{
 "ticker": "NVOX",
 "name": "Defiance Daily Target 2X Long NVO ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/NVOX",
 "html": "https://etfiq.com/funds/NVOX",
 "markdown": "https://etfiq.com/funds/NVOX.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: NVOX returned \u22129.1% where its own daily promise gave \u22124.5%, 4.6 points short.",
 "key_facts": [
  {
   "key": "what_nvo_did",
   "label": "What NVO did",
   "value": "\u22120.6%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NVOX, what NVO did: \u22120.6%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What +2 times a day gives",
   "value": "\u22124.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NVOX, what +2 times a day gives: \u22124.5%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22129.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NVOX, what the fund returned: \u22129.1%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22124.6 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NVOX, the fund itself cost: \u22124.6 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$46m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "NVOX, net assets: $46m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, Aug 24, 2026",
   "as_of": "2026-09-11",
   "sentence": "NVOX, expense ratio: 1.31% (485BPOS XBRL, Aug 24, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of NVO, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "NVO moved \u22120.6% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "NVO",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$46m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.31%",
   "source": "485BPOS XBRL, Aug 24, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Dec 3, 2024",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "37% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221214.2%",
   "NVO": "\u22126.0%",
   "+2x the move": "\u221211.9%",
   "Difference": "\u22122.3 pts",
   "NVO moved about": "31%"
  },
  {
   "window": "3 months",
   "Fund": "\u22129.1%",
   "NVO": "\u22120.6%",
   "+2x the move": "\u22121.2%",
   "Difference": "\u22127.9 pts",
   "NVO moved about": "37%"
  },
  {
   "window": "6 months",
   "Fund": "+19.0%",
   "NVO": "+18.9%",
   "+2x the move": "+37.8%",
   "Difference": "\u221218.8 pts",
   "NVO moved about": "35%"
  },
  {
   "window": "1 year",
   "Fund": "\u221255.0%",
   "NVO": "\u221216.9%",
   "+2x the move": "\u221233.8%",
   "Difference": "\u221221.2 pts",
   "NVO moved about": "46%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221292.3%",
   "NVO": "\u221257.6%",
   "+2x the move": "\u2212115.1%",
   "Difference": "+22.8 pts",
   "NVO moved about": "50%"
  }
 ],
 "questions": [
  {
   "q": "Did NVOX return +2 times NVO?",
   "a": "Over the window to Sep 11, 2026, NVO moved \u22120.6% and NVOX returned \u22129.1%. 2 times that move is \u22121.2%, so the fund came out 7.9 points short of it."
  },
  {
   "q": "Why does NVOX not return +2 times over a year?",
   "a": "Because it resets daily. NVOX 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."
  },
  {
   "q": "Which +2x NVO ETF tracked its stated multiple most closely?",
   "a": "2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}