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Launched · SEC filings

Daily Target 2X Long NOK ETF

LNOKCboeDefianceCThis 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.

$10.00−0.57 (−5.39%)

At close: Nov 2, 2026, 4:00 PM ET

C42/ 100

Rank 125 of 380 in Single-Stock Long Leveraged

C42/100Rank 125 of 380inSingle-Stock Long Leveraged
Intraday session: down, 77 prints from 10.57 to 10.00. Range 9.94 to 10.85. Use the arrow keys to read each point.10.2010.4010.8010 AM12 PM2 PM4 PM
Expense ratio
1.30%
Fund size
$14M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
9
Avg volume · 30D
265K sh
52W range
low $8.85high $60.61
Launched
Filings
SEC EDGAR

The ETF.net LNOK Grade

Based on 5 of 6 pillars

C

Score 42 out of 100

Category
Single-Stock Long Leveraged⁠
Rank
125 of 380
Six-pillar profile for LNOK. Scores out of 100: Cost 32, Risk 57, Mission 66, Tradability 43, Holdings not scored, Durability 62. Strongest: Mission (66). Weakest: Cost (32). Based on 5 of 6 pillars.

Score 42 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.
    D32 out of 100
    Rank 248 of 380

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    B66 out of 100
    Rank 137 of 150

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B57 out of 100
    Rank 132 of 368

  • 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 226 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.
    B62 out of 100
    Rank 115 of 380

Our read on LNOK

ETF.net Research

In short

CThe first 2x daily long ETF on Nokia, a 5G and network-gear name in a field crowded with AI chip tickers. Swaps plus short-dated options, reset every day, 1.30% a year, no margin account to open.

Stated mandate

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

Why people hold it

  • The original Nokia leverage play: Defiance launched it in January 2026 as the first daily 2X long ETF on Nokia Oyj, so the exposure is a one-ticker trade instead of a margin account and borrowed shares.globenewswire.comdefianceetfs.com
  • Mechanically plain: it aims for 200% of the daily percentage change in Nokia's ADR share price, using swap agreements and options contracts rather than an index.globenewswire.com
  • A telecom-infrastructure target in a category stacked with semis and megacaps, and it rates in the upper half of that several-hundred-fund bull-leverage group.defianceetfs.com

Worth knowing

  • The leverage resets daily. Hold longer than a day and returns compound, so the result can drift well away from 2x Nokia's move over that stretch, most of all in choppy markets.globenewswire.com
  • Cost sits above the category median: 1.30% a year, with no waiver in place, versus 0.76% at TSMG and 0.75% at OKTG, two of the best-rated 2x single-stock funds, also unwaived.
  • Everything rides on one company's stock, delivered synthetically through swap counterparties, and this is a small fund with a short track record behind it.globenewswire.com

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$6,969
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,093
Jul 31, 2026 to Nov 2, 2026. LNOK $6,969. SPY $10,093. Use the arrow keys to read each point.$7,500$10,000$12,500Jul 2026Sep 2026Nov 2026

Jul 31, 2026 – Nov 2, 2026

Returns run to the Nov 2, 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 yearNo data
1 month−42.4%
3 months−30.3%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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−0.7%

History from Jan 21, 2026

LNOK in the news

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 Nov 2, 2026.
No dataLast 12 months
Payout per share
No dataLast 12 months

Listed Jan 2026. No distributions yet.

LNOK Risk

Risk pillarB57 out of 100Rank 132 of 368 in Single-Stock Long Leveraged

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.

FMP measures it over up to five years of monthly returns.

LNOK Cost

Compare LNOK and GOGL

Overpaying vs GOGL, tied cheapest in Single-Stock Long Leveraged

$19,214

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

  • LNOK 1.30%

    $23,369

  • GOGL 0.20% Tied cheapest

    $4,155

$10,000
30 years

Cost over time

  • LNOK 1.30%
  • GOGL 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530LNOK $23,369GOGL $4,155

Year by year

YearLNOKGOGLOverpaying
10$2,263$365$1,898
20$8,393$1,421$6,972
30$23,369$4,155$19,214

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