The Defiance Daily Target 2X Long OKLO ETF (NASDAQ:OKLL) is now one of the most striking performers in the exchange-traded fund universe, jumping 97% last week and over 240% in the previous month. The leveraged fund, which aims to provide double Oklo Inc.’s (NYSE:OKLO) daily performance, is benefiting from a surge of investor demand for nuclear energy as electricity demand rises globally.

OKLL has had a brilliant run this year thus far. Check its prices live.

Nuclear Resurgence Drives Demand

Nuclear-related equities have drawn fresh attention in recent weeks as data centers, artificial intelligence infrastructure, and electrification projects drive forecasts for soaring power needs. A recent Bank of America report estimated nuclear energy could become a $10 trillion market opportunity, describing the technology as "the solution to global power shortages." The firm said worldwide nuclear capacity must triple by 2050, requiring more than $3 trillion in investment over the next 25 years.

Under that vision, SMRs are considered the most important technology. SMRs are small reactors that are less expensive and quicker to install than conventional nuclear power plants and are being called upon more and more as a bridge technology until renewable energy can increase capacity.

Oklo’s Role

Oklo, the Silicon Valley-financed nuclear company backed by OpenAI chairman Sam Altman, has been the focus of the rally. The firm aims to start generating energy in 2027 and has watched its share price spike by over 540% year to date, including a 97% jump in September alone. Oklo has been cited by analysts as one of the purest plays on SMRs, fueling demand for OKLL as a leveraged exposure vehicle.

As of September 22, OKLL was at $99.74, a 52-week high.

High-Risk, High-Reward

Even with the stellar performance, market observers warn that leveraged ETFs such as OKLL are fraught with great danger. Since the fund resets daily to provide 2x exposure to shares of Oklo, volatility is compounded: a 10% one-day drop in shares of Oklo would be a 20% loss for the ETF.

Nevertheless, for investors speculating on the nuclear buildout story, OKLL has been one of the most volatile vehicles of 2025.

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