Share-split context: A reverse split was recorded on Mar 19, 2026 with coefficient 0.333333. 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 LONG RIOT ETF (ticker: RIOX) is a leveraged ETF. This means it is designed to seek a specific daily goal related to its target, rather than long-term steady growth. It is traded on the NYSE.

What the numbers show

The data shows significant price movement for RIOX. The current share price is $19.36.

When looking at how the price has changed:

• Year-to-Date (YTD) Price Return: The share price has declined by approximately 8.46%.

• One-Year Price Return: The share price has declined by approximately 84.60%.

It is important to distinguish between price return and total return. Price return only tracks the change in the share price itself. Total return includes both the price change and any distributions paid out.

• YTD Total Return: -8.46%

• One-Year Total Return: Approximately -75.39%

Because this ETF has a history of reverse splits, we use split-adjusted returns to understand performance. In a reverse split, multiple old shares are combined into fewer new shares, which causes the per-share price to rise mechanically. This mechanical increase does not restore lost investment value.

Income and distribution explanation

RIOX has a high distribution yield of approximately 22.13%. This number describes the cash distributions relative to the ETF's price. However, a high yield does not mean an investor earned that percentage as a total return.

The trailing distributions over the last year were approximately $4.28 per share. The distribution frequency is listed as "irregular" or "less frequent," with a payout count of 1 in the last 12 months. Because the distributions are irregular, they do not provide a steady or guaranteed stream of income.

NAV erosion explanation

This ETF has a severe erosion-risk flag. This means StockValueFinder's rules detected substantial price deterioration and a weak erosion score of 10, which is labeled as "severe price erosion."

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion. While the market price has dropped significantly, we cannot definitively say if the Net Asset Value (NAV) itself declined without specific NAV history.

Pros

• The ETF offers a high distribution yield of approximately 22.13%.

Cons

• There has been a significant share-price decline over the last year.

• The ETF carries a severe erosion-risk flag.

• Distributions are irregular and not frequent.

• The one-year total return is significantly negative.

Beginner takeaway

For new investors, RIOX is a complex, leveraged product. While the distribution yield looks high, the significant decline in share price and the negative total return show that high yields can exist even when the overall value of the investment is falling. Always remember that distributions provide cash, but they do not guarantee that your original investment (principal) will stay the same.