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RIOX vs UNHG

Daily Target 2X Long RIOT ETF

RIOXDNYSE Arca

Leverage Shares 2x Long UNH Daily ETF

UNHGANasdaq

Overlap

0.0%by weight

Expense ratio

UNHG −0.86pt a year

RIOX1.63%UNHG0.77%

Avg volume · 30D

UNHG 2.6×the volume

RIOX274KUNHG726K

RIOX vs UNHG Performance

Oct 31, 2025 – Oct 30, 2026

−86.3%RIOX+11.9%UNHG

Oct 31, 2025 to Oct 30, 2026. RIOX −86.3%. UNHG +11.9%. Use the arrow keys to read each point.−50%−25%Oct 2025Apr 2026Oct 2026
Expense ratio
RIOX 1.63%
UNHG 0.77%, better
Fund size
RIOX $13M
UNHG $63M
1Y total return
RIOX −86.3%
UNHG +11.9%, better
Holdings
RIOX 10
UNHG 5
Avg volume (30D)
RIOX 274K sh
UNHG 726K sh, better
NAV per share
RIOX $8.43
UNHG $20.57
52W range

ETF.net Grade

RIOX: Cost 2, Risk 34, Mission 98, Tradability 52, Holdings not scored, Durability 71. UNHG: Cost 60, Risk 83, Mission 90, Tradability 91, Holdings not scored, Durability 66.
Pillar letters and Scores for RIOX, UNHG, with each pillar’s weight
PillarRIOXUNHG
Cost30% weightF2B60Higher
Mission25% weightA98HigherA90
Risk15% weightD34A83Higher
Tradability15% weightC52A91Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA71HigherB66

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 UNHG 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 ›

UNHG ranks 2nd 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 3AOKTGLeverage Shares 2x Long OKTA Daily ETFScore 70
  4. Rank 291DRGTXDaily Target 2X Long RGTI ETFScore 26
  5. Rank 291DRIOXDaily Target 2X Long RIOT ETFScore 26
  6. Rank 291DUSAXTradr 2X Long USAR Daily ETFScore 26

Our read on each fund

ETF.net Research

RIOXDDaily Target 2X Long RIOT ETF

UNHGALeverage Shares 2x Long UNH 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.

UNHG Two times UnitedHealth's daily move, reset every night: a managed-care insurer in a category stuffed with chip and AI names. UNHG got there first, and it charges 0.77%.

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.

UNHG The fund seeks daily investment results equal to twice the daily performance of UnitedHealth Group Incorporated 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
  • UNHG At 0.77%, the cheaper of the only two 2x UNH funds: Direxion's UNHU runs 0.97% net of a waiver through September 1, 2027. Both sit below the category's typical fee.
  • First to the 2x UNH trade, listed July 2025, months before Direxion's version arrived in March 2026. It trades actively for a single-stock leveraged fund.direxion.com
  • Exposure comes from total return swaps reset at each close, and day-to-day it has stayed close to its 2x target. One of the better-built funds in a crowded bull field.leverageshares.comsec.gov

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.
  • UNHG Daily reset means multi-day results depend on the path UNH takes, not just its direction. Choppy stretches can erode value even if the stock ends where it started.leverageshares.com
  • Swap-based exposure carries counterparty risk, and everything rides on one managed-care company's news, from earnings to policy headlines.leverageshares.com
  • Listed in 2025, so there is little history to judge it across a full market cycle.

Full RIOX profile⁠

Full UNHG profile⁠

RIOX vs UNHG Holdings

How RIOX and UNHG differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of RIOX and 0.0% of UNHG.

Level by level

  • Asset classLeveraged/Inverse, Equity0.0%
  • Holdings0 in both0.0%
  • Countryby domicile100%

Sector

No Sector split for RIOX and UNHG.

Country, concentration and asset class

Country by domicile

Country weights in RIOX and UNHG, widest gap first
CountryMore in RIOXMore in UNHG
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • RIOX277.8%
  • UNHG212.0%

Securities held

  • RIOX2
  • UNHG1

Asset class

RIOX
Leveraged/Inverse
UNHG
Equity

Holdings

  • Only in RIOX2
  • In both0
  • Only in UNHG1

Only in RIOX

2 securities, 77.5% of RIOX by weight

  • United States Treasury Bill 11/19/202674.66%
  • First American Government Obligations Fund 12/01/20312.86%

Only in UNHG

1 security, 12.0% of UNHG by weight

  • First American Treasury Obligations Fund 01/01/204011.99%

Weight gaps

RIOX and UNHG share no securities.

All 11 RIOX holdings⁠All 5 UNHG 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 UNHG Cost

Overpaying RIOX vs UNHG

$13,264

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

  • RIOX 1.63%

    $28,093

  • UNHG 0.77%

    $14,829

$10,000
30 years

Cost over time

  • RIOX 1.63%
  • UNHG 0.77%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530RIOX $28,093UNHG $14,829

Year by year

YearRIOXUNHGOverpaying
10$2,799$1,371$1,428
20$10,230$5,205$5,025
30$28,093$14,829$13,264

Expense ratio

  • 1.63%RIOX
  • 0.77%UNHG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

UNHG 135th cheapest of 315 funds

RIOX 306th cheapest of 315 funds

RIOX vs UNHG Dividends

Last 12 months to Oct 30, 2026
Last payment
RIOX $12.85
UNHG $1.90
Ex-dividend
RIOX Dec 30, 2025
UNHG Dec 30, 2025
Paid on
RIOX Dec 31, 2025
UNHG Jan 2, 2026
Frequency
RIOX Irregular
UNHG 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
UNHGIrregular · 1 paymentAll UNHG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.90. Use the arrow keys to read each point.$0$102026YTD

RIOX vs UNHG 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 2025UNHG 98.1%since Aug 2025
Return per unit of riskSharpe ratio, 3 years
RIOX 0.26since Feb 2025UNHG 0.90since Aug 2025
Worst fallMax drawdown, 5 years
RIOX −90.2%since Jan 2025UNHG −57.1%since Jul 2025
Market sensitivityBeta, 5 years
RIOX 9.28UNHG 5.53

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