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Launched

GraniteShares 2x Long NVDA Daily ETF

NVDLNasdaqGraniteSharesCThis 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.

$28.24−0.73 (−2.52%)

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

C53/ 100

Rank 5 of 8 in 2x Long Nvidia (NVDA)

C53/100Rank 5 of 8in2x Long Nvidia (NVDA)
Intraday session: down, 79 prints from 28.97 to 28.24. Range 28.12 to 30.28. Use the arrow keys to read each point.28.0028.5029.5030.0010 AM12 PM2 PM4 PM
Expense ratio
1.64%*
Fund size
$3.19B
1Y total return
−19.5%
Yield · Last 12 months
0.00%
Holdings
2
Avg volume · 30D
12.1M sh
52W range
low $21.54high $43.27
Launched

*After a fee waiver that ends Dec 31, 2027. Without it: 1.65%.

The ETF.net NVDL Grade

Based on 5 of 6 pillars

C

Score 53 out of 100

Category
2x Long Nvidia (NVDA)⁠
Rank
5 of 8
Six-pillar profile for NVDL. Scores out of 100: Cost 7, Risk 49, Mission 84, Tradability 93, Holdings not scored, Durability 76. Strongest: Tradability (93). Weakest: Cost (7). Based on 5 of 6 pillars.

Score 53 of 100 falls in the C 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.
    F7 out of 100
    Rank 8 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.
    C49 out of 100
    Rank 5 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

In short

CStarted 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

  • The 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
  • It 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.
  • GraniteShares 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 2

Worth knowing

  • The 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
  • At 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.
  • One 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

Asset class
Other
Holdings
2
Top-10 weight
100%
Largest holding
NVDA66.6%

Sectors

  • Financials100.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1NVDANvda66.65%29,783,086$6.36B848
2No dataUS Dollars33.35%3,184,376,639$3.18B85

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$8,049
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. NVDL $8,049. SPY $11,199. Use the arrow keys to read each point.$6,000$8,000$10,000$12,000Oct 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 NVDL. Periods over one year show the average yearly return.
PeriodNVDL
Year to date−1.3%
1 month−21.1%
3 months−1.5%
1 year−19.5%
3 yearsper year+97.0%
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 NVDL
YearReturn barNVDL
2026 YTD−1.3%
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 30, 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

$10,000 in NVDL 3 years ago paid $1,151 in dividends.

NVDL Risk

Risk pillarC49 out of 100Rank 5 of 8 in 2x Long Nvidia (NVDA)

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.
77.4%
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.
1.18
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.
−67.6%
46 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.

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

NVDL Cost

Compare NVDL and NVC

Overpaying vs NVC, cheapest in 2x Long Nvidia (NVDA)

$24,074

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

  • NVDL 1.64%

    $28,229

  • NVC 0.20% Cheapest

    $4,155

$10,000
30 years

Cost over time

  • NVDL 1.64%
  • NVC 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530NVDL $28,229NVC $4,155

Year by year

YearNVDLNVCOverpaying
10$2,815$365$2,450
20$10,284$1,421$8,863
30$28,229$4,155$24,074
How the 1.64% is worked out

Full fee 1.65%− waiver 0.01%= you pay 1.64%

The waiver ends Dec 31, 2027. After that the fee is 1.65% unless GraniteShares renews it. Source: prospectus, Oct 2026.

Other funds in 2x Long Nvidia (NVDA)

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