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Launched · SEC filings

Defiance Daily Target 2X Long NVO ETF

NVOXNYSE ArcaDefianceCThis 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.

$10.51+0.23 (+2.29%)

As of Nov 2, 2026, 3:59 PM ET

C47/ 100

Rank 98 of 380 in Single-Stock Long Leveraged

C47/100Rank 98 of 380inSingle-Stock Long Leveraged
Intraday session: up, 79 prints from 10.27 to 10.51. Range 10.35 to 10.68. Use the arrow keys to read each point.10.4010.6010.7010 AM12 PM2 PM4 PM
Expense ratio
1.31%
Fund size
$39M
1Y total return
−53.1%
Yield · Last 12 months
No data
Holdings
9
Avg volume · 30D
403K sh
52W range
low $8.87high $33.81
Launched
Filings
SEC EDGAR

The ETF.net NVOX Grade

Based on 5 of 6 pillars

C

Score 47 out of 100

Category
Single-Stock Long Leveraged⁠
Rank
98 of 380
Six-pillar profile for NVOX. Scores out of 100: Cost 25, Risk 59, Mission 97, Tradability 70, Holdings not scored, Durability 77. Strongest: Mission (97). Weakest: Cost (25). Based on 5 of 6 pillars.

Score 47 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.
    D25 out of 100
    Rank 272 of 380

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A97 out of 100
    Rank 19 of 150

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B59 out of 100
    Rank 118 of 368

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A70 out of 100
    Rank 85 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.
    A77 out of 100
    Rank 30 of 380

Our read on NVOX

ETF.net Research

In short

CThe first 2x leveraged single-stock ETF on Novo Nordisk: a one-ticker, daily-reset amplifier on the weight-loss drug giant's US-listed shares, built from swaps and priced at 1.31%.

Stated mandate

The Fund seeks daily leveraged results equal to twice the daily percentage change in the share price of NOVO Nordisk A/S - ADR.

Why people hold it

  • Aims for twice NVO's daily percentage move and resets each day. One ticker, no margin account, no options chain to manage.defianceetfs.com
  • Launched December 2024 as the first 2x leveraged single-stock fund on Novo Nordisk, the company at the center of the weight-loss drug market.yahoo.com
  • The leverage lives inside the fund, assembled from total return swaps with bank counterparties rather than borrowed cash in your brokerage account.defianceetfs.comsec.gov
  • Day to day it has stayed close to its stated 2x target, and it stands in the upper half of a crowded leveraged single-stock field.

Worth knowing

  • At 1.31%, the fee sits above the category median and above 2x peers such as TSMG (0.76%) and UNHG (0.77%), with swap financing costs layered on top.
  • The daily reset makes multi-day results path-dependent: a choppy stretch can grind value down even if NVO finishes where it started.defianceetfs.com
  • Small, young, and hitched to one drugmaker, so trial data or guidance lands at double size. It has also already run a reverse share split.defianceetfs.com

NVOX Performance

Launched Dec 2, 2024

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.
NVOX$4,685
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. NVOX $4,685. SPY $11,199. Use the arrow keys to read each point.$5,000$10,000$15,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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 NVOX. Periods over one year show the average yearly return.
PeriodNVOX
Year to date−53.1%
1 month+9.1%
3 months−31.7%
1 year−53.1%
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 NVOX
YearReturn barNVOX
2026 YTD−53.1%
2025−76.7%
2024−41.9%

History from Dec 3, 2024

NVOX in the news

NVOX Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

NVOX Risk

Risk pillarB59 out of 100Rank 118 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.
92.6%
Annualised · 22 months to Oct 2026
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.
−0.69
vs 3-month T-bills · 22 months to Oct 2026
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.
−94.6%
22 months · trough Oct 2026
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.
2.49
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.

NVOX Cost

Compare NVOX and GOGL

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

$19,364

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

  • NVOX 1.31%

    $23,519

  • GOGL 0.20% Tied cheapest

    $4,155

$10,000
30 years

Cost over time

  • NVOX 1.31%
  • 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$25K051015202530NVOX $23,519GOGL $4,155

Year by year

YearNVOXGOGLOverpaying
10$2,280$365$1,915
20$8,450$1,421$7,029
30$23,519$4,155$19,364

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