Share-split context: A reverse split was recorded on Sep 10, 2026 with coefficient 0.2. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

What this ETF is trying to do

The DEFIANCE DAILY TARGET 2X SHORT RGTI ETF (RGTZ) is a specialized fund. It is both "inverse" and "leveraged." An inverse ETF tries to make money when a specific target goes down. Because it is "2X leveraged," it aims to double the opposite daily move of its target. This means it is designed for short-term trading rather than long-term investing.

What the numbers show

As of October 7, 2026, the share price is $17.64. The year-to-date (YTD) price return is -83.86%. This means the share price has declined significantly since the start of the year. The YTD total return is also -83.86%.

This ETF has a history of a reverse split. On September 10, 2026, a reverse split occurred with a coefficient of 0.2. In a reverse split, multiple old shares are combined into fewer new shares, which mechanically raises the quoted per-share price. This mechanical increase does not restore any lost investment value.

Income and distribution explanation

This ETF does not provide regular income. The distribution yield is 0%, and there have been no payouts in the last 12 months. It has an income rating grade of "F." For investors who look for cash payments, it is important to remember that a high yield alone can be misleading if the share price is falling. In this case, there is no yield.

NAV Erosion explanation

NAV erosion happens when the underlying value of an ETF's assets declines over time. While the share price has fallen, the "severe erosion-risk flag" is currently false. The erosion score is not available because there is not enough verified price history to calculate it.

Top Holdings

As of October 8, 2026, the fund holds:

• FIRST AMERICAN GOVERNMENT OBLIGS X: 4.49%

Pros

• It provides a way for traders to bet against a specific target with extra power (leverage).

Cons

• It has seen a very large share-price decline this year (-83.86%).

• It does not pay any distributions or dividends.

• It has undergone a reverse split to adjust its share price.

Beginner takeaway

RGTZ is a high-risk tool used for short-term bets. It is not designed to be a "buy and hold" investment. The large YTD loss and the use of a reverse split show that the price has been very volatile. New investors should understand that leveraged inverse ETFs can lose value quickly.