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

Defiance · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: RKLZ returned +20.9% where its own daily promise gave +42.4%, 21.5 points short.

## Key facts

- RKLZ, what RKLB did: −30.4%, as of Sep 30, 2026.
- RKLZ, what −2 times a day gives: +42.4%, as of Sep 30, 2026.
- RKLZ, what the fund returned: +20.9%, as of Sep 30, 2026.
- RKLZ, the fund itself cost: −21.5 pts, as of Sep 30, 2026.
- RKLZ, net assets: $7m (the issuer’s own daily fund list, as of Sep 30, 2026).
- RKLZ, expense ratio: 1.29% (485BPOS XBRL, Aug 26, 2026).

## RKLZ over each window to Sep 30, 2026

| Window | Fund | RKLB | -2x the move | Difference | RKLB moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −26.3% | +9.0% | −18.0% | −8.3 pts | 52% |
| 3 months | +20.9% | −30.4% | +60.7% | −39.8 pts | 70% |
| 6 months | −86.5% | +6.3% | −12.7% | −73.8 pts | 97% |
| Since launch | −98.1% | +62.9% | −125.8% | +27.7 pts | 96% |

## 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 | -0.69 times, against -2 stated | ETFIQ |
| Underlying | RKLB | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $7m | the issuer’s own daily fund list, as of Sep 30, 2026 |
| Expense ratio | 1.29% | 485BPOS XBRL, Aug 26, 2026 |
| Launched | Nov 18, 2025 | ETFIQ |
| Underlying volatility over the window | 70% annualized | ETFIQ |

## Questions

### Did RKLZ return -2 times RKLB?

Over the window to Sep 30, 2026, RKLB moved −30.4% and RKLZ returned +20.9%. −2 times that move is +60.7%, so the fund came out 39.8 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 30, 2026. https://etfiq.com/funds/rklz
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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