Aims for twice RKLB's return each day, using swaps and options. Because it resets daily, its return over longer periods can differ a lot from twice RKLB's.
RKLX, the Defiance Daily Target 2X Long RKLB ETF, is a $205 million ETF whose main story is the orbital economy. Over the past year it returned −34.4%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
The orbital economy →
Launch, satellites and the space companies around SpaceX, now that it trades publicly.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | NASA | 39.2% | $1.33bn | – | – |
| 2 | UFOX | 22.5% | $875.0m | +39.8% | 0.30% |
| 3 | UFO | 19.7% | $535.8m | +15.2% | 0.75% |
| 4 | ARKX | 13.6% | $737.1m | +9.8% | 0.75% |
| 5 | WARP | 1.6% | $42.9m | – | 0.50% |
| 39 other ETFs | 3.4% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 44 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| RKLX | +30.9% | −55.9% | −51.9% | −34.4% | – | – |
| The orbital economyits narrative | +6.6% | −9.9% | +16.9% | +18.1% | +38.0% | +13.5% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on March 13, 2025: +128.7% a year.
$10,000 invested March 31, 2025
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
RKLX moves partly with the market. When the market has moved 1%, RKLX has tended to move 5.92%.
RKLX moves closely with the orbital economy. When the orbital economy has moved 1%, RKLX has tended to move 4.23%.
Weekly returns over 81 weeks. The narrative is measured without RKLX in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Risk
Cost against its peers
RKLX is levered or inverse, so it is shown against the unlevered ETFs but not ranked among them.
How it is built
Seeks 2x the daily return of its exposure, and gets its exposure through swaps. It carries the narrative but does not count toward Share of Narrative, because only unlevered long exposure does.
Narrative exposure
Common questions
What story is RKLX selling?
RKLX’s main story is the orbital economy, which covers launch, satellites and the space companies around SpaceX, now that it trades publicly.
Which ETFs compete with RKLX?
The ETFs whose weekly returns move most like RKLX’s over the past 3 years are UFO (0.80), ARKX (0.78) and ARKQ (0.73).
How has RKLX performed against its story?
Over the past year RKLX returned −34.4%, the ETFs carrying the orbital economy +18.1% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.80 with the story. Past performance only.
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