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GraniteShares 2x Short NVDA Daily ETF

NVDNasdaqGraniteSharesAThis 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.

$4.54+0.12 (+2.60%)

At close: Nov 2, 2026, 4:00 PM ET

A70/ 100

Rank 14 of 58 in Single-Stock Inverse

A70/100Rank 14 of 58inSingle-Stock Inverse
Intraday session: up, 79 prints from 4.42 to 4.54. Range 4.22 to 4.56. Use the arrow keys to read each point.4.254.304.354.5010 AM12 PM2 PM4 PM
Expense ratio
1.30%*
Fund size
$60M
1Y total return
−30.9%
Yield · Last 12 months
19.09%
Holdings
1
Avg volume · 30D
83.8M sh
52W range
low $3.19high $9.76
Launched

*After a fee waiver that ends Dec 31, 2027. Without it: 1.42%.

The ETF.net NVD Grade

Based on 5 of 6 pillars

A

Score 70 out of 100

Category
Single-Stock Inverse⁠
Rank
14 of 58
Six-pillar profile for NVD. Scores out of 100: Cost 55, Risk 40, Mission 99, Tradability 84, Holdings not scored, Durability 76. Strongest: Mission (99). Weakest: Risk (40). Based on 5 of 6 pillars.

Score 70 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B55 out of 100
    Rank 25 of 58

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A99 out of 100
    Rank 3 of 32

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C40 out of 100
    Rank 33 of 54

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A84 out of 100
    Rank 3 of 58

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A76 out of 100
    Rank 2 of 58

Our read on NVD

ETF.net Research

In short

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

  • Out first: NVD listed in August 2023, roughly two months before the rival T-REX 2x inverse NVDA fund (NVDQ) began operations.sec.gov
  • It has stayed close to its stated -2x daily objective, and it sits in the upper half of its inverse single-stock peer group.
  • One of the most actively traded funds in its category, which generally shows up as tight spreads and easy fills intraday.
  • A 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

  • Daily 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
  • 1.35% 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.
  • Single-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

Asset class
Other
Holdings
1
Top-10 weight
200%
Largest holding
NVDA200.0%

Sectors

  • Technology100.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1NVDANvda199.99%-557,372−$119M848

Showing 1–1 of 1 holdings

NVD Performance

Launched Aug 21, 2023

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

Not enough history yet.Not enough history yet.
NVD$6,914
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. NVD $6,914. SPY $11,199. Use the arrow keys to read each point.$5,000$7,500$10,000$12,500Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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−38.0%
1 month+21.7%
3 months−11.2%
1 year−30.9%
3 yearsper year−79.6%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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−38.0%
2025−73.3%
2024−93.1%
2023−15.3%

History from Aug 22, 2023

NVD in the news

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 Oct 30, 2026.
19.09%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

$10,000 in NVD 3 years ago paid $1,232 in dividends.

NVD Risk

Risk pillarC40 out of 100Rank 33 of 54 in Single-Stock Inverse

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.
59.9%
Annualised · 36 months to Oct 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.
−2.23
vs 3-month T-bills · to Oct 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.
−99.4%
38 months · trough Oct 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.
−2.90
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.

FMP measures it over up to five years of monthly returns.

NVD Cost

Compare NVD and SKHZ

Overpaying vs SKHZ, cheapest in Single-Stock Inverse

$8,887

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • NVD 1.30%

    $23,369

  • SKHZ 0.75% Cheapest

    $14,482

$10,000
30 years

Cost over time

  • NVD 1.30%
  • SKHZ 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530NVD $23,369SKHZ $14,482

Year by year

YearNVDSKHZOverpaying
10$2,263$1,336$927
20$8,393$5,078$3,315
30$23,369$14,482$8,887
How the 1.30% is worked out

Full fee 1.42%− waiver 0.12%= you pay 1.30%

The waiver ends Dec 31, 2027. After that the fee is 1.42% unless GraniteShares renews it. Source: prospectus, Oct 2026.

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