At a glance
RKLX charges 1.63% a year. It has $164.3M in assets; it paid 52.75% of its price in distributions over the past 12 months, annual. Over the past year it returned −74.1% with distributions reinvested.
The short version
Defiance Daily Target 2X Long RKLB ETF (RKLX) aims to deliver twice the daily percentage move of one stock, Rocket Lab Corporation (RKLB). It gets that exposure through swaps and options rather than by owning the shares. Its 2x exposure resets every day, so returns over weeks or months can differ sharply from twice Rocket Lab's move. It is costly, with a 1.63% expense ratio, and it fell 74.1% over the year to October 27, 2026.
Price history
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RKLX -74.1% 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 | |
|---|---|---|---|---|---|---|
| RKLX price data to Oct 27, 2026 | -71.7% | -74.1% | — | — | — | +59.6% |
- Over the year to Oct 27, 2026, RKLX returned -74.1%.
- The deepest fall in its price history was 90.7% (May 22, 2026 to Oct 16, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -71.7% |
| 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 |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (5.95% of net assets), with its exposure coming from 8 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 86.91% |
By country
United States 86.91%By issuer
US Treasury 86.91%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 $120.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +160.53%, -56.90%, -63.17%.
How it works
RKLX does not track an index. Its adviser manages it actively toward one target: two times (200%) the daily percentage change in Rocket Lab's share price, before fees, measured from one day's market close to the next. To get that exposure, it uses swap agreements and listed options. A swap is a contract in which a bank or broker agrees to pay the fund the return on a set dollar amount of Rocket Lab stock. The options are mainly short-dated, in-the-money calls. As of July 31, 2026, the fund's swap counterparties included Clear Street, Nomura, BMO and Marex.
Most of the fund's money sits in collateral. On July 31, 2026, a US Treasury bill made up 86.9% of net assets and cash made up 5.95%. The derivatives themselves were valued at 5.82%. The Treasury bills averaged about 0.1 years to maturity, so interest-rate changes have little effect on them.
At the end of each day, the adviser rebalances to bring exposure back to about 200%. This daily reset means returns compound. Over longer periods, the fund's return will very likely differ from twice Rocket Lab's. The prospectus says the fund will lose money if the stock is flat over time, and it may lose money even if the stock rises. The daily trading produced portfolio turnover of 69,322%. The fund is non-diversified.
What it really costs
- RKLX charges 1.63% 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 $166 in the first year and $1,933 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RKLX | $166 | $514 | $887 | $1,933 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- 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
The prospectus says the fund seeks 2x returns for a single day only and that investors should not hold shares unmonitored for longer than one trading day.
RKLX launched on March 12, 2025, so it has no record through the 2008, 2020 or 2022 market drops. Its own history is severe. From May 22 to October 16, 2026, it fell 90.7%, and it had not recovered as of October 27, 2026. In 2026 through October 27, it lost 71.65%, and its one-year volatility was 186.1%. Anyone forced to sell during that slide would have locked in most of the loss. Its trailing 12-month payout was $5.95 per share, a 52.75% yield, paid annually. A payout like this is not a reliable income stream. Costs are high: 1.63% a year. In the SEC's standard $10,000 example, that comes to $166 in the first year and $1,933 over 10 years. 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 twice Rocket Lab's daily move for a day or so and can watch their position closely during market hours.
- Experienced investors who understand swaps, options and daily-reset compounding, and who accept that the fund could lose nearly all its value.
- Traders who want short-term leveraged exposure to one space company without using a margin account or trading options themselves.
Look elsewhere if
- Retirees and long-term savers who want a buy-and-hold fund; RKLX dropped 90.7% between May 22 and October 16, 2026.
- Income seekers: the 52.75% trailing yield reflects annual payouts totaling $5.95 per share, not a predictable stream of income.
- Cost-conscious investors: in the SEC's standard example, the 1.63% expense ratio adds up to about $1,933 over 10 years on $10,000.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is RKLX good for retirement?
RKLX is not designed for retirement portfolios. Its prospectus says it seeks twice Rocket Lab's daily return for a single day only, and that investors should not hold shares unmonitored for longer than one trading day. Its record shows why. It fell 90.7% between May 22 and October 16, 2026, and lost 74.1% in the year to October 27, 2026. It also charges a 1.63% expense ratio.
What's the difference between RKLX and RKLB stock?
RKLB is Rocket Lab's own stock. RKLX is an ETF that aims to deliver twice RKLB's daily percentage move, using swaps and options without owning the shares. Over a single day, if RKLB rises, RKLX aims to rise twice as much in percentage terms, before fees. Over longer periods, daily compounding can make RKLX trail twice RKLB's return, and the fund can lose money even when RKLB rises. RKLX holders get no votes at Rocket Lab and pay a 1.63% expense ratio.
Does RKLX pay dividends?
RKLX pays distributions once a year, not monthly or quarterly. Its trailing 12-month payout was $5.95 per share, a yield of 52.75% as of October 27, 2026. That figure is unlikely to be dependable income. The fund earns interest on its Treasury bill collateral, but its payouts can also reflect gains on its derivatives, which vary widely. Each distribution also lowers the share price by the amount paid out.
Why did RKLX lose so much money?
RKLX lost 74.1% over the year to October 27, 2026. Leverage magnifies Rocket Lab's daily declines, and the daily reset compounds losses when the stock swings up and down. The swings were extreme. The three monthly returns in its July 31, 2026 holdings report were +160.5%, −56.9% and −63.2%. Its one-year volatility was 186.1%, and its deepest drop reached 90.7%, from May 22 to October 16, 2026.
How much does RKLX cost?
RKLX's expense ratio is 1.63% a year, including a 1.29% management fee, according to its prospectus filed August 26, 2026. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs would total about $166 after one year, $514 after three, $887 after five and $1,933 after ten. Trading costs are not included in the expense ratio, and the fund's portfolio turnover rate was 69,322%.