At a glance
RIOX charges 1.63% a year. It has $15.1M in assets.
The short version
Defiance Daily Target 2X Long RIOT ETF (RIOX) uses swaps and options to seek twice the daily move of one stock, bitcoin miner Riot Platforms (RIOT). It is meant for short-term trading: the 2x target resets daily, so longer-term returns can differ sharply from double RIOT's return and can be negative even if RIOT rises. It charges 1.63% a year and fell 87.4% from its June 22, 2026 peak to October 23, 2026.
Price history
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RIOX — over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| RIOX price data to Oct 27, 2026 | -81.7% | — | — | — | — | — |
- The deepest fall in its price history was 87.4% (Jun 22, 2026 to Oct 23, 2026), not yet recovered.
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 29.97% of assets, and 3.51% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 29.97% |
By country
United States 29.97%By issuer
US Treasury 29.97%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $11.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +129.38%, -4.12%, -54.20%.
How it works
RIOX, issued by Tidal Financial Group, tracks no index. It is actively managed and aims to return twice (200%) the daily percentage change in Riot Platforms' share price, before fees, from one market close to the next. Rather than owning RIOT shares, it uses swap agreements, contracts in which the fund and a financial institution exchange returns tied to RIOT on a set dollar amount, and may use in-the-money call options lasting a month or less, which give the right to acquire RIOT below its market price.
The fund expects to use 40% to 60% of its assets to back swaps as collateral or to pay for options; collateral may be Treasuries, money market funds, short-term bond ETFs or investment-grade commercial paper. On July 31, 2026, about 30% sat in one Treasury bill and 3.5% in cash, alongside eight derivative positions, including RIOT swaps with five different firms.
At the end of each trading day, the adviser rebalances to keep exposure near 200% of RIOT. Because each day's return compounds on the last, results over weeks or months will very likely differ from twice RIOT's return. The fund will lose money if RIOT is flat over time and may lose money even if RIOT rises, so the prospectus warns against holding shares unmonitored beyond one trading day.
What it really costs
- RIOX charges 1.63% a year.
- Of that, 0.95% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $166 in the first year and $1,933 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RIOX | $166 | $514 | $887 | $1,933 |
In a retirement portfolio
Its prospectus targets 2x RIOT's return for a single trading day only and warns against holding shares unmonitored for longer than one trading day.
RIOX has little to offer a long-term or retirement portfolio. It launched on January 2, 2025, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market, and its prospectus shows no calendar-year returns. In price history starting June 9, 2026, it fell 87.4% from a June 22 peak to October 23, and had not recovered as of October 27. Cashing out during a slide like that would lock in most of the loss. It is not an income fund: its trailing 12-month yield was 0% as of October 27, 2026.
Costs add up: with a 1.63% expense ratio, the SEC's standard example puts expenses on $10,000 at $166 after one year and $1,933 over 10 years, assuming 5% annual returns. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking twice Riot Platforms' daily move over short periods who can monitor the position every trading day, as the prospectus expects.
- Traders with a short-term view on Riot Platforms, and indirectly bitcoin prices, who accept the prospectus warning that the entire investment could be lost.
- Traders who want leveraged RIOT exposure without borrowing on margin or trading swaps and options themselves, and who accept a 1.63% expense ratio.
Look elsewhere if
- Long-term holders: daily resets make multi-month results diverge from twice RIOT's, and the fund fell 87.4% between June 22 and October 23, 2026.
- Anyone seeking income or diversification: its trailing 12-month yield was 0% as of October 27, 2026, and its exposure rests on one bitcoin-mining stock.
- Cost-conscious investors: expenses run 1.63% a year ($166 on $10,000 in year one, per the SEC example), and portfolio turnover reached 34,085%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is RIOX a good long-term investment?
It isn't designed to be one. RIOX seeks twice Riot Platforms' return for a single trading day only, and its prospectus warns against holding shares unmonitored for longer than that. Because daily returns compound, results over months can differ sharply from twice RIOT's, and the fund can lose money even if RIOT rises. It fell 87.4% from its June 22, 2026 peak to October 23, 2026.
What's the difference between RIOX and RIOT stock?
RIOX gives leveraged, daily-reset exposure to RIOT without holding the stock. Owning Riot Platforms shares means gaining or losing exactly what the stock does, with no fund fees and with shareholder voting rights. RIOX instead uses swaps and options to target 200% of RIOT's daily move, charges a 1.63% expense ratio, and gives holders no votes in RIOT's corporate decisions. Over periods longer than a day, its returns will very likely differ from twice RIOT's.
Does RIOX pay dividends?
Not in the period covered: its trailing 12-month yield was 0% as of October 27, 2026. That fits its design. The fund holds derivatives and short-term collateral such as Treasury bills rather than RIOT shares, and it aims to deliver twice RIOT's daily price move, not income. It does not suit investors who rely on regular cash payments from their holdings.
How risky is RIOX?
Very risky: its prospectus warns that investors could lose all of their money. It aims to double the daily swings of a single bitcoin-mining stock, and RIOT's business depends on bitcoin's price, mining competition and halving events that cut mining rewards. The fund's report for the period ending July 31, 2026 showed monthly returns ranging from a gain of about 129% to a loss of about 54%. As of October 27, 2026, it was down 72.3% over three months.
What is the RIOX expense ratio?
RIOX's expense ratio is 1.63% a year, including a 0.95% management fee, according to its prospectus filed August 25, 2026. In the SEC's standard example, which assumes $10,000 invested, a 5% yearly return and shares cashed out at the end, expenses total $166 after one year, $514 after three, $887 after five and $1,933 after 10. Its portfolio turnover, a measure of how much it trades, was 34,085%; trading costs are not part of the expense ratio.