Rigetti Computing Inc. (NASDAQ:RGTI) has experienced a remarkable run in the past year. This volatile stock, which surged around 100% year-to-date, has skyrocketed around 3,900% in the past 12 months.

This meteoric rise has attracted significant attention from investors, particularly those interested in ETFs that offer exposure to the quantum computing sector. Among these, the Tradr 2X Long RGTI Daily ETF (BATS:RGTU) and the Defiance Daily Target 2X Long RGTI ETF (NASDAQ:RGTX) stand out due to their leveraged positions in Rigetti’s stock.

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On Sept. 18, Rigetti revealed a $5.8 million, three-year deal with the U.S. Air Force to research quantum networking technology with Dutch startup QphoX.

The Hybrid Superconducting-Optical Quantum Network Nodes deal will allow quantum information to be sent between computers, enabling more sophisticated and integrated quantum systems. Rigetti’s stock price has climbed more than 20% since the announcement.

The stock surge in Rigetti had a major effect on ETFs such as RGTU and RGTX. RGTU, which aims for daily investment results that are equivalent to two times (200%) of Rigetti’s stock performance daily, has gained more than 473% since its inception almost three months ago. Likewise, RGTX, which aims for two times (200%) the daily proportionate change in Rigetti’s share price, has surged around 770% since its inception early April this year.

The focused exposure to one volatile stock does pose substantial risks. Rigetti’s short interest is 51.56 million shares and accounts for 16.28% of the float as of today, reflecting strong bearishness among investors. Furthermore, Rigetti’s financial results have been inconsistent, with a year-over-year decline in revenue of more than 50% to $1.8 million in the second quarter, significantly lower than Wall Street’s estimate of $2.6 million.

While these challenges exist, the growing emphasis by the U.S. government on quantum technology, as seen with the Air Force contract, represents a possible spur for future sector growth. Investors need to be mindful of the inherent volatility and risks presented by leveraged ETFs such as RGTU and RGTX, especially considering their reliance on the stock performance of one company within an emerging industry.

Aside from these Rigetti-specific funds, other ETFs that have exposure to Rigetti are:

Defiance Quantum ETF (NASDAQ:QTUM): Rigetti is among the companies in the fund’s basket of quantum computing stocks, giving diversified exposure to the space.

ARK Autonomous Technology & Robotics ETF (BATS:ARKQ): While not specific to quantum computing, ARKQ does have a minor holding in Rigetti, showing its interest in cutting-edge technologies.

These ETFs provide exposure for investors to Rigetti and the quantum computing sector as a whole, but may lack the same type of focused exposure that RGTU and RGTX provide.

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