Defiance Daily Target 2X Long RIOT ETF (RIOX)

The Defiance Daily Target 2X Long RIOT ETF (RIOX) is an exchange-traded fund from Defiance ETFs that seeks daily investment results equal to two times (2x) the daily percentage change in the share price of Riot Platforms, Inc. (RIOT). It is a single-stock leveraged product rather than a diversified portfolio.

Riot Platforms is one of the major U.S.-based bitcoin mining companies, operating large-scale mining facilities in Texas, and also has an engineering and electrical equipment business. The fund typically obtains its exposure through swap agreements and other derivatives rather than simply holding the shares, and it rebalances its exposure every trading day.

Because the leverage target resets daily, the fund's returns over periods longer than one day can differ substantially from the stated multiple of the stock's return for the same period, particularly when the share price is volatile.