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NVD

GradeANASDAQ Global Market

GraniteShares 2x Short NVDA Daily ETF

Leveraged · Single-Stock Leveraged · GraniteShares · Inception 2023-08-21

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$3.73+0.12 (+3.19%)

As of Sep 23, 2026, 3:10 PM EDT

History starts Aug 22, 2023.
Intraday session: up, 69 prints from 3.61 to 3.73. Range 3.62 to 3.77. Use the arrow keys to read each point.$3.60$3.65$3.70$3.7510 AM12 PM2 PM4 PM
Expense ratio
1.35%
Fund size
$55M
1Y return
−55.2%
Yield · Last 12 months
23.42%
Holdings
2
Volume · 30D
72.8M sh
NAV per share
$3.66
52W range
low $3.46high $10.11

The ETF.net NVD Grade

A

71/ 100

Rank 14 of 58 in Single-Stock Inverse⁠

Confidence High

Six-pillar profile for NVD. Scores out of 100: Cost 56, Risk 35, Mission 96, Tradability 99, Holdings not scored, Durability 75. Strongest: Tradability (99). Weakest: Risk (35). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 71 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 56
    Category rank26/58 · top 45%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 96
    Category rank11/31 · top 35%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 35
    Category rank35/48 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 99
    Category rank2/58 · top 3%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 75
    Category rank2/58 · top 3%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on NVD

ETF.net Research

AThe original two-for-one bear trade on NVIDIA. NVD aims for -2x NVDA's move each day, then resets at the close, and it changes hands constantly. Built for single sessions, not long holds.

Stated mandate

The fund seeks daily investment results, before fees and expenses, equal to -2 times the daily percentage change in NVIDIA Corp. (NASDAQ: NVDA).

Why people hold it

  1. 01Out first: NVD listed in August 2023, roughly two months before the rival T-REX 2x inverse NVDA fund (NVDQ) began operations.sec.gov
  2. 02It has stayed close to its stated -2x daily objective, and it sits in the upper half of its inverse single-stock peer group.
  3. 03One of the most actively traded funds in its category, which generally shows up as tight spreads and easy fills intraday.
  4. 04A plain 1940 Act ETF, so the short exposure sits in a normal brokerage account, no margin agreement or share borrow to arrange.sec.gov

Worth knowing

  1. 01Daily reset math: hold longer than a day and results can drift well away from -2x NVDA's move, with choppy stretches grinding hardest.sec.gov
  2. 021.35% a year runs a touch above the typical inverse single-stock fund, a real drag on a position held for more than a few sessions.
  3. 03Single-name risk, doubled and flipped. Every NVIDIA earnings gap or AI headline hits this fund at twice the size, and a rally cuts against it.

NVD Holdings

As of Sep 21, 2026, 4:07 AM
Asset class
Other
Holdings
2
Top-10 weight
200%
Largest holding
NVDA SWAP200.3%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—NVDA SWAP200.26%-482,601$-106M2

Showing 1–1 of 1 holdings

NVD Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

NVD$4,485
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. NVD $4,485. SPY $11,723. Use the arrow keys to read each point.$3,889$8,117$12,345Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for NVD. Periods over one year show the average yearly return.
PeriodNVD
Year to date−49.5%
1 month−16.2%
3 months−25.1%
1 year−55.2%
3 years−80.9%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for NVD
YearReturn barNVD
2026 YTD−49.5%
2025−73.3%
2024−93.1%
2023−15.3%

History from Aug 22, 2023

NVD in the news

ETF.net Research hasn’t filed on NVD yet — coverage lands here as it’s written.

NVD Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
23.42%Last 12 months
Payout per share
$0.85Last 12 months
Last payment
$0.85 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2023–2026

One bar per payment. 3 payments from 2023 to 2026 YTD. Dec 27, 2023 $75.13; Dec 27, 2024 $2.61; Dec 29, 2025 $0.85. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Dec 29, 2025Dec 31, 2025$0.85
Dec 27, 2024Dec 31, 2024$2.61
Dec 27, 2023Dec 29, 2023$75.13

NVD Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
60.5%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−2.13
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−99.3%
37 months · trough Sep 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−3.06
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

NVD Cost

Expense ratio1.35%
  • The middle half of Single-Stock Inverse funds
  • Median 1.35%

21 of the 43 Single-Stock Inverse funds charge less.

NVD costs $135.00 a year on $10,000. The median Single-Stock Inverse fund costs $135.00.