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NVDL

GradeBNASDAQ Global Market

GraniteShares 2x Long NVDA Daily ETF

Leveraged · Single-Stock Leveraged · GraniteShares · Inception 2022-12-13

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.

$35.91−1.05 (−2.84%)

As of Sep 23, 2026, 2:20 PM EDT

History starts Dec 13, 2022.
Intraday session: down, 59 prints from 36.96 to 35.91. Range 35.43 to 36.91. Use the arrow keys to read each point.$35.50$36.50$37.0010 AM12 PM2 PM4 PM
Expense ratio
1.06%
Fund size
$3.8B
1Y return
+21.7%
Yield · Last 12 months
0.00%
Holdings
2
Volume · 30D
18.8M sh
NAV per share
$36.52
52W range
low $21.54high $43.27

The ETF.net NVDL Grade

B

64/ 100

Rank 3 of 8 in 2x Long Nvidia (NVDA)⁠

Confidence Medium

Six-pillar profile for NVDL. Scores out of 100: Cost 39, Risk 49, Mission 85, Tradability 92, Holdings not scored, Durability 76. Strongest: Tradability (92). Weakest: Cost (39). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 64 of 100 sits in the B 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.
    DScore 39
    Category rank5/8 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 85
    Category rank3/6 · top 50%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 49
    Category rank5/8 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 92
    Category rank1/8 · top 13%

  • 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 76
    Category rank1/8 · top 13%

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

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 Sep 21, 2026, 4:07 AM
Asset class
Other
Holdings
2
Top-10 weight
100%
Largest holding
NVDA SWAP66.7%

Sectors

  • Financials100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—NVDA SWAP66.68%33,310,256$7.3B2
002—US Dollars33.32%3,650,978,665$3.7B85

Showing 1–2 of 2 holdings

NVDL Performance

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

NVDL$12,174
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. NVDL $12,174. SPY $11,723. Use the arrow keys to read each point.$6,607$10,669$14,730Sep 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 NVDL. Periods over one year show the average yearly return.
PeriodNVDL
Year to date+26.0%
1 month+11.0%
3 months+12.9%
1 year+21.7%
3 years+110.3%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 NVDL
YearReturn barNVDL
2026 YTD+26.0%
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 Sep 22, 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.
77.8%
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.
1.12
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.
−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.
3.59
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 $102.00.