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Launched · SEC filings

Daily Target 2X Long RCAT ETF

RCAXNasdaqDefianceDThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$3.66−0.28 (−7.23%)

At close: Nov 2, 2026, 4:00 PM ET

D28/ 100

Rank 333 of 380 in Single-Stock Long Leveraged

D28/100Rank 333 of 380inSingle-Stock Long Leveraged
Intraday session: down, 79 prints from 3.94 to 3.66. Range 3.58 to 4.26. Use the arrow keys to read each point.3.804.2010 AM12 PM2 PM4 PM
Expense ratio
1.30%
Fund size
$3M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
8
Avg volume · 30D
84.3K sh
52W range
low $3.26high $158.10
Launched
Filings
SEC EDGAR

The ETF.net RCAX Grade

Based on 5 of 6 pillars

D

Score 28 out of 100

Category
Single-Stock Long Leveraged⁠
Rank
333 of 380
Six-pillar profile for RCAX. Scores out of 100: Cost 32, Risk 16, Mission 96, Tradability 26, Holdings not scored, Durability 50. Strongest: Mission (96). Weakest: Risk (16). Based on 5 of 6 pillars.

Score 28 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
28
This cap took
0
Published Score
28 Grade D

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D32 out of 100
    Rank 248 of 380

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A96 out of 100
    Rank 30 of 150

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F16 out of 100
    Rank 351 of 368

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D26 out of 100
    Rank 309 of 380

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C50 out of 100
    Rank 190 of 380

Our read on RCAX

ETF.net Research

In short

DThe first 2x long ETF on Red Cat Holdings, a military drone maker. It aims for 200% of RCAT's daily move, resets every night, and charges 1.30%.

Stated mandate

The fund seeks daily investment results, before fees and expenses, equal to two times the daily percentage change in Red Cat Holdings, Inc.'s share price. It is designed for a single trading day rather than longer holding periods.

Why people hold it

  • Defiance built this as the first 2X long ETF on Red Cat Holdings, so amplified bullish exposure to one drone name takes a single ticker and no margin account.etfgi.com
  • The mandate is narrow and literal: two times RCAT's daily percentage change, before fees. Day to day, it has tracked that stated target closely.
  • Red Cat builds drone hardware and software for military, government and commercial users, so this is one concentrated name rather than a diluted drone basket.redcat.red

Worth knowing

  • Daily reset is the whole story. Hold past one session and compounding takes over, so multi-day results can diverge sharply from 2x RCAT's move, especially in choppy stretches.
  • At 1.30%, the fee sits above the category median and above 2x single-stock peers like TSMG (0.76%) and OKTG (0.75%).
  • Launched February 2026, it is still a small fund with a short record, and volume is moderate, so spreads and position size deserve a look before trading.

RCAX Performance

Launched Feb 2, 2026

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
RCAX$2,908
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,141
Jul 31, 2026 to Oct 30, 2026. RCAX $2,908. SPY $10,141. Use the arrow keys to read each point.$5,000$10,000$15,000$20,000Jul 2026Sep 2026Oct 2026

Jul 31, 2026 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for RCAX. Periods over one year show the average yearly return.
PeriodRCAX
Year to dateFund launched this yearNo data
1 month−53.0%
3 months−70.9%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for RCAX
YearReturn barRCAX
2026 YTD−96.4%

History from Feb 3, 2026

RCAX in the news

RCAX Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
No dataLast 12 months
Payout per share
No dataLast 12 months

Listed Feb 2026. No distributions yet.

RCAX Risk

Risk pillarF16 out of 100Rank 351 of 368 in Single-Stock Long Leveraged

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
Launched Feb 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
Launched Feb 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
Launched Feb 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.73
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

RCAX Cost

Compare RCAX and GOGL

Overpaying vs GOGL, tied cheapest in Single-Stock Long Leveraged

$19,214

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • RCAX 1.30%

    $23,369

  • GOGL 0.20% Tied cheapest

    $4,155

$10,000
30 years

Cost over time

  • RCAX 1.30%
  • GOGL 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530RCAX $23,369GOGL $4,155

Year by year

YearRCAXGOGLOverpaying
10$2,263$365$1,898
20$8,393$1,421$6,972
30$23,369$4,155$19,214

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