# LNOK (Defiance Daily Target 2X Long NOK ETF)

Defiance · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: LNOK returned −3.8% where its own daily promise gave −48.3%, 44.5 points over.

## Key facts

- LNOK, what NOK did: −24.4%, as of Sep 11, 2026.
- LNOK, what +2 times a day gives: −48.3%, as of Sep 11, 2026.
- LNOK, what the fund returned: −3.8%, as of Sep 11, 2026.
- LNOK, the fund itself added: +44.5 pts, as of Sep 11, 2026.
- LNOK, net assets: $23m (source, as filed for Apr 30, 2026).
- LNOK, expense ratio: 1.30% (485BPOS XBRL, Aug 28, 2026).

## LNOK over each window to Sep 11, 2026

| Window | Fund | NOK | +2x the move | Difference | NOK moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +123.3% | +7.8% | +15.7% | +107.6 pts | 41% |
| 3 months | −3.8% | −24.4% | −48.8% | +45.0 pts | 63% |
| 6 months | +156.3% | +36.3% | +72.6% | +83.7 pts | 69% |
| Since launch | +301.0% | +75.4% | +150.7% | +150.2 pts | 64% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of NOK, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +0.16 times, against +2 stated | ETFIQ |
| Underlying | NOK | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $23m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.30% | 485BPOS XBRL, Aug 28, 2026 |
| Launched | Jan 21, 2026 | ETFIQ |
| Underlying volatility over the window | 63% annualized | ETFIQ |

## Questions

### Did LNOK return +2 times NOK?

Over the window to Sep 11, 2026, NOK moved −24.4% and LNOK returned −3.8%. 2 times that move is −48.8%, so the fund came out 45.0 points ahead of it.

### Why does LNOK not return +2 times over a year?

Because it resets daily. LNOK aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, LNOK, data as of Sep 11, 2026. https://etfiq.com/funds/LNOK
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/LNOK  ·  JSON: https://etfiq.com/funds/LNOK.json