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Launched · SEC filings

Defiance Daily Target 2X Long NVO ETF

NVOXNYSE ArcaCThis 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.

$9.42−0.26 (−2.69%)

As of Oct 13, 2026, 3:59 PM

C46/ 100

Rank 101 of 380 in Single-Stock Long Leveraged

C46/100Rank 101 of 380inSingle-Stock Long Leveraged
Intraday session: down, 64 prints from 9.68 to 9.42. Range 9.39 to 9.78. Use the arrow keys to read each point.9.509.609.8010 AM12 PM2 PM4 PM
Expense ratio
1.31%
Fund size
$42M
1Y total return
−67.1%
Yield · Last 12 months
—
Holdings
9
Avg volume · 30D
0.5M sh
NAV per share
$9.73
52W range
low $8.87high $33.81
Launched
Filings
SEC EDGAR

The ETF.net NVOX Grade

Based on 5 of 6 pillars

C

Score 46 out of 100

Category
Single-Stock Long Leveraged⁠
Rank
101 of 380
Six-pillar profile for NVOX. Scores out of 100: Cost 27, Risk 47, Mission 97, Tradability 75, Holdings not scored, Durability 77. Strongest: Mission (97). Weakest: Cost (27). Based on 5 of 6 pillars.

Score 46 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.
    D27 out of 100
    Rank 265 of 380

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A97 out of 100
    Rank 20 of 148

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C47 out of 100
    Rank 184 of 363

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A75 out of 100
    Rank 63 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 27 of 380

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 Oct 13, 2026
Asset class
Stocks
Holdings
9
Top-10 weight
274%
Largest holding
United States Treasury Bill 11/19/202664.0%

Sectors

  • Health Care100.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—United States Treasury Bill 11/19/202663.99%26,500,000$26M56
002—Novo-Nordisk Swap Ms43.26%462,500$18M1
003—Novo-Nordisk Inc Swap Cantor30.64%327,546$13M1
004—Novo-Nordisk Swap Clearstreet30.57%326,827$13M1
005—Novo-Nordisk Swap Marex29.84%318,978$12M1
006—Novo-Nordisk A/S-Spons Adr Nomura26.49%283,255$11M1
007—Novo-Nordisk Swap Nbc-L25.08%268,105$10M1
008—Novo-Nordisk Swap Bmo-L14.17%151,500$6M1
009—First American Government Obligations Fund 12/01/20319.48%3,908,466$4M529

Showing 1–9 of 9 holdings

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$3,288
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. NVOX $3,288. SPY $12,044. Use the arrow keys to read each point.$2,374$7,575$12,777Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – 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 NVOX. Periods over one year show the average yearly return.
PeriodNVOX
Year to date−55.8%
1 month−21.9%
3 months−43.1%
1 year−67.1%
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 NVOX
YearReturn barNVOX
2026 YTD−55.8%
2025−76.7%
2024−41.9%

History from Dec 3, 2024

NVOX in the news

Filtered to NVOX · Single-Stock Long Leveraged

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.
94.2%
Annualised · 21 months to Sep 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.
−0.77
vs 3-month T-bills · 21 months to Sep 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.

NVOX Cost

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

245 of the 333 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.

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