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NVOX vs TSMG

Defiance Daily Target 2X Long NVO ETF

NVOXCNYSE Arca

Leverage Shares 2x Long TSM Daily ETF

TSMGANasdaq

Overlap

Expense ratio

TSMG −0.55pt a year

NVOX1.31%TSMG0.76%

Avg volume · 30D

NVOX 5.8×the volume

NVOX403KTSMG69K

NVOX vs TSMG Performance

Oct 31, 2025 – Oct 30, 2026

−53.1%NVOX+40.8%TSMG

Oct 31, 2025 to Oct 30, 2026. NVOX −53.1%. TSMG +40.8%. Use the arrow keys to read each point.−25%0%75%100%Oct 2025Apr 2026Oct 2026
Expense ratio
NVOX 1.31%
TSMG 0.76%, better
Fund size
NVOX $39M
TSMG $28M
1Y total return
NVOX −53.1%
TSMG +40.8%, better
Holdings
NVOX 9
TSMG 5
Avg volume (30D)
NVOX 403K sh, better
TSMG 69K sh
NAV per share
NVOX $10.30
TSMG $33.77
52W range

ETF.net Grade

NVOX: Cost 25, Risk 59, Mission 97, Tradability 70, Holdings not scored, Durability 77. TSMG: Cost 70, Risk 84, Mission 79, Tradability 74, Holdings not scored, Durability 67.
Pillar letters and Scores for NVOX, TSMG, with each pillar’s weight
PillarNVOXTSMG
Cost30% weightD25A70Higher
Mission25% weightA97HigherA79
Risk15% weightB59A84Higher
Tradability15% weightA70A74Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA77HigherB67

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. NVOX and TSMG 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 ›

TSMG ranks 1st and NVOX 95th 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 95CAEHGLeverage Shares 2X Long AEHR Daily ETFScore 47
  4. Rank 95CNVOXDefiance Daily Target 2X Long NVO ETFScore 47
  5. Rank 97CHYNXT-REX 2X Long SK Hynix Daily Target ETFScore 46

Our read on each fund

ETF.net Research

NVOXCDefiance Daily Target 2X Long NVO ETF

TSMGALeverage Shares 2x Long TSM Daily ETF

In short

NVOX The 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%.

TSMG Two times TSM, one day at a time. TSMG aims for 200% of Taiwan Semiconductor's daily move, no margin account required, at 0.75% a year, below what most leveraged single-stock funds charge.

Stated mandate

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

TSMG The fund seeks daily investment results equal to 200% of the daily performance of Taiwan Semiconductor Manufacturing Company Ltd stock, before fees and expenses.

Why people hold it

  • NVOX 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.
  • TSMG Charges 0.75% a year, undercutting the 0.96% on Direxion's 2x single-stock funds such as AAPU and GGLL.leverageshares.com
  • The milder gear on the leveraged shelf: it targets double TSM's daily move, not triple.leverageshares.com
  • Leverage arrives inside a regular 1940 Act ETF. No margin agreement, no lender, and your exposure is capped at what you put in.leverageshares.com
  • Hits its stated daily target tightly, and rates among the stronger builds in a crowded field of 2x and 3x single-stock funds.

Worth knowing

  • NVOX 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
  • TSMG The leverage resets every day. Hold longer and compounding takes over, so multi-day results can drift well away from twice TSM's move, especially in choppy markets.leverageshares.com
  • One stock, one industry. Everything rides on Taiwan Semiconductor, doubled, so company-specific news lands twice as hard.
  • Young and small: launched in January 2025, and it sits among the smaller, less heavily traded names on the leveraged shelf, which can widen spreads.

Full NVOX profile⁠

Full TSMG profile⁠

NVOX vs TSMG 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.

NVOX vs TSMG Cost

Overpaying NVOX vs TSMG

$8,863

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

  • NVOX 1.31%

    $23,519

  • TSMG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • NVOX 1.31%
  • TSMG 0.76%
  • 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 $23,519TSMG $14,656

Year by year

YearNVOXTSMGOverpaying
10$2,280$1,353$927
20$8,450$5,142$3,308
30$23,519$14,656$8,863

Expense ratio

  • 1.31%NVOX
  • 0.76%TSMG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

TSMG 131st cheapest of 315 funds

NVOX 236th cheapest of 315 funds

NVOX vs TSMG Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
NVOX None
TSMG No data
Last payment
NVOX No data
TSMG $2.73
Ex-dividend
NVOX No data
TSMG Dec 30, 2025
Paid on
NVOX No data
TSMG Jan 2, 2026
Frequency
NVOX No data
TSMG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

NVOXAll NVOX payments⁠

No distribution history available.

TSMGIrregular · 1 paymentAll TSMG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $2.73. Use the arrow keys to read each point.$0$2.502026YTD

NVOX vs TSMG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
NVOX 92.6%since Jan 2025TSMG 77.9%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
NVOX −0.69since Jan 2025TSMG 0.97since Feb 2025
Worst fallMax drawdown, 5 years
NVOX −94.6%since Dec 2024TSMG −63.7%since Jan 2025
Market sensitivityBeta, 5 years
NVOX 2.49TSMG 3.81

Popular comparisons

  • NVOXCvsUNHGA

    Defiance Daily Target 2X Long NVO ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    1.31% · 0.77%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TSMGAvsUNHGA

    Leverage Shares 2x Long TSM Daily ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    0.76% · 0.77%
    Category
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  • NVOXCvsOKTGA

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    Category
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  • TSMGAvsOKTGA

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    0.76% · 0.75%
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  • NVOXCvsPANGA

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    Category
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  • TSMGAvsPANGA

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    Expense ratio
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    Category
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