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RCAX

GradeDNASDAQ Global Market

Daily Target 2X Long RCAT ETF

Leveraged · Single-Stock Leveraged · Defiance · Inception 2026-02-02 · SEC filings

This 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.

$9.20−0.66 (−6.71%)

As of Sep 23, 2026, 2:18 PM EDT

History starts Feb 3, 2026.History starts Feb 3, 2026.
Intraday session: down, 51 prints from 9.86 to 9.20. Range 9.15 to 9.66. Use the arrow keys to read each point.$9.40$9.6010 AM12 PM2 PM4 PM
Expense ratio
1.30%
Fund size
$5M
1Y return
—
Yield · Last 12 months
—
Holdings
9
Volume · 30D
0.1M sh
NAV per share
$9.88
52W range
low $9.31high $158.10

The ETF.net RCAX Grade

D

32/ 100

Rank 255 of 380 in Single-Stock Long Leveraged⁠

Confidence High

Six-pillar profile for RCAX. Scores out of 100: Cost 34, Risk 20, Mission 93, Tradability 32, Holdings not scored, Durability 54. Strongest: Mission (93). Weakest: Risk (20). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 32 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 34
    Category rank258/380 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 93
    Category rank72/147 · top 49%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 20
    Category rank269/285 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 32
    Category rank268/380 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 54
    Category rank171/380 · top 45%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on RCAX

ETF.net Research

DTwo times the daily move in Red Cat Holdings, packaged in one ticker. The leveraged single-stock aisle is stacked with mega-cap tech; this one points the same daily machinery at a far more niche underlying.

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

  1. 01One ticker, no margin account: the fund aims for two times RCAT's daily percentage move, before fees and expenses.
  2. 02Day to day, it has stayed close to its stated 2x target, which is the entire job description for a daily-reset fund.
  3. 03Rare shelf space. The 2x single-stock aisle skews to mega-caps (GGLL, AAPU, AMDG); this one levers a much less covered name.
  4. 04Ordinary 1940 Act ETF wrapper, so it trades and reports like the rest of your stock ETFs.

Worth knowing

  1. 01Fees run 1.31% a year against roughly 1.01% for the typical leveraged single-stock fund, and 0.75% at UNHG and ASMG.
  2. 02The 2x target resets every day. Hold longer and compounding takes over, so multi-day results can drift far from twice the stock's move.
  3. 03Launched in 2026, so the record is short, and doubling one stock's daily swings amplifies down days as much as up ones.

RCAX Holdings

As of Sep 20, 2026, 5:08 AM
Asset class
Other
Holdings
9
Top-10 weight
219%
Largest holding
RED CAT HOLDINGS, INC.-SWAP-NMRA-L42.4%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—RED CAT HOLDINGS, INC.-SWAP-NMRA-L42.35%273,756$2M1
002—RED CAT HOLDINGS, INC.-SWAP-JNST-L38.11%246,364$2M1
003—RED CAT HOLDINGS, INC.-SWAP-NBCB-L37.24%240,747$2M1
004—RED CAT HLDGS SWAP MAREX-L33.84%218,766$1M1
005—RED CAT HLDGS SWAP CS-L31.05%200,679$1M1
006—RED CAT HLDGS SWAP CF-L17.65%114,072$770K1
007—United States Treasury Bill 11/19/202611.39%500,000$497K48
008—First American Government Obligations Fund 12/01/20317.55%329,609$330K625

Showing 1–8 of 8 holdings

RCAX Performance

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

RCAX$3,156
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. RCAX $3,156. SPY $10,415. Use the arrow keys to read each point.$2,402$6,724$11,046Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 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 year—
1 month−52.0%
3 months−68.4%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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−90.9%

History from Feb 3, 2026

RCAX in the news

ETF.net Research hasn’t filed on RCAX yet — coverage lands here as it’s written.

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 Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Feb 2026. No distributions yet.

RCAX Risk

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.

RCAX Cost

Expense ratio1.30%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

231 of the 329 Single-Stock Long Leveraged funds charge less.

RCAX costs $130.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.