Defiance ETFs added another single-stock exchange traded fund to its lineup. This brings the total number of 2x leveraged single-stock funds in its offering to five. The Defiance Daily Target 2x Long NVO ETF (NYSE Arca: NVOX) aims to deliver twice the daily performance of the stock of pharmaceutical company NOVO Nordisk, a large pharmaceutical company headquartered in Denmark.
“As people worldwide are losing weight using products like Ozempic and Wegovy, their maker Novo Nordisk represents a multi-trillion-dollar opportunity, and we are excited to provide investors with a groundbreaking trading tool to participate in this transformative sector,” said Defiance ETFs CEO Sylvia Jablonski.
Despite NOVO Nordisk’s current place of prominence in the global zeitgeist, NVOX is the first single-stock ETF to provide leveraged exposure to the performance of the company’s stock. The fund has an expense ratio of 1.29%. It resets on a daily basis to achieve its intended exposures using swap agreements.
Defiance’s other single-stock 2x exchange traded funds include the following:
- Defiance Daily Target 2x Long MSTR ETF (MSTX)
- Defiance Daily Target 2X Long AVGO ETF (AVGX)
- Defiance Daily Target 2X Long SMCI ETF (SMCX)
- Defiance Daily Target 2X Long LLY ETF (LLYX)
The funds are tied to the performance of MicroStrategy, Broadcom, Super MIcro Computer, and Eli Lilly & Co., respectively. MSTX has nearly $600 million in assets under management. The issuer’s total lineup includes 18 exchange traded funds.
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