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RIOX vs TSMG

Daily Target 2X Long RIOT ETF

RIOXDNYSE Arca

Leverage Shares 2x Long TSM Daily ETF

TSMGANasdaq

Overlap

Expense ratio

TSMG −0.87pt a year

RIOX1.63%TSMG0.76%

Avg volume · 30D

RIOX 4.0×the volume

RIOX274KTSMG69K

RIOX vs TSMG Performance

Oct 31, 2025 – Oct 30, 2026

−86.3%RIOX+40.8%TSMG

Oct 31, 2025 to Oct 30, 2026. RIOX −86.3%. TSMG +40.8%. Use the arrow keys to read each point.−50%0%100%Oct 2025Apr 2026Oct 2026
Expense ratio
RIOX 1.63%
TSMG 0.76%, better
Fund size
RIOX $13M
TSMG $28M
1Y total return
RIOX −86.3%
TSMG +40.8%, better
Holdings
RIOX 10
TSMG 5
Avg volume (30D)
RIOX 274K sh, better
TSMG 69K sh
NAV per share
RIOX $8.43
TSMG $33.77
52W range

ETF.net Grade

RIOX: Cost 2, Risk 34, Mission 98, Tradability 52, Holdings not scored, Durability 71. TSMG: Cost 70, Risk 84, Mission 79, Tradability 74, Holdings not scored, Durability 67.
Pillar letters and Scores for RIOX, TSMG, with each pillar’s weight
PillarRIOXTSMG
Cost30% weightF2A70Higher
Mission25% weightA98HigherA79
Risk15% weightD34A84Higher
Tradability15% weightC52A74Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA71HigherB67

Rank among Single-Stock Long Leveraged funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. RIOX and TSMG are both graded against the same 315 Single-Stock Long Leveraged funds, so their Grades compare head to head.

Single-Stock Long Leveraged⁠

Category · 315 funds
See all 315 ›

TSMG ranks 1st and RIOX 291st of 315 funds in the Single-Stock Long Leveraged Category.

  1. Rank 1ATSMGLeverage Shares 2x Long TSM Daily ETFScore 73
  2. Rank 2AUNHGLeverage Shares 2x Long UNH Daily ETFScore 72
  3. Rank 291DRGTXDaily Target 2X Long RGTI ETFScore 26
  4. Rank 291DRIOXDaily Target 2X Long RIOT ETFScore 26
  5. Rank 291DUSAXTradr 2X Long USAR Daily ETFScore 26

Our read on each fund

ETF.net Research

RIOXDDaily Target 2X Long RIOT ETF

TSMGALeverage Shares 2x Long TSM Daily ETF

In short

RIOX Two layers of torque in one ticker: Riot Platforms is already a high-voltage bitcoin mining stock, and RIOX aims to double its move every single day. Defiance launched it in 2025 as the first 2x long fund on the miner. A day-trading instrument, reset nightly.

TSMG Two times TSM, one day at a time. TSMG aims for 200% of Taiwan Semiconductor's daily move, no margin account required, at 0.75% a year, below what most leveraged single-stock funds charge.

Stated mandate

RIOX The Fund seeks daily leveraged investment results of 200% of the daily percentage change in Riot Platforms, Inc.'s share price. It uses swaps and/or listed options and rebalances daily, so returns for periods beyond one day may differ substantially from 2X.

TSMG The fund seeks daily investment results equal to 200% of the daily performance of Taiwan Semiconductor Manufacturing Company Ltd stock, before fees and expenses.

Why people hold it

  • RIOX Does what the label says: swaps and listed options tuned to 200% of RIOT's daily move, rebalanced every day, with close tracking of that daily target since the January 2025 launch.
  • Defiance launched it as the first 2x long ETF on Riot Platforms, packaging the trade for anyone who would rather not open a margin account.nasdaq.comdefianceetfs.com
  • The leverage sits inside a registered 1940 Act fund, not a brokerage margin line: no margin calls, no borrow to arrange, one ticker to buy and sell.nasdaq.com
  • TSMG Charges 0.75% a year, undercutting the 0.96% on Direxion's 2x single-stock funds such as AAPU and GGLL.leverageshares.com
  • The milder gear on the leveraged shelf: it targets double TSM's daily move, not triple.leverageshares.com
  • Leverage arrives inside a regular 1940 Act ETF. No margin agreement, no lender, and your exposure is capped at what you put in.leverageshares.com
  • Hits its stated daily target tightly, and rates among the stronger builds in a crowded field of 2x and 3x single-stock funds.

