{
 "ticker": "LNOK",
 "name": "Defiance Daily Target 2X Long NOK ETF",
 "issuer": "Defiance",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/lnok",
 "html": "https://etfiq.com/funds/lnok",
 "markdown": "https://etfiq.com/funds/lnok.md",
 "as_of": "2026-10-02",
 "verdict": "Three months to Oct 2, 2026: LNOK returned \u221234.7% where its own daily promise gave \u221230.0%, 4.8 points short.",
 "key_facts": [
  {
   "key": "what_nok_did",
   "label": "What NOK did",
   "value": "\u221211.7%",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "LNOK, what NOK did: \u221211.7%, as of Oct 2, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "\u221230.0%",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "LNOK, what 2 times a day gives: \u221230.0%, as of Oct 2, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221234.7%",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "LNOK, what the fund returned: \u221234.7%, as of Oct 2, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22124.8 pts",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "LNOK, the fund itself cost: \u22124.8 pts, as of Oct 2, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$29m",
   "source": "the issuer\u2019s own daily fund list, as of Oct 1, 2026",
   "as_of": "2026-10-02",
   "sentence": "LNOK, net assets: $29m (the issuer\u2019s own daily fund list, as of Oct 1, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.30%",
   "source": "485BPOS XBRL, Aug 28, 2026",
   "as_of": "2026-10-02",
   "sentence": "LNOK, expense ratio: 1.30% (485BPOS XBRL, Aug 28, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of NOK, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+2.96 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "NOK",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$29m",
   "source": "the issuer\u2019s own daily fund list, as of Oct 1, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.30%",
   "source": "485BPOS XBRL, Aug 28, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 21, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "63% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+8.8%",
   "NOK": "+7.7%",
   "+2x the move": "+15.4%",
   "Difference": "\u22126.7 pts",
   "NOK moved about": "62%"
  },
  {
   "window": "3 months",
   "Fund": "\u221234.7%",
   "NOK": "\u221211.7%",
   "+2x the move": "\u221223.5%",
   "Difference": "\u221211.3 pts",
   "NOK moved about": "63%"
  },
  {
   "window": "6 months",
   "Fund": "\u22121.0%",
   "NOK": "+21.3%",
   "+2x the move": "+42.6%",
   "Difference": "\u221243.6 pts",
   "NOK moved about": "71%"
  },
  {
   "window": "Since launch",
   "Fund": "+72.3%",
   "NOK": "+67.0%",
   "+2x the move": "+134.0%",
   "Difference": "\u221261.7 pts",
   "NOK moved about": "64%"
  }
 ],
 "questions": [
  {
   "q": "Did LNOK return +2 times NOK?",
   "a": "Over the window to Oct 2, 2026, NOK moved \u221211.7% and LNOK returned \u221234.7%. 2 times that move is \u221223.5%, so the fund came out 11.3 points short of it."
  },
  {
   "q": "Why does LNOK not return +2 times over a year?",
   "a": "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."
  }
 ],
 "generated": "2026-10-03",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}