At a glance
ORCX charges 1.31% a year, above the 0.12% average of the 7 funds most like it (the most expensive of 8). It has $236.6M in assets, the 8th largest of that group. Over the past year it returned −86.1% with distributions reinvested, the weakest of those 8 funds.
The short version
Defiance Daily Target 2X Long ORCL ETF (ORCX), issued by Tidal Financial Group, aims to deliver twice the daily percentage move in Oracle's share price. It uses swaps and options instead of owning the stock. It resets its leverage every day, so its returns over weeks or months can end up far from twice Oracle's. It costs 1.31% a year and lost 86.1% in the year to October 27, 2026.
Price history
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ORCX -86.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ORCX price data to Oct 27, 2026 | -68.7% | -86.1% | — | — | — | -54.2% |
- Over the year to Oct 27, 2026, ORCX returned -86.1%, 8th of 8 among similar funds.
- The deepest fall in its price history was 91.7% (Sep 10, 2025 to Jul 24, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -68.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 63.6% of assets, and 4.55% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 63.60% |
By country
United States 63.6%By issuer
US Treasury 63.6%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $51.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +87.97%, -60.35%, -24.32%.
How it works
ORCX does not track an index. It is actively managed, and its goal is to return twice (200%) Oracle's daily percentage change from one day's close to the next. It does not hold Oracle shares. Instead it uses swap agreements, which are contracts where a financial institution pays the fund the return on a set dollar amount of Oracle stock. It can also use listed options, mainly in-the-money call options that expire within a month (their strike prices sit below Oracle's market price). The fund leans more on options when swaps are hard to get, but the prospectus says options are usually less efficient.
At the end of each trading day, the adviser rebalances to keep exposure near 200% of Oracle. Because of this daily reset, returns compound day by day. Over longer periods they will very likely differ from twice Oracle's return. The fund can lose money if Oracle ends flat, or even if Oracle rises, especially when the stock swings a lot. The prospectus warns against holding shares unmonitored for more than one trading day.
The prospectus expects 40% to 60% of assets to serve as collateral, held in Treasury bills, money market funds, short-term bond ETFs or investment-grade commercial paper. As of July 31, 2026, a US Treasury bill made up 63.6% of net assets and cash 4.55%, alongside seven derivative positions, mostly Oracle swaps with several institutions. The fund is non-diversified, and portfolio turnover was 1,829%.
What it really costs
- ORCX charges 1.31% a year, versus an average of 0.12% for the similar funds below (8th of 8, cheapest first).
- Of that, 1.29% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $133 in the first year and $1,579 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ORCX | $133 | $415 | $718 | $1,579 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It targets twice Oracle's move for a single day, and the prospectus warns against holding it unmonitored for longer than that.
ORCX launched on February 7, 2025, so it has no record through the 2008, 2020 or 2022 downturns. Its own record is severe. From September 10, 2025, to July 24, 2026, it fell 91.7%, and it had not recovered as of October 27, 2026. It lost 68.7% in 2026 through October 27, and its one-year volatility was 114.4%. Anyone who had to sell shares or raise cash during that stretch would have locked in deep losses. It has paid no distributions, so it offers no income. Its 1.31% expense ratio works out to $133 on $10,000 over one year in the SEC's standard example. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a magnified one-day position on Oracle's share price and can check it daily, as the prospectus expects.
- Experienced investors who understand swaps, options and daily-reset compounding, and who accept that losses can approach the whole investment.
- Short-term traders seeking 2x Oracle exposure inside a regular ETF, who accept a 1.31% expense ratio and 1,829% portfolio turnover.
Look elsewhere if
- Retirees or savers seeking income: the fund has recorded no distributions.
- Buy-and-hold investors: it lost 86.1% in the year to October 27, 2026, and fell 91.7% from its September 2025 peak.
- Anyone seeking diversification: it is tied to one company, Oracle, and had a one-year beta of 4.95, swinging far more than the market.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ORCX this fund | 0.1 yrs | 1.31% | $236.6M | -86.1% | — |
| VGLT Vanguard Long-Term Treasury ETF | 21.7 yrs | 0.03% | $15.13B | -4.4% | +4.2% |
| SPTL SPDR Portfolio Long Term Treasury ETF | 21.8 yrs | 0.03% | $10.47B | -6.0% | +3.9% |
| SCHQ Schwab Long-Term U.S. Treasury ETF | 21.8 yrs | 0.03% | $759.0M | -5.8% | +4.0% |
| BLV Vanguard Long-Term Bond ETF | 22.1 yrs | 0.03% | $8.66B | -5.6% | +5.4% |
| LGOV First Trust Long Duration Opportunities ETF | 20.4 yrs | 0.66% | $619.4M | -4.0% | +5.5% |
| EDV Vanguard Extended Duration Treasury ETF | 24.4 yrs | 0.05% | $4.13B | -11.8% | +2.0% |
| VCLT Vanguard Long-Term Corporate Bond ETF | 22.3 yrs | 0.03% | $9.56B | -5.4% | +6.6% |
Questions investors ask
Is ORCX a good long-term investment?
It is not built for long-term holding. ORCX aims for twice Oracle's move over a single trading day, and the prospectus warns against holding it unmonitored for longer. Because of daily compounding, it can lose money even when Oracle rises. As of October 27, 2026, it had lost 86.1% over one year and 54.2% since its February 2025 launch. Its deepest drop was 91.7%, and that loss had not been recovered.
Does ORCX pay dividends?
No. ORCX has recorded no distributions, so it provides no regular income. Its return comes entirely from changes in its share price, which is driven by swaps and options tied to Oracle stock. Investors looking for income from a fund would need to look at other kinds of funds. Owning ORCX does not entitle holders to Oracle's own dividends, because the fund does not own Oracle shares.
What is the expense ratio of ORCX?
ORCX's expense ratio is 1.31% a year, according to its prospectus filed August 28, 2026, including a 1.29% management fee. In the SEC's standard example, which assumes $10,000 invested and a 5% annual return, costs would total about $133 after one year, $415 after three, $718 after five and $1,579 after ten. Financing costs for its leveraged exposure can also weigh on returns.
What's the difference between ORCX and owning Oracle stock?
Owning Oracle stock gives direct ownership, voting rights and returns that match the stock over any period. ORCX owns no Oracle shares. It uses swaps and options to aim for twice Oracle's daily move, has no voting rights, charges 1.31% a year and carries the risk that its swap partners fail to pay. Over periods longer than a day, its returns can differ sharply from twice Oracle's.
Can you lose all your money in ORCX?
Yes. The prospectus states that investors could lose all their money in the fund. Because it targets twice Oracle's daily move, a large one-day fall in Oracle is magnified. From September 10, 2025, to July 24, 2026, ORCX fell 91.7%. Its one-year volatility was 114.4% as of October 27, 2026, far above that of a typical stock fund.