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

Defiance · Leveraged ETFs · data as of Oct 2, 2026

Three months to Oct 2, 2026: LNOK returned −34.7% where its own daily promise gave −30.0%, 4.8 points short.

## Key facts

- LNOK, what NOK did: −11.7%, as of Oct 2, 2026.
- LNOK, what 2 times a day gives: −30.0%, as of Oct 2, 2026.
- LNOK, what the fund returned: −34.7%, as of Oct 2, 2026.
- LNOK, the fund itself cost: −4.8 pts, as of Oct 2, 2026.
- LNOK, net assets: $29m (the issuer’s own daily fund list, as of Oct 1, 2026).
- LNOK, expense ratio: 1.30% (485BPOS XBRL, Aug 28, 2026).

## LNOK over each window to Oct 2, 2026

| Window | Fund | NOK | +2x the move | Difference | NOK moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +8.8% | +7.7% | +15.4% | −6.7 pts | 62% |
| 3 months | −34.7% | −11.7% | −23.5% | −11.3 pts | 63% |
| 6 months | −1.0% | +21.3% | +42.6% | −43.6 pts | 71% |
| Since launch | +72.3% | +67.0% | +134.0% | −61.7 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 | +2.96 times, against +2 stated | ETFIQ |
| Underlying | NOK | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $29m | the issuer’s own daily fund list, as of Oct 1, 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 Oct 2, 2026, NOK moved −11.7% and LNOK returned −34.7%. 2 times that move is −23.5%, so the fund came out 11.3 points short 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 Oct 2, 2026. https://etfiq.com/funds/lnok
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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