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Rigetti Computing, Inc. (NASDAQ:RGTI) saw its shares trade lower on Tuesday amid the announcement of a new exchange-traded fund launched by Defiance ETFs.
The ETF, called RGTX, is a 2X leveraged single-stock ETF designed to amplify exposure to Rigetti Computing.
This new product allows traders to seek returns from Rigetti’s performance without the need for a margin account.
According to Benzinga Pro, RGTI stock has gained over 434% in the past year.
RGTX seeks daily investment results that correspond to twice (200%) the daily percentage change in Rigetti’s stock price.
Also Read: What’s Going On With IonQ Stock Today?
As a prominent player in the quantum computing industry, Rigetti has made significant strides in developing quantum processors and expanding its Quantum Computing as a Service (QCaaS) platform.
Sylvia Jablonski, CEO of Defiance ETFs, stated that the ETF provides a trading tool for those looking to capitalize on Rigetti’s market performance, particularly as the company continues to push forward with innovative research and technology.
Rigetti’s recent financial report for the fourth quarter showed revenue of $2.3 million, slightly missing analysts’ expectations of $2.5 million. The company reported an adjusted loss of eight cents per share, aligning with estimates.
Rigetti’s strategic agreement with Quanta Computer, a Taiwan-based leader in server manufacturing, signals promising growth ahead.
Both companies will invest over $100 million over the next five years, strengthening Rigetti’s position in the growing quantum computing market.
Investors can gain exposure to the stock via other ETFs like Invesco Dorsey Wright Technology Momentum ETF (NASDAQ:PTF) and Spear Alpha ETF (NASDAQ:SPRX).
Price Action: RGTI shares are trading lower by 1.74% to $7.782 at last check Tuesday.
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