Try this -
N = numel(theta);
V2_ = kV2*cos(theta(1:N));
X0 = repmat(X0,[1 N]);
Y0 = repmat(Y0,[1 N]);
Z0 = repmat(Z0,[1 N]);
X = X0 + V2_;
Y = Y0-V2_*(k1-k2);
Z = sqrt(X.^2-Z0-4.*V2_ .* repmat(((1:N).^2)*D1 + k1.*ones(1,N),[size(X0,1) 1]));
pktheta = exp(-t/2*V2_).*(cosh(t/2*Z) + Y./((k1+k2)*Z).*sinh(t/2*Z));
Definitely BSXFUN must be faster, if someone could post with it.