ETF Evaluator:
Defiance Daily Target 2X Short OKLO ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Trading--Inverse Debt Over the Last Year
| 14.4% | Direxion Daily 20+ Yr Trsy Bear 3X ETF (TMV) |
| 11.9% | ProShares UltraPro Short 20+ Year Trs (TTT) |
| 9.8% | ProShares UltraShort 20+ Year Treasury (TBT) |
| 9.5% | Direxion Daily 7-10 Yr Trs Bear 3X ETF (TYO) |
| 7.5% | Trading--Inverse Debt () |
Risk
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Risk
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ETF Details
Defiance Daily Target 2X Short OKLO ETF Overview
Defiance Daily Target 2X Short OKLO ETF (OKLS) is an actively managed Miscellaneous Trading--Inverse Debt exchange-traded fund (ETF). Defiance ETFs LLC launched the ETF in 2025.
The investment seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of Oklo Inc. (NYSE: OKLO).
The fund is an actively managed exchange traded fund where advisor attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The fund is non-diversified.
About Defiance Daily Target 2X Short OKLO ETF (OKLS)
There are 1 members of the management team with an average tenure of 0.68 years: Stephen Foy (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Defiance Daily Target 2X Short OKLO ETF has 10 securities in its portfolio. The top 10 holdings constitute 186.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Defiance Daily Target 2X Short OKLO ETF is part of the Other global asset class and is within the Miscellaneous ETF group. Defiance Daily Target 2X Short OKLO ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Defiance Daily Target 2X Short OKLO ETF has 296.9% of the portfolio in cash.
Assets Under Management
The fund has $4 million in total assets, which is below the $91 million average for the Trading--Inverse Debt category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
OKLS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Defiance Daily Target 2X Short OKLO ETF expense ratio is high compared to funds in the Trading--Inverse Debt category. Defiance Daily Target 2X Short OKLO ETF has an expense ratio of 1.31%, which is 38% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Defiance Daily Target 2X Short OKLO ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 0% for the Trading--Inverse Debt category.
Recently, in the month of July 2026, Defiance Daily Target 2X Short OKLO ETF returned 50.6%, which earned it a grade of A, as the Trading--Inverse Debt category had an average return of 13.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Defiance Daily Target 2X Short OKLO ETF has a trailing yield of 0.00%, which is below the 2.59% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Defiance Daily Target 2X Short OKLO ETF Grades
Year to date, the ETF has returned -42.3%, 47.3 percentage points worse than the category, which translates into a grade of F.
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OKLS Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| OKLS Return (NAV) | 50.6% | 75.9% | na | na | na | na |
| OKLS Return (Price) | 50.9% | 76.1% | na | na | na | na |
| NAV +/- Price Return | -0.318% | -0.137% | na | na | na | na |
| Trading--Inverse Debt Avg | 13.1% | 13.8% | 7.5% | 7.8% | 15.2% | 1.9% |
| OKLS Grade (NAV) | A | A | na | na | na | na |
| +/- Category (NAV) | 37.5% | 62.1% | na | na | na | na |
| OKLS Tax-Cost Ratio | na | na | na | na | na | na |
OKLS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| OKLS Return (NAV) | -42.3% | na | na | na | na | na | na | na | na | na | na |
| OKLS Return (Price) | -42.0% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.006% | na | na | na | na | na | na | na | na | na | na |
| Trading--Inverse Debt Avg | 5.0% | -2.9% | 21.5% | -4.2% | 73.3% | 1.6% | -28.8% | -19.1% | 3.4% | -12.4% | -8.2% |
| OKLS Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -47.3% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 5 Mil |
| Share Class Assets: | $ 5 Mil |
| Turnover: | na |
| Expense Ratio: | 1.31% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | -200% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 0.7 years | |||
| Average Tenure: 0.7 years | |||
| Managers (Year): Foy Stephen (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 10 |
| % in Top 10 Holdings: | 186.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -196.9% |
| Cash: | 296.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Defiance ETFs LLC |
| Phone Number: | 833-333-9383 |
| Website: | |
| Inception Date: | November 25, 2025 |
Expenses and Fees
| Expense Ratio (%): | 1.31% (Rating: High) |
| Category Average Expense Ratio (%): | 0.95% |
