ETF Evaluator:
Defiance Daily Target 2X Long RIOT ETF (RIOX)
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(as of Sep 04)
Best Performing in Trading--Leveraged Equity Over the Last Year
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ETF Details
Defiance Daily Target 2X Long RIOT ETF Overview
Defiance Daily Target 2X Long RIOT ETF (RIOX) is an actively managed Miscellaneous Trading--Leveraged Equity exchange-traded fund (ETF). Defiance ETFs LLC launched the ETF in 2025.
The investment seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Riot Platforms, Inc. (Nasdaq: RIOT).
The fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the underlying security by employing derivatives, namely swap agreements and/or listed options contracts. The fund is non-diversified.
About Defiance Daily Target 2X Long RIOT ETF (RIOX)
There are 2 members of the management team with an average tenure of 1.66 years: Qiao Duan (2025) and Christopher Mullen (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Defiance Daily Target 2X Long RIOT ETF has 13 securities in its portfolio. The top 10 holdings constitute 217.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Defiance Daily Target 2X Long RIOT ETF is part of the Other global asset class and is within the Miscellaneous ETF group. Defiance Daily Target 2X Long RIOT ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 146.4% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Defiance Daily Target 2X Long RIOT ETF has -107.7% of the portfolio in cash.
Assets Under Management
The fund has $14 million in total assets, which is below the $270 million average for the Trading--Leveraged Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
RIOX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Defiance Daily Target 2X Long RIOT ETF expense ratio is high compared to funds in the Trading--Leveraged Equity category. Defiance Daily Target 2X Long RIOT ETF has an expense ratio of 0.95%, which is 1% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Defiance Daily Target 2X Long RIOT ETF has a portfolio turnover rate of 34085%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 1539% for the Trading--Leveraged Equity category.
Recently, in the month of August 2026, Defiance Daily Target 2X Long RIOT ETF returned -17.9%, which earned it a grade of F, as the Trading--Leveraged Equity category had an average return of 10.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Defiance Daily Target 2X Long RIOT ETF has a trailing yield of 57.80%, which is above the 5.59% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Defiance Daily Target 2X Long RIOT ETF Grades
Year to date, the ETF has returned 5.0%, 4.8 percentage points worse than the category, which translates into a grade of C. The fund has returned -37.1% over the past year (grade of D).
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RIOX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RIOX Return (NAV) | -17.9% | -63.9% | -37.1% | na | na | na |
| RIOX Return (Price) | -18.0% | -64.1% | -37.1% | na | na | na |
| NAV +/- Price Return | 0.105% | 0.178% | -0.030% | na | na | na |
| Trading--Leveraged Equity Avg | 10.8% | -18.7% | 49.1% | 23.8% | 6.5% | 9.9% |
| RIOX Grade (NAV) | F | F | D | na | na | na |
| +/- Category (NAV) | -28.7% | -45.2% | -86.2% | na | na | na |
| RIOX Tax-Cost Ratio | na | na | 15.3% | na | na | na |
RIOX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RIOX Return (NAV) | 5.0% | na | na | na | na | na | na | na | na | na | na |
| RIOX Return (Price) | 5.2% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.051% | na | na | na | na | na | na | na | na | na | na |
| Trading--Leveraged Equity Avg | 9.8% | 41.3% | 30.0% | 62.2% | -36.7% | 45.0% | 6.2% | 64.1% | -31.9% | 61.0% | 29.3% |
| RIOX Grade (NAV) | C | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -4.8% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 57.8% |
| Total Assets: | $ 15 Mil |
| Share Class Assets: | $ 15 Mil |
| Turnover: | 34085.0% |
| Expense Ratio: | 0.95% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 200% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.7 years | |||
| Average Tenure: 1.7 years | |||
| Managers (Year): Duan Qiao (2025), Mullen Christopher (2025) | |||
Portfolio Composition (as of 8/31/26)
| # of Holdings: | 13 |
| % in Top 10 Holdings: | 217.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 146.4% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 61.3% |
| Cash: | -107.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Defiance ETFs LLC |
| Phone Number: | 833-333-9383 |
| Website: | |
| Inception Date: | January 2, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 0.96% |
