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NVOX

GradeCNew York Stock Exchange Arca

Defiance Daily Target 2X Long NVO ETF

Leveraged · Single-Stock Leveraged · Defiance · Inception 2024-12-02 · SEC filings

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.

$9.65−0.59 (−5.76%)

As of Sep 23, 2026, 3:07 PM EDT

History starts Dec 3, 2024.
Intraday session: down, 67 prints from 10.24 to 9.65. Range 9.61 to 10.00. Use the arrow keys to read each point.$9.60$9.70$9.80$9.90$10.0010 AM12 PM2 PM4 PM
Expense ratio
1.31%
Fund size
$31M
1Y return
−69.9%
Yield · Last 12 months
—
Holdings
10
Volume · 30D
0.4M sh
NAV per share
$10.44
52W range
low $9.23high $33.84

The ETF.net NVOX Grade

C

43/ 100

Rank 113 of 380 in Single-Stock Long Leveraged⁠

Confidence High

Six-pillar profile for NVOX. Scores out of 100: Cost 27, Risk 47, Mission 97, Tradability 64, Holdings not scored, Durability 75. Strongest: Mission (97). Weakest: Cost (27). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 43 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 27
    Category rank274/380 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 97
    Category rank25/147 · top 17%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 47
    Category rank153/285 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 64
    Category rank112/380 · top 29%

  • 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.
    AScore 75
    Category rank44/380 · top 12%

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

Our read on NVOX

ETF.net Research

CA 2x daily dial on Novo Nordisk's US-listed shares, in a leveraged single-stock crowd dominated by tech tickers. The leverage resets every day, which makes this a trading tool rather than a buy-and-forget stake in the GLP-1 story.

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

  1. 01Does what the label says: twice the daily percentage move in the Novo Nordisk ADR, and it has hewed closely to that stated daily objective.defianceetfs.com
  2. 02A rare non-tech target. The top-scoring 2x single-stock funds mostly ride US megacap tech; this one points at diabetes and obesity care instead.money.usnews.com
  3. 03Live since December 2024 and standing in the upper half of a very crowded leveraged-bull field, which is not where most niche single-name launches land.

Worth knowing

  1. 01The 2x resets daily. Hold longer than a day and compounding takes over, so multi-day results can drift well away from twice the stock's move, especially in choppy tape.
  2. 02At 1.30% a year it runs above the typical 2x single-stock fund; several peers such as UNHG and ASMG charge 0.75%.
  3. 03One company, amplified. No diversification cushion, and because the reference is an ADR, home-market news can land before US trading opens.

NVOX Holdings

As of Sep 20, 2026, 5:08 AM
Asset class
Stocks
Holdings
10
Top-10 weight
277%
Largest holding
United States Treasury Bill 11/19/202662.9%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—United States Treasury Bill 11/19/202662.88%23,000,000$23M48
002—NOVO-NORDISK SWAP MS55.02%462,500$20M1
003—NOVO-NORDISK INC SWAP CANTOR26.16%219,860$10M1
004—NOVO-NORDISK SWAP MAREX25.68%215,876$9M1
005—NOVO-NORDISK SWAP NBC-L25.59%215,127$9M1
006—NOVO-NORDISK SWAP CLEARSTREET25.25%212,263$9M1
007—NOVO-NORDISK A/S-SPONS ADR NOMURA24.93%209,542$9M1
008—NOVO-NORDISK SWAP BMO-L17.37%146,000$6M1
009—First American Government Obligations Fund 12/01/203113.86%5,036,878$5M625

Showing 1–9 of 9 holdings

NVOX Performance

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

NVOX$3,012
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. NVOX $3,012. SPY $11,723. Use the arrow keys to read each point.$2,042$7,262$12,482Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – 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 NVOX. Periods over one year show the average yearly return.
PeriodNVOX
Year to date−53.2%
1 month−31.0%
3 months−30.9%
1 year−69.9%
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 NVOX
YearReturn barNVOX
2026 YTD−53.2%
2025−76.7%
2024−41.9%

History from Dec 3, 2024

NVOX in the news

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

NVOX Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

NVOX 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.
94.3%
Annualised · 20 months to Aug 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.
−0.60
vs 3-month T-bills · 20 months to Aug 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.
−94.5%
21 months · trough Mar 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.

NVOX Cost

Expense ratio1.31%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

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

NVOX costs $131.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.