Worth knowing

  • RIOX The math resets at every close. Hold longer than a day and compounding takes over, so results over weeks or months can land far from 2x, especially after choppy sessions.defianceetfs.com
  • 1.63% a year, no fee waiver softening it. That sits above the category median and well above 2x single-stock peers such as TSMG (0.76%) and OKTG (0.75%).
  • Doubling a bitcoin miner stacks volatility on volatility, among the sharpest risk profiles in an already extreme category, and trading is moderate rather than deep.
  • TSMG The leverage resets every day. Hold longer and compounding takes over, so multi-day results can drift well away from twice TSM's move, especially in choppy markets.leverageshares.com
  • One stock, one industry. Everything rides on Taiwan Semiconductor, doubled, so company-specific news lands twice as hard.
  • Young and small: launched in January 2025, and it sits among the smaller, less heavily traded names on the leveraged shelf, which can widen spreads.

Full RIOX profile⁠

Full TSMG profile⁠

RIOX vs TSMG Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

RIOX vs TSMG Cost

Overpaying RIOX vs TSMG

$13,437

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • RIOX 1.63%

    $28,093

  • TSMG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • RIOX 1.63%
  • TSMG 0.76%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530RIOX $28,093TSMG $14,656

Year by year

YearRIOXTSMGOverpaying
10$2,799$1,353$1,446
20$10,230$5,142$5,088
30$28,093$14,656$13,437

Expense ratio

  • 1.63%RIOX
  • 0.76%TSMG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

TSMG 131st cheapest of 315 funds

RIOX 306th cheapest of 315 funds

RIOX vs TSMG Dividends

Last 12 months to Oct 30, 2026
Last payment
RIOX $12.85
TSMG $2.73
Ex-dividend
RIOX Dec 30, 2025
TSMG Dec 30, 2025
Paid on
RIOX Dec 31, 2025
TSMG Jan 2, 2026
Frequency
RIOX Irregular
TSMG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

RIOXIrregular · 1 paymentAll RIOX payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $12.85. Use the arrow keys to read each point.$0$102026YTD
TSMGIrregular · 1 paymentAll TSMG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $2.73. Use the arrow keys to read each point.$0$102026YTD

RIOX vs TSMG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
RIOX 183.2%since Feb 2025TSMG 77.9%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
RIOX 0.26since Feb 2025TSMG 0.97since Feb 2025
Worst fallMax drawdown, 5 years
RIOX −90.2%since Jan 2025TSMG −63.7%since Jan 2025
Market sensitivityBeta, 5 years
RIOX 9.28TSMG 3.81

Popular comparisons

  • RIOXDvsUNHGA

    Daily Target 2X Long RIOT ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    1.63% · 0.77%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TSMGAvsUNHGA

    Leverage Shares 2x Long TSM Daily ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    0.76% · 0.77%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • RIOXDvsOKTGA

    Daily Target 2X Long RIOT ETF · Leverage Shares 2x Long OKTA Daily ETF

    Expense ratio
    1.63% · 0.75%
    Category
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  • TSMGAvsOKTGA

    Leverage Shares 2x Long TSM Daily ETF · Leverage Shares 2x Long OKTA Daily ETF

    Expense ratio
    0.76% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • RIOXDvsPANGA

    Daily Target 2X Long RIOT ETF · Leverage Shares 2x Long PANW Daily ETF

    Expense ratio
    1.63% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TSMGAvsPANGA

    Leverage Shares 2x Long TSM Daily ETF · Leverage Shares 2x Long PANW Daily ETF

    Expense ratio
    0.76% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.