Share-split context: A reverse split was recorded on Sep 10, 2026 with coefficient 0.2. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

What this ETF is trying to do

The Defiance Daily Target 2X Long OKLO ETF (OKLL) is a leveraged ETF. It is designed to provide 2X (double) the daily return of its target. This means it uses leverage to amplify price movements. Based on its holdings, it focuses on OKLO Inc.

What the numbers show

The data for OKLL shows a significant decline in value. The year-to-date (YTD) price return is -88.87%, and the one-year price return is -97.80%. Because this fund does not pay distributions, the total return is the same as the price return.

The fund has a history of a reverse split. The most recent event happened on September 10, 2026, with a coefficient of 0.2. In a reverse split, multiple old shares are combined into fewer new shares, which mechanically raises the quoted per-share price. This mechanical increase does not restore lost investment value.

Income and distribution explanation

OKLL is not designed for income. There are no detected distributions, and the distribution yield is 0%. It has an income rating grade of "F." Investors looking for regular cash payments will find that this ETF does not provide them.

Price and NAV erosion explanation

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

However, the price-based evidence is significant. OKLL has a severe erosion-risk flag. It has an erosion score of 10, which is labeled as "Severe price erosion." This warning was triggered by the split-adjusted price trend and the erosion score.

Top Holdings

As of October 8, 2026, the fund holds two assets:

• First American Government Obligs X (FGXXX): 6.96%

• OKLO Inc Class A Shares (OKLO): 3.48%

Pros

• Provides a way to get leveraged (2X) exposure to its target without buying the underlying assets directly.

Cons

• High Risk: The fund has experienced a severe share-price decline over the last year.

• No Income: There are no distributions or yields for investors.

• Leverage Risk: Leveraged ETFs are designed for short-term targets and can be very volatile.

Beginner takeaway

OKLL is a high-risk, leveraged tool, not a traditional long-term investment or an income fund. It has seen a severe decline in its share price and has undergone a reverse split to adjust its price. Because it has a severe erosion-risk flag and no distributions, it is important to understand that the price has dropped significantly over the past year.