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LNOK vs UNHG

Daily Target 2X Long NOK ETF

LNOKCCboe

Leverage Shares 2x Long UNH Daily ETF

UNHGANasdaq

Overlap

Expense ratio

UNHG −0.53pt a year

LNOK1.30%UNHG0.77%

Avg volume · 30D

UNHG 2.7×the volume

LNOK265KUNHG726K

LNOK vs UNHG Performance

Jul 31, 2026 – Nov 2, 2026

−30.3%LNOK−11.0%UNHG

Jul 31, 2026 to Nov 2, 2026. LNOK −30.3%. UNHG −11.0%. Use the arrow keys to read each point.−40%−20%0%20%40%Jul 2026Sep 2026Nov 2026
Expense ratio
LNOK 1.30%
UNHG 0.77%, better
Fund size
LNOK $14M
UNHG $63M
1Y total return
LNOK No data
UNHG +8.4%
Holdings
LNOK 9
UNHG 5
Avg volume (30D)
LNOK 265K sh
UNHG 726K sh, better
NAV per share
LNOK $10.59
UNHG $20.57
52W range

ETF.net Grade

LNOK: Cost 32, Risk 57, Mission 66, Tradability 43, Holdings not scored, Durability 62. UNHG: Cost 60, Risk 83, Mission 90, Tradability 90, Holdings not scored, Durability 66.
Pillar letters and Scores for LNOK, UNHG, with each pillar’s weight
PillarLNOKUNHG
Cost30% weightD32B60Higher
Mission25% weightB66A90Higher
Risk15% weightB57A83Higher
Tradability15% weightC43A90Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB62B66Higher

Rank among Single-Stock Long Leveraged funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. LNOK and UNHG are both graded against the same 315 Single-Stock Long Leveraged funds, so their Grades compare head to head.

Single-Stock Long Leveraged⁠

Category · 315 funds
See all 315 ›

UNHG ranks 2nd and LNOK 116th of 315 funds in the Single-Stock Long Leveraged Category.

  1. Rank 1ATSMGLeverage Shares 2x Long TSM Daily ETFScore 73
  2. Rank 2AUNHGLeverage Shares 2x Long UNH Daily ETFScore 72
  3. Rank 3AOKTGLeverage Shares 2x Long OKTA Daily ETFScore 70
  4. Rank 111CSMCLGraniteShares 2x Long SMCI Daily ETFScore 43
  5. Rank 116CLNOKDaily Target 2X Long NOK ETFScore 42
  6. Rank 116CPURDefiance Daily Target 2X Long PURR ETFScore 42

Our read on each fund

ETF.net Research

LNOKCDaily Target 2X Long NOK ETF

UNHGALeverage Shares 2x Long UNH Daily ETF

In short

LNOK The 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.

UNHG Two times UnitedHealth's daily move, reset every night: a managed-care insurer in a category stuffed with chip and AI names. UNHG got there first, and it charges 0.77%.

Stated mandate

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

UNHG The fund seeks daily investment results equal to twice the daily performance of UnitedHealth Group Incorporated stock, before fees and expenses.

Why people hold it

  • LNOK 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
  • UNHG At 0.77%, the cheaper of the only two 2x UNH funds: Direxion's UNHU runs 0.97% net of a waiver through September 1, 2027. Both sit below the category's typical fee.
  • First to the 2x UNH trade, listed July 2025, months before Direxion's version arrived in March 2026. It trades actively for a single-stock leveraged fund.direxion.com
  • Exposure comes from total return swaps reset at each close, and day-to-day it has stayed close to its 2x target. One of the better-built funds in a crowded bull field.leverageshares.comsec.gov

Worth knowing

  • LNOK 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
  • UNHG Daily reset means multi-day results depend on the path UNH takes, not just its direction. Choppy stretches can erode value even if the stock ends where it started.leverageshares.com
  • Swap-based exposure carries counterparty risk, and everything rides on one managed-care company's news, from earnings to policy headlines.leverageshares.com
  • Listed in 2025, so there is little history to judge it across a full market cycle.

Full LNOK profile⁠

Full UNHG profile⁠

LNOK vs UNHG Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

LNOK vs UNHG Cost

Overpaying LNOK vs UNHG

$8,540

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

  • LNOK 1.30%

    $23,369

  • UNHG 0.77%

    $14,829

$10,000
30 years

Cost over time

  • LNOK 1.30%
  • UNHG 0.77%
  • 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 $23,369UNHG $14,829

Year by year

YearLNOKUNHGOverpaying
10$2,263$1,371$892
20$8,393$5,205$3,188
30$23,369$14,829$8,540

Expense ratio

  • 1.30%LNOK
  • 0.77%UNHG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

UNHG 135th cheapest of 315 funds

LNOK 229th cheapest of 315 funds

LNOK vs UNHG Dividends

Last 12 months to Nov 2, 2026
Payout (12M)
LNOK None
UNHG No data
Last payment
LNOK No data
UNHG $1.90
Ex-dividend
LNOK No data
UNHG Dec 30, 2025
Paid on
LNOK No data
UNHG Jan 2, 2026
Frequency
LNOK No data
UNHG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

LNOKAll LNOK payments⁠

No distribution history available.

UNHGIrregular · 1 paymentAll UNHG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.90. Use the arrow keys to read each point.$0$22026YTD

LNOK vs UNHG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
LNOK No dataUNHG 98.1%since Aug 2025
Return per unit of riskSharpe ratio, 3 years
LNOK No dataUNHG 0.90since Aug 2025
Worst fallMax drawdown, 5 years
LNOK No dataUNHG −57.1%since Jul 2025
Market sensitivityBeta, 5 years
LNOK 9.37UNHG 5.19

Popular comparisons

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    Daily Target 2X Long NOK ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
    1.30% · 0.76%
    Category
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  • UNHGAvsTSMGA

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    Category
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