# NVOX (Defiance Daily Target 2X Long NVO ETF)

Defiance · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: NVOX returned −43.5% where its own daily promise gave −40.5%, 3.0 points short.

## Key facts

- NVOX, what NVO did: −21.3%, as of Sep 30, 2026.
- NVOX, what 2 times a day gives: −40.5%, as of Sep 30, 2026.
- NVOX, what the fund returned: −43.5%, as of Sep 30, 2026.
- NVOX, the fund itself cost: −3.0 pts, as of Sep 30, 2026.
- NVOX, net assets: $37m (the issuer’s own daily fund list, as of Sep 30, 2026).
- NVOX, expense ratio: 1.31% (485BPOS XBRL, Aug 24, 2026).

## NVOX over each window to Sep 30, 2026

| Window | Fund | NVO | +2x the move | Difference | NVO moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −32.0% | −16.4% | −32.7% | +0.7 pts | 38% |
| 3 months | −43.5% | −21.3% | −42.5% | −0.9 pts | 38% |
| 6 months | −6.1% | +5.3% | +10.5% | −16.6 pts | 37% |
| 1 year | −66.7% | −28.4% | −56.8% | −9.9 pts | 46% |
| Since launch | −94.2% | −62.6% | −125.3% | +31.1 pts | 50% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of NVO, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.04 times, against +2 stated | ETFIQ |
| Underlying | NVO | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $37m | the issuer’s own daily fund list, as of Sep 30, 2026 |
| Expense ratio | 1.31% | 485BPOS XBRL, Aug 24, 2026 |
| Launched | Dec 3, 2024 | ETFIQ |
| Underlying volatility over the window | 38% annualized | ETFIQ |

## Questions

### Did NVOX return +2 times NVO?

Over the window to Sep 30, 2026, NVO moved −21.3% and NVOX returned −43.5%. 2 times that move is −42.5%, so the fund came out 0.9 points short of it.

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

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.

### Which +2x NVO ETF tracked its stated multiple most closely?

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 figure itself.


## Cite this page

ETFIQ, NVOX, data as of Sep 30, 2026. https://etfiq.com/funds/nvox
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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