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Launched · SEC filings

Daily Target 2X Long NOK ETF

LNOKCboeCThis 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.

$14.91−0.16 (−1.06%)

At close: Oct 13, 2026, 4:00 PM

C43/ 100

Rank 116 of 380 in Single-Stock Long Leveraged

C43/100Rank 116 of 380inSingle-Stock Long Leveraged
Intraday session: down, 44 prints from 15.07 to 14.91. Range 13.94 to 14.91. Use the arrow keys to read each point.14.0014.2514.5014.7510 AM12 PM2 PM4 PM
Expense ratio
1.30%
Fund size
$28M
1Y total return
—
Yield · Last 12 months
—
Holdings
9
Avg volume · 30D
0.3M sh
NAV per share
$16.49
52W range
low $8.87high $60.61
Launched
Filings
SEC EDGAR

The ETF.net LNOK Grade

Based on 5 of 6 pillars

C

Score 43 out of 100

Category
Single-Stock Long Leveraged⁠
Rank
116 of 380
Six-pillar profile for LNOK. Scores out of 100: Cost 34, Risk 56, Mission 62, Tradability 43, Holdings not scored, Durability 65. Strongest: Durability (65). Weakest: Cost (34). Based on 5 of 6 pillars.

Score 43 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D34 out of 100
    Rank 236 of 380

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    B62 out of 100
    Rank 146 of 148

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B56 out of 100
    Rank 133 of 363

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C43 out of 100
    Rank 223 of 380

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B65 out of 100
    Rank 96 of 380

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 Oct 13, 2026
Asset class
Other
Holdings
9
Top-10 weight
273%
Largest holding
United States Treasury Bill 11/19/202672.6%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—United States Treasury Bill 11/19/202672.62%18,700,000$19M56
002—Nokia Oyj-Swap-Jnst-L32.89%852,152$8M1
003—Nokia Corp Swap Nmra-L32.05%830,314$8M1
004—Nokia Corp Swap Cs-L31.82%824,428$8M1
005—Nokia Oyj-Swap-Nbcb-L31.19%807,944$8M1
006—Nokia Corp Swap Cf-L30.61%793,073$8M1
007—Nokia Corp Swap Marex-L29.95%775,771$8M1
008—Nokia Oyj-Swap-Mscs-L11.59%300,181$3M1
009—First American Government Obligations Fund 12/01/20310.41%106,205$106K529

Showing 1–9 of 9 holdings

LNOK Performance

Launched Jan 20, 2026

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
LNOK$5,415
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,332
Jul 10, 2026 to Oct 12, 2026. LNOK $5,415. SPY $10,332. Use the arrow keys to read each point.$3,887$7,356$10,824Jul 2026Aug 2026Oct 2026

Jul 10, 2026 – Oct 12, 2026

Returns run to the Oct 12, 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−25.4%
3 months−45.8%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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+49.7%

History from Jan 21, 2026

LNOK in the news

Filtered to LNOK · Single-Stock Long Leveraged

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 Oct 12, 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.
9.37
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%

235 of the 333 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.

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