At a glance
NVOX charges 1.31% a year. It has $34.9M in assets.
The short version
Defiance Daily Target 2X Long NVO ETF (NVOX) aims to return twice the daily percentage move of Novo Nordisk's American Depositary Receipt (NVO), the US-traded form of the Danish drugmaker's shares. It gets this exposure through swaps and options rather than owning the stock, and it resets that leverage every day. Its expense ratio is 1.31%, and it lost 76.72% in 2025, its first full calendar year.
Price history
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NVOX — over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| NVOX official prospectus, to Dec 31, 2025 | — | -84.17% | — | — | — | — |
| NVOX price data to Oct 27, 2026 | -23.7% | — | — | — | — | — |
- The deepest fall in its price history was 50.4% (Jul 16, 2026 to Oct 2, 2026), not yet recovered.
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 13.27% of assets, and 7.38% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 13.27% |
By country
United States 13.27%By asset type
Bonds and notes 13.27%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $18.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +14.24%, +7.63%, -6.39%.
How it works
NVOX is actively managed and does not track an index. It has one target: Novo Nordisk's American Depositary Receipt (NYSE: NVO). The Danish company makes drugs for diabetes, obesity, hemophilia and growth disorders. The fund does not own NVO shares. It uses swap agreements instead. In a swap, a bank or broker agrees to pay the fund the return on a set dollar amount of NVO. The fund also uses listed options, mainly short-dated in-the-money calls, to reach exposure of about 200% of its assets. By policy, at least 80% of its exposure must come from instruments designed to deliver twice NVO's daily move.
As of July 31, 2026, the fund's N-PORT report listed seven derivative positions. These included NVO swaps with several different firms, and the largest equaled about 16.7% of net assets. A US Treasury bill made up about 13.3% and cash about 7.4%. These holdings act as collateral. The prospectus expects 40% to 60% of assets to go to collateral or option premiums.
At the end of each trading day, the adviser rebalances to bring exposure back to roughly 2x. Because of this daily reset, returns compound one day at a time. If NVO swings up and down and ends flat, the fund loses money. It can even lose money while NVO rises. The prospectus says investors should not hold shares unmonitored for longer than one trading day. Portfolio turnover was 1,643%.
What it really costs
- NVOX charges 1.31% a year.
- Of that, 1.29% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $133 in the first year and $1,579 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NVOX | $133 | $415 | $718 | $1,579 |
In a retirement portfolio
NVOX targets twice Novo Nordisk's daily move and resets that leverage every day, and its prospectus says shares should not be held unmonitored beyond a single trading day.
NVOX launched on December 3, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its short history still shows the risk. It lost 76.72% in calendar 2025. Even its strongest quarter that year was a loss of 11.54%, and the quarter ending September 30, 2025, fell 44.42%. Price records begin June 9, 2026, and they show a 50.4% drop from July 16 to October 2, 2026. That loss had not been recovered as of October 27, 2026. Anyone forced to raise cash during a slide like that would lock in deep losses. The fund has paid no distributions, so it provides no income. Under the SEC's standard example, its 1.31% expense ratio comes to $133 in costs on $10,000 over one year and $1,579 over ten years. Past results don't predict the future, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking short-term, magnified exposure to daily moves in Novo Nordisk's US-listed shares who can check positions every trading day.
- Experienced investors who understand how swaps, in-the-money call options and daily leverage resets can push multi-day results far from twice NVO's return.
- Traders who can absorb fast, steep losses like the 44.42% drop in the quarter ending September 30, 2025.
Look elsewhere if
- Retirees and buy-and-hold investors, since the prospectus warns against holding shares unmonitored for longer than a single trading day.
- Anyone seeking income: the fund has recorded no distributions, and it charges a 1.31% expense ratio.
- Investors wanting diversification: NVOX is non-diversified and tied to one drugmaker, so patent, competition and litigation risks at Novo Nordisk are magnified twice daily.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is NVOX good for retirement?
Generally not. It is built as a short-term trading tool. NVOX aims for twice Novo Nordisk's daily move and resets that leverage every day. Its prospectus says investors should not hold shares unmonitored for longer than one trading day. The fund lost 76.72% in calendar 2025 and has paid no distributions. A fund designed for daily bets fits poorly with a retirement plan that depends on value holding up over many years.
What's the difference between NVOX and buying NVO stock?
NVO is Novo Nordisk's American Depositary Receipt itself. NVOX is a leveraged fund built on it. NVOX does not own NVO shares. It uses swaps and options to aim for 200% of NVO's daily move and rebalances every day. Over longer periods its return can differ greatly from twice NVO's return, and it can lose money even when NVO rises. NVOX holders also get no voting rights in Novo Nordisk, and they pay a 1.31% expense ratio.
Why has NVOX lost so much money?
There are two main reasons. First, leverage doubles each daily decline in NVO. Second, when prices swing back and forth, daily compounding wears away value. The fund lost 76.72% in calendar 2025, including a 44.42% drop in the quarter ending September 30, 2025. Based on share prices, it fell 43% in the three months to October 27, 2026. Its year-to-date loss through that date was 23.7%.
Does NVOX pay dividends?
No. The fund has recorded no distributions. NVOX holds swaps, options, Treasury bills and cash, not Novo Nordisk shares, so it does not directly pass along NVO's dividends. Any gain or loss comes from changes in the fund's share price. Those changes can be large in either direction because the fund targets twice NVO's daily move.
What is the NVOX expense ratio?
NVOX charges 1.31% a year, including a 1.29% management fee, according to its prospectus filed August 24, 2026. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs come to about $133 over one year, $415 over three years, $718 over five years and $1,579 over ten years. Financing costs built into its swaps also reduce returns, and turnover of 1,643% can add trading costs. Neither shows up in the expense ratio.