For the fiscal year ended April 30, 2026, RGTX had a NAV total return of -8.21%. RGTX seeks to deliver twice the daily performance of RGTI (Rigetti Computing Inc.). Since its inception, RGTX has experienced significant volatility reflecting the leveraged nature of the fund and the performance of Rigetti's stock.

Rigetti Computing's performance was driven by government and enterprise quantum computing contracts, technology milestones in qubit count and fidelity, and the broader competitive quantum computing landscape. Financial results highlighting the gap between revenue and investment requirements introduced volatility. Strategic partnerships and continued investor optimism about long-term quantum computing prospects were balanced against near-term profitability challenges.

For the fiscal year ended April 30, 2026, RKLX had a NAV total return of 456.72%. RKLX seeks to deliver twice the daily performance of RKLB (Rocket Lab Corp.). Fluctuations in RKLB's stock price are magnified in RKLX due to its leveraged structure.

Rocket Lab's performance was driven by launch cadence, contract wins from commercial and government customers, and progress on its Neutron medium-lift rocket development. Quarterly earnings relative to expectations, broader aerospace and defense sector sentiment, and investor appetite for commercial space companies influenced RKLB's stock. Strategic partnerships and the competitive landscape in launch services were also key factors.

From inception (November 12, 2025) through April 30, 2026, BMNZ had a NAV total return of -20.85%. BMNZ seeks to deliver twice the daily inverse performance of BMNR (BitMine Immersion Technologies, Inc.). As an inverse leveraged fund, it gains when BMNR declines and loses when BMNR rises.

BitMine’s stock performance—tied to Bitcoin mining economics, Bitcoin price levels, and cryptocurrency market sentiment—directly influenced BMNZ's performance through its inverse exposure. Operational updates, hash rate developments, and energy cost dynamics affecting Bitcoin mining profitability drove stock volatility. Daily rebalancing and compounding effects caused BMNZ's cumulative return to deviate from the expected -2x multiple over the holding period.

From inception (November 12, 2025) through April 30, 2026, HOOZ had a NAV total return of 56.40%. HOOZ seeks to deliver twice the daily inverse performance of HOOD (Robinhood Markets, Inc.). As an inverse leveraged fund, it experiences losses when HOOD's stock rises and gains when it falls.

Robinhood's retail trading volumes, product expansion initiatives, and broader market sentiment directly influenced HOOZ's performance given its inverse exposure to HOOD. Periods of elevated market volatility that drove retail trading activity and supported HOOD's stock created headwinds for HOOZ. Daily rebalancing and compounding effects caused the fund's returns to deviate from the expected -2x multiple over the holding period.

From inception (June 23, 2025) through April 30, 2026, IONZ had a NAV total return of –94.53%. IONZ seeks to deliver twice the daily inverse performance of IONQ (IonQ, Inc.). As an inverse leveraged fund, it gains when IONQ declines and loses when IONQ rises.

IonQ's quantum computing progress, contract wins, and technology milestones drove stock volatility that directly affected IONZ's performance. Periods of strong investor optimism toward quantum computing created headwinds for the inverse fund. Daily leverage compounding over the holding period caused IONZ's cumulative return to deviate from the expected -2x multiple of IonQ's cumulative performance.

From inception (November 25, 2025) through April 30, 2026, OKLS had a NAV total return of -65.13%. OKLS seeks to deliver twice the daily inverse performance of OKLO (Oklo Inc.). As an inverse leveraged fund, it experiences losses when OKLO's stock rises.

Oklo's regulatory milestones, data center partnerships, and investor enthusiasm for nuclear energy as a clean power source for AI infrastructure drove stock movements that created headwinds for OKLS given its inverse exposure. Periods of positive news flow around advanced fission technology licensing and government support for next-generation nuclear power amplified losses for OKLS through its leveraged inverse structure.

From inception (June 5, 2025) through April 30, 2026, PLTZ had a NAV total return of -62.39%. PLTZ seeks to deliver twice the daily inverse performance of PLTR (Palantir Technologies Inc.). As an inverse leveraged fund, it experiences losses when PLTR's stock rises.

Palantir's stock performance was driven by government contract wins, growth in its commercial AI platform (AIP), and strong quarterly revenue results. Investor enthusiasm for AI software applications and Palantir's positioning as a defense and intelligence data analytics leader contributed to significant stock movements. These factors created headwinds for PLTZ given its inverse exposure, compounded by daily rebalancing effects over the holding period.

From inception (October 6, 2025) through April 30, 2026, QBTZ had a NAV total return of -73.50%. QBTZ seeks to deliver twice the daily inverse performance of QBTS (D-Wave Quantum Inc.). As an inverse leveraged fund, it gains when QBTS declines and loses when QBTS rises.

D-Wave Quantum's stock volatility—driven by commercial contract wins, government quantum computing initiatives, and broader investor sentiment toward early-stage quantum technology companies—directly influenced QBTZ's performance. As an inverse fund, periods of positive momentum in quantum computing stocks created headwinds. Daily rebalancing and compounding effects caused QBTZ's returns to deviate from the expected -2x multiple over the holding period.

From inception (November 17, 2025) through April 30, 2026, RKLZ had a NAV total return of -92.36%. RKLZ seeks to deliver twice the daily inverse performance of RKLB (Rocket Lab Corp.). As an inverse leveraged fund, it experiences losses when RKLB's stock rises.

Rocket Lab's launch cadence, contract announcements, and progress on its Neutron rocket program drove stock volatility that directly affected RKLZ's performance. Periods of positive news flow and sector enthusiasm for commercial space companies created headwinds for RKLZ given its inverse exposure. Daily rebalancing and compounding effects caused the fund's returns to deviate from the expected -2x multiple over the holding period.

From inception (November 17, 2025) through April 30, 2026, STSM had a NAV total return of -58.74%. STSM seeks to deliver twice the daily inverse performance of TSM (Taiwan Semiconductor Manufacturing Co. Ltd.). As an inverse leveraged fund, it experiences losses when TSM's stock rises.

TSM's stock was influenced by global semiconductor demand, capacity expansion plans, geopolitical tensions related to Taiwan, and the company's role as the leading manufacturer of advanced AI chips. Strong demand from AI-related customers and new U.S. and Japan fabrication facility investments shaped investor sentiment. These factors created headwinds for STSM during periods of TSM stock strength.

From inception (February 2, 2026) through April 30, 2026, RCAX had a NAV total return of -49.65%. RCAX seeks to deliver twice the daily performance of RCAT (Red Cat Holdings, Inc.). The fund's 2x leverage magnifies RCAT's daily stock movements in RCAX.

Red Cat Holdings' stock performance was driven by defense and security contract awards for its tactical drone systems, including deployment in military and law enforcement applications. Growing demand for small unmanned aerial systems in defense contexts, government procurement activity, and the company's revenue growth relative to investor expectations shaped stock volatility amplified through RCAX's 2x leverage.