Someone Made a -2X Daily Reset ETF for a Pre-Revenue Nuclear Startup

In November's ETP listings, I found something that perfectly captures where we are as a civilisation: Defiance Daily Target 2X Short Oklo ETF (OKLS).

Let me walk you through the layers of absurdity here.

Oklo is a small modular reactor company. Emphasis on is and company, because it definitely isn't revenue-generating entity. First reactors won't deploy until late 2027 or early 2028. Current financials: $0 in sales, -$73M EBITDA, $683M in cash to burn through.

Market cap? $10+ billion.

The stock is up 566% in six months, driven by AI data centre power demand narratives and the fact that Sam Altman (yes, that one) was the chairman until stepping down in April 2025. OpenAI needs power. Oklo promises power. Therefore: moon.

And now, Defiance, clearly living up to their name, has created a daily reset 2x inverse ETF on this glorious speculation.

Think about the journey required to create this product:
1.    Nuclear energy experiences renaissance due to AI boom
2.    Small modular reactor startups go public via SPAC
3.    Retail investors pile into pre-revenue nuclear companies
4.    Stocks rally 500%+ on PowerPoint presentations
5.    Someone at Defiance thinks: “You know what this needs? A way to bet against it. Twice as hard. Every single day.”

This is shorting a company that's shorting the laws of thermodynamics while trying to commercialise technology that requires NRC approval, which historically moves at approximately the speed of continental drift.

The daily reset means this thing will decay faster than uranium-238 in any choppy market. OKLO could go nowhere for a month and OKLS holders would still bleed value from volatility drag.

My favorite part? Oklo's investor pitch is essentially “we're going to revolutionise energy by building next-generation nuclear reactors using recycled fuel in vertically integrated facilities.” And someone's response was: “Cool story. Anyway, here's how to short it with 2x leverage every 24 hours.”

Peak 2025 energy: Pre-revenue nuclear speculation meets inverse leveraged products meets retail FOMO meets professional scepticism, all wrapped in a daily-reset bow.

In other news from November's listings, Hong Kong launched three new tokenised money market fund ETFs (USD, HKD, and RMB versions), because apparently someone in the world is still interested in boring, stable, cash-equivalent investments, just tokenised. Weird.