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NVDQ

GradeAChicago Board Options Exchange

T-REX 2X Inverse NVIDIA Daily Target ETF

Leveraged · Single-Stock Leveraged · Rexshares · Inception 2023-10-19

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.

$8.37+0.24 (+2.95%)

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

History starts Oct 19, 2023.
Intraday session: up, 59 prints from 8.13 to 8.37. Range 8.14 to 8.47. Use the arrow keys to read each point.$8.10$8.20$8.30$8.5010 AM12 PM2 PM4 PM
Expense ratio
1.05%
Fund size
$18M
1Y return
−57.6%
Yield · Last 12 months
0.54%
Holdings
5
Volume · 30D
5.3M sh
NAV per share
$8.24
52W range
low $7.82high $21.60

The ETF.net NVDQ Grade

A

70/ 100

Rank 15 of 58 in Single-Stock Inverse⁠

Confidence High

Six-pillar profile for NVDQ. Scores out of 100: Cost 86, Risk 34, Mission 87, Tradability 53, Holdings not scored, Durability 61. Strongest: Mission (87). Weakest: Risk (34). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 70 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.
    AScore 86
    Category rank9/58 · top 16%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 87
    Category rank25/31 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 34
    Category rank37/48 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 53
    Category rank24/58 · top 41%

  • 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.
    BScore 61
    Category rank17/58 · top 29%

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

Our read on NVDQ

ETF.net Research

AOne ticker, one bet: NVDQ aims to deliver 200% of the inverse of Nvidia's daily move, so a 1% slip in NVDA targets a 2% gain that day. T-REX built it as a day-trader's tool, and the math resets every session.

Stated mandate

The Fund seeks daily investment results, before fees and expenses, equal to 200% of the inverse of NVDA's daily performance. It is designed as a short-term trading vehicle and does not target results beyond a single trading day.

Why people hold it

  1. 01Bearish on Nvidia without a margin account or borrowed shares: the fund targets 200% of the inverse of NVDA's one-day move inside a plain brokerage trade.rexshares.com
  2. 02At 1.05% a year it sits at the cheaper end of the leveraged single-stock aisle, matching stablemate MSTZ and undercutting the typical inverse peer.
  3. 03Day-to-day delivery has stayed close to the stated -2x target, one of the stronger implementations among inverse single-stock funds.
  4. 04Running since 2023 and among the more actively traded names in this narrow corner of the market, which matters when the holding period is measured in hours.

Worth knowing

  1. 01The leverage resets daily. Hold longer than a session and results can drift well away from -2x, and choppy back-and-forth in NVDA erodes value.
  2. 02It cuts both ways: a 1% up day in NVDA targets roughly a 2% loss for the fund that day.
  3. 031.05% is many times a broad index fund's fee, and the fund's own documents describe it as a short-term trading vehicle, not a long-hold position.rexshares.com

NVDQ Holdings

As of Sep 20, 2026, 9:04 AM
Asset class
Stocks
Holdings
5
Top-10 weight
176%
Largest holding
CASH AND CASH EQUIVALENTS98.1%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—CASH AND CASH EQUIVALENTS98.10%21,763,489$22M120
002—PAYB NVDQ TRS NVDA EQ77.58%33,804,228$17M1

Showing 1–2 of 2 holdings

NVDQ Performance

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

NVDQ$4,241
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. NVDQ $4,241. SPY $11,723. Use the arrow keys to read each point.$3,640$8,001$12,363Sep 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 NVDQ. Periods over one year show the average yearly return.
PeriodNVDQ
Year to date−51.6%
1 month−16.5%
3 months−26.5%
1 year−57.6%
3 yearsFund is under 3 years old—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 NVDQ
YearReturn barNVDQ
2026 YTD−51.6%
2025−74.6%
2024−93.8%
2023−37.8%

Since listing, Oct 19, 2023

NVDQ in the news

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

NVDQ 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.
0.54%Last 12 months
Payout per share
$0.04Last 12 months
Last payment
$0.04 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2024–2026

One bar per payment. 2 payments from 2024 to 2026 YTD. Dec 24, 2024 $3.05; Dec 24, 2025 $0.04. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$0.04
Dec 24, 2024Dec 26, 2024$3.05
Dec 26, 2023Dec 28, 2023Data unavailable

NVDQ 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.
59.0%
Annualised · 34 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.
−2.68
vs 3-month T-bills · 34 months 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.
−99.6%
35 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.
−2.94
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.

NVDQ Cost

Expense ratio1.05%
  • The middle half of Single-Stock Inverse funds
  • Median 1.35%

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

NVDQ costs $105.00 a year on $10,000. The median Single-Stock Inverse fund costs $135.00.