +36.5% where its own daily promise gave +61.6%, 25.1 points short.

## Key facts

- RKLZ, what RKLB did: −38.5%, as of Sep 11, 2026.
- RKLZ, what −2 times a day gives: +61.6%, as of Sep 11, 2026.
- RKLZ, what the fund returned: +36.5%, as of Sep 11, 2026.
- RKLZ, the fund itself cost: −25.1 pts, as of Sep 11, 2026.
- RKLZ, net assets: $9m (source, as filed for Apr 30, 2026).
- RKLZ, expense ratio: 1.29% (485BPOS XBRL, Aug 26, 2026).

## RKLZ over each window to Sep 11, 2026

| Window | Fund | RKLB | -2x the move | Difference | RKLB moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +44.1% | −22.4% | +44.9% | −0.8 pts | 39% |
| 3 months | +36.5% | −38.5% | +77.0% | −40.6 pts | 80% |
| 6 months | −84.8% | −8.0% | +16.0% | −100.8 pts | 102% |
| Since launch | −97.5% | +47.1% | −94.3% | −3.2 pts | 98% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of RKLB, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -0.95 times, against -2 stated | ETFIQ |
| Underlying | RKLB | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $9m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.29% | 485BPOS XBRL, Aug 26, 2026 |
| Launched | Nov 18, 2025 | ETFIQ |
| Underlying volatility over the window | 80% annualized | ETFIQ |

## Questions

### Did RKLZ return -2 times RKLB?

Over the window to Sep 11, 2026, RKLB moved −38.5% and RKLZ returned +36.5%. 2 times that move is +77.0%, so the fund came out 40.6 points short of it.

### Why does RKLZ not return -2 times over a year?

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.


## Cite this page

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

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