NVDL vs NVDU

NVDLCGraniteShares 2x Long NVDA Daily ETF

NVDUBDirexion Daily NVDA Bull 2X ETF

In short

NVDL Started 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.

NVDU NVDU aims for 200% of NVIDIA's daily move at 0.92% a year, below the usual toll in its corner of the market. The catch sits in the name: it resets every day, so a week's return is its own math, not twice NVDA's week.

Stated mandate

NVDL 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.

NVDU NVDU seeks daily investment results, before fees and expenses, equal to 200% of the performance of NVIDIA Corporation common shares. It is designed for daily leveraged exposure rather than to track the stock over longer periods.

Why people hold it

• NVDL 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

• NVDU 0.92% a year, the lightest fee among the 2x NVDA bull funds in its peer set. NVDL and NVDB both sit above 1%.
• Hits what it advertises: day-to-day tracking of the 200% target ranks among the stronger implementations in the NVDA leverage group.
• Runs in the standard 1940 Act ETF wrapper, from a lineup Direxion has built around daily leveraged exposure, and trades steadily enough for routine entries and exits.

Worth knowing

• NVDL 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.

• NVDU Daily reset. Hold past one session and returns compound off each close, so choppy stretches can land far from twice NVDA's move over that stretch.
• One stock, doubled. NVIDIA's down days arrive twice as hard, with no diversification to cushion them.
• Direxion built it for daily leveraged exposure rather than longer-term tracking, which puts the monitoring work on the holder.

Full NVDL profile⁠

Full NVDU profile⁠