At a glance
RGTX charges 1.56% a year. It has $49.0M in assets.
The short version
Defiance Daily Target 2X Long RGTI ETF (RGTX) uses swaps and options to try to deliver twice the one-day percentage move in shares of Rigetti Computing, a quantum computing company. It resets its leverage every day, so over weeks or months its returns can be very different from twice Rigetti's. It charges 1.56% a year. It fell 82.6% between June 15, 2026 and October 26, 2026.
Price history
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RGTX — 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 | |
|---|---|---|---|---|---|---|
| RGTX price data to Oct 27, 2026 | -73.2% | — | — | — | — | — |
- The deepest fall in its price history was 82.6% (Jun 15, 2026 to Oct 26, 2026), not yet recovered.
| 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 |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 49.09% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 49.09% |
By country
United States 49.09%By issuer
US Treasury 49.09%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 $60.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +77.97%, -50.04%, -46.75%.
How it works
RGTX doesn't track an index, and it doesn't own Rigetti shares. It is an actively managed fund that aims for 200% of the daily percentage change in Rigetti Computing's (RGTI) share price, measured from one market close to the next. To get that exposure, it signs swap agreements with banks and brokers. Under a swap, the other party pays the fund the return on a set dollar amount of Rigetti stock. The fund may also use listed options, mainly in-the-money calls that expire within a month (calls with a strike price below Rigetti's market price). The prospectus says options are usually less efficient than swaps.
The fund expects to put 40% to 60% of its assets toward swap collateral or option premiums. As of July 31, 2026, about 49% of its $49.0 million in net assets was in a US Treasury bill, held alongside eight derivative positions on Rigetti. At each day's close, the adviser rebalances to bring exposure back to about 200%. Its portfolio turnover rate was 118,871%.
Because leverage resets daily, returns compound from one day to the next. Over longer periods, the fund will very likely not deliver twice Rigetti's return. If Rigetti ends flat, the fund loses money, and it can lose money even when Rigetti rises, especially when the stock swings sharply. The prospectus warns against holding shares unmonitored for longer than a single trading day.
What it really costs
- RGTX charges 1.56% a year.
- 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 $159 in the first year and $1,856 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RGTX | $159 | $493 | $850 | $1,856 |
In a retirement portfolio
The fund seeks twice Rigetti Computing's daily move, resets its leverage every day, and its prospectus warns against holding it unmonitored beyond one trading day.
RGTX is built for trading Rigetti's next-day moves, not for holding for years. It launched on March 31, 2025, so it has no record from the 2008, 2020 or 2022 downturns. The prospectus shows no full calendar year of performance. Its short price history is harsh: it fell 82.6% between June 15, 2026 and October 26, 2026, and it had not recovered. Anyone who had to sell or raise cash after a drop like that would lock in most of the loss. It made no distributions in the 12 months to October 27, 2026, so it provides no income. It is also expensive. Under the SEC's standard example ($10,000 invested, 5% annual return), costs come to $159 after one year and $1,856 after 10. Past results don't predict future ones, and a 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 twice Rigetti Computing's one-day price move and can check their position every trading day.
- Experienced investors who understand swaps, daily leverage resets and compounding, and who accept that they could lose everything they put in.
- Short-term traders who want leveraged exposure to a single quantum computing stock and accept a 1.56% expense ratio for that access.
Look elsewhere if
- Retirees and long-term savers who want a fund to hold for years; the prospectus warns against holding it unmonitored beyond one trading day.
- Income seekers: RGTX made no distributions in the 12 months to October 27, 2026.
- Anyone who wants diversification: the fund is non-diversified and tied to one small quantum computing company with a history of operating losses.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is RGTX a good long-term investment?
RGTX isn't designed to be held long term. It aims for twice Rigetti Computing's return for a single day only, and the prospectus says investors should not plan to hold it unmonitored for longer than one trading day. Daily compounding can wear down its value over time, even when Rigetti rises. The fund fell 82.6% between June 15, 2026 and October 26, 2026, and it had not recovered.
Does RGTX pay dividends?
No. RGTX paid no distributions in the 12 months to October 27, 2026, so its trailing yield was 0%. Most of its gain or loss comes from swaps and options linked to Rigetti's share price. About half of its assets sit in Treasury bills and cash used as collateral. Anyone who needs regular income from their investments won't get it from this fund.
What's the difference between RGTX and buying RGTI stock?
Buying RGTI means owning Rigetti Computing shares directly, with voting rights and no fund fees. RGTX owns no Rigetti shares. It uses swaps and options to try to deliver twice Rigetti's daily move, charges a 1.56% expense ratio, and resets its leverage every day. Over longer periods, RGTX's return will very likely differ from twice Rigetti's, and the fund can lose money even if the stock rises.
Can RGTX lose money if Rigetti stock goes up?
Yes. Because RGTX resets to 200% exposure every day, each day's gain or loss compounds on the last. When a stock swings up and down sharply, those swings can shrink a leveraged fund's value even if the stock ends higher over the period. The prospectus also says the fund will lose money if Rigetti's shares end flat over time.
What is the RGTX expense ratio?
RGTX's expense ratio is 1.56% a year, according to its prospectus filed August 26, 2026. That includes a 1.29% management fee. Under the SEC's standard example ($10,000 invested, 5% annual return, shares sold at the end of each period), costs would come to about $159 after one year, $493 after three, $850 after five and $1,856 after 10. Financing costs for the leverage can also affect returns.