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LNOK

GradeCChicago Board Options Exchange

Daily Target 2X Long NOK ETF

Leveraged · Single-Stock Leveraged · Defiance · Inception 2026-01-20

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$17.72−0.79 (−4.26%)

As of Sep 23, 2026, 2:14 PM EDT

History starts Jan 21, 2026.History starts Jan 21, 2026.
Intraday session: down, 37 prints from 18.51 to 17.72. Range 17.71 to 18.68. Use the arrow keys to read each point.$17.60$18.00$18.4010 AM12 PM2 PM4 PM
Expense ratio
1.30%
Fund size
$32M
1Y return
—
Yield · Last 12 months
—
Holdings
10
Volume · 30D
0.3M sh
NAV per share
$18.88
52W range
low $8.87high $60.61

The ETF.net LNOK Grade

C

45/ 100

Rank 104 of 380 in Single-Stock Long Leveraged⁠

Confidence High

Six-pillar profile for LNOK. Scores out of 100: Cost 34, Risk 62, Mission 60, Tradability 46, Holdings not scored, Durability 65. Strongest: Durability (65). Weakest: Cost (34). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 45 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 34
    Category rank249/380 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    BScore 60
    Category rank147/147 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 62
    Category rank86/285 · top 30%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 46
    Category rank194/380 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 65
    Category rank98/380 · top 26%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on LNOK

ETF.net Research

CMost 2x single-stock funds point at US megacaps. LNOK aims the same machinery at Nokia's US-listed ADR, targeting twice the stock's daily move, then resetting the next morning.

Stated mandate

The fund seeks leveraged long exposure to NOK, targeting twice the underlying's daily performance.

Why people hold it

  1. 01One ticker gets you 2x Nokia's daily move: no margin account, no borrowing, and losses stop at what you put in.defianceetfs.com
  2. 02The 2x shelf is crowded with megacap tech (AAPU, GGLL, AMDG). LNOK is one of the few pointed at a telecom-equipment name instead.
  3. 03The mandate is mechanical: twice one day's move in NOK, rebalanced daily. No stock picking, no manager discretion, nothing hidden in the box.

Worth knowing

  1. 01Daily reset makes the math path-dependent. Hold past a day and a choppy stretch can leave you short of 2x the stock's move over that window.
  2. 02At 1.31% a year, the fee sits above the typical 2x single-stock fund, and the financing cost of the leverage rides on top of it.
  3. 03One company, doubled. An earnings miss or lost contract lands twice as hard, with no other holdings to soften it.

LNOK Holdings

As of Sep 20, 2026, 5:08 AM
Asset class
Other
Holdings
10
Top-10 weight
267%
Largest holding
United States Treasury Bill 11/19/202665.4%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—United States Treasury Bill 11/19/202665.43%19,800,000$20M48
002—NOKIA CORP SWAP CF-L33.76%950,448$10M1
003—NOKIA CORP SWAP CS-L33.55%944,625$10M1
004—NOKIA CORP SWAP MAREX-L33.37%939,417$10M1
005—NOKIA OYJ-SWAP-NBCB-L33.27%936,754$10M1
006—NOKIA CORP SWAP NMRA-L33.06%930,788$10M1
007—NOKIA OYJ-SWAP-JNST-L25.59%720,409$8M1
008—NOKIA OYJ-SWAP-MSCS-L7.42%208,773$2M1
009—First American Government Obligations Fund 12/01/20311.57%472,109$472K625

Showing 1–9 of 9 holdings

LNOK Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

LNOK$4,681
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. LNOK $4,681. SPY $10,415. Use the arrow keys to read each point.$2,483$6,761$11,040Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for LNOK. Periods over one year show the average yearly return.
PeriodLNOK
Year to dateFund launched this year—
1 month+5.8%
3 months−53.2%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for LNOK
YearReturn barLNOK
2026 YTD+83.8%

History from Jan 21, 2026

LNOK in the news

ETF.net Research hasn’t filed on LNOK yet — coverage lands here as it’s written.

LNOK Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Jan 2026. No distributions yet.

LNOK Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Jan 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Jan 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Jan 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
9.27
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

LNOK Cost

Expense ratio1.30%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

231 of the 329 Single-Stock Long Leveraged funds charge less.

LNOK costs $130.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.