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Launched

GraniteShares 2x Long NVDA Daily ETF

NVDLNasdaqBThis 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.

$36.58+0.65 (+1.81%)

At close: Oct 13, 2026, 4:00 PM

B64/ 100

Rank 3 of 8 in 2x Long Nvidia (NVDA)

B64/100Rank 3 of 8in2x Long Nvidia (NVDA)
Intraday session: up, 79 prints from 35.93 to 36.58. Range 34.86 to 36.58. Use the arrow keys to read each point.35.0035.2535.5036.2510 AM12 PM2 PM4 PM
Expense ratio
1.06%
Fund size
$3.9B
1Y total return
+20.3%
Yield · Last 12 months
0.00%
Holdings
2
Avg volume · 30D
14M sh
NAV per share
$35.87
52W range
low $21.54high $43.27
Launched

The ETF.net NVDL Grade

Based on 5 of 6 pillars

B

Score 64 out of 100

Category
2x Long Nvidia (NVDA)⁠
Rank
3 of 8
Six-pillar profile for NVDL. Scores out of 100: Cost 39, Risk 52, Mission 84, Tradability 93, Holdings not scored, Durability 76. Strongest: Tradability (93). Weakest: Cost (39). Based on 5 of 6 pillars.

Score 64 of 100 falls in the B 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.
    D39 out of 100
    Rank 5 of 8

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A84 out of 100
    Rank 3 of 6

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C52 out of 100
    Rank 4 of 8

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A93 out of 100
    Rank 1 of 8

  • 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 1 of 8

Our read on NVDL

ETF.net Research

BStarted life in 2022 as a 1.5x NVDA tracker, then GraniteShares turned the dial up to 200% of NVDA's daily move. Now a multi-billion-dollar fund that trades heavily every session.

Stated mandate

The Fund seeks daily investment results equal to 200% of NVIDIA Corporation’s daily stock-price performance before fees and expenses. It uses swaps, options, and direct stock investments and rebalances daily to maintain approximately 200% exposure.

Why people hold it

  1. 01The mandate is blunt: 200% of NVDA's daily move, rebalanced every day, using swaps, options and the stock itself. No index, no basket, no wondering what you own.graniteshares.com
  2. 02It has stayed close to that 2x daily target, and it is one of the more actively traded names in the leveraged NVDA group, which tends to keep spreads tight.
  3. 03GraniteShares has run this fund since December 2022 and rewrote the mandate from 1.5x to 2x in 2024. Real track record on a product type that often folds young.sec.govsec.gov

Worth knowing

  1. 01The daily reset compounds. Hold longer than a session and your result depends on NVDA's path, not just its endpoint; chop can grind value even if the stock round-trips.graniteshares.com
  2. 02At 1.05% a year the fee sits at the middle of the 2x NVDA pack. Direxion's NVDU carries a lower 0.92% on the same exposure.
  3. 03One stock, doubled. There is no diversification cushion here, so NVDA's earnings gaps and AI-cycle headlines land at twice the size, in both directions.

NVDL Holdings

As of Oct 13, 2026
Asset class
Other
Holdings
2
Top-10 weight
100%
Largest holding
NVDA66.7%

Sectors

  • Financials100.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001NVDANvda66.68%34,906,716$7.9B847
002—US Dollars33.32%3,948,423,259$3.9B85

Showing 1–2 of 2 holdings

NVDL Performance

Launched Dec 13, 2022

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.
NVDL$12,029
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. NVDL $12,029. SPY $12,044. Use the arrow keys to read each point.$7,030$10,477$13,924Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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 NVDL. Periods over one year show the average yearly return.
PeriodNVDL
Year to date+22.5%
1 month+6.3%
3 months+8.8%
1 year+20.3%
3 yearsper year+96.6%
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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 NVDL
YearReturn barNVDL
2026 YTD+22.5%
2025+32.6%
2024+344.4%
2023+433.0%
2022−28.3%

Since listing, Dec 13, 2022

NVDL in the news

NVDL 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 12, 2026.
0.00%Last 12 months
Payout per share
NoneLast 12 months

No distributions in the last 12 months.

Distribution history

Payments through 2023

One bar per payment. 1 payment in 2023. Dec 27, 2023 $0.56. Use the arrow keys to read each point.2023
Ex-datePay dateAmount per share
Dec 27, 2023Dec 29, 2023$0.56

NVDL 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.
76.3%
Annualised · 36 months to Sep 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.
1.25
vs 3-month T-bills · to Sep 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.
−67.6%
45 months · trough Apr 2025
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.
3.58
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.

NVDL Cost

Expense ratio1.06%
  • The middle half of 2x Long Nvidia (NVDA) funds
  • Median 1.02%

5 of the 8 2x Long Nvidia (NVDA) funds charge less.

NVDL costs $106.00 a year on $10,000. The median 2x Long Nvidia (NVDA) fund costs $102.50.

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