At a glance
NVD charges 1.3% a year. It has $60.7M in assets; it paid 21.63% of its price in distributions over the past 12 months, annual. Over the past year it returned −45.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned −81.4% a year.
The short version
GraniteShares 2x Short NVDA Daily ETF (NVD) aims to return -2 times the daily percentage change of NVIDIA stock. It does this mainly through swap contracts and resets that exposure every day. It is a short-term tool for traders betting that one stock will fall over a day or so. It charges 1.30% a year. As of October 27, 2026, it had lost about 99% over three years.
Price history
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NVD -45.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| NVD price data to Oct 27, 2026 | -45.0% | -45.7% | -81.4% | — | — | -78.6% |
- Over the year to Oct 27, 2026, NVD returned -45.7%.
- Its worst full calendar year was 2024 (-93.1%); its best was 2025 (-73.3%).
- The deepest fall in its price history was 99.5% (Oct 26, 2023 to Oct 6, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -45.0% |
| 2025 | -73.3% |
| 2024 | -93.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.8500 | -67.4% |
| 2024 | $2.6100 |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its exposure coming from 3 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jun 30, 2026, investors added a net $247K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -25.43%, -12.79%, +5.91%.
How it works
NVD does not track an index or pick stocks. Its goal is to return -200% of NVIDIA's daily percentage change, measured from one day's market close to the next. It gets that exposure mainly through swaps. A swap is a contract with a bank or broker in which the two sides exchange the return on a set dollar amount of NVIDIA stock. As of June 30, 2026, the fund held three swaps worth about -200% of its $60.7 million in net assets. Clear Street held about -138%, TD Cowen about -39% and Goldman Sachs about -23%. If the fund can't add more swap exposure, it may use exchange-listed NVIDIA options lasting one week to one month instead.
The fund expects to post 25% to 50% of its assets as collateral for its swaps. Its cash can go into Treasuries, money market funds, short-term bond ETFs and the GraniteShares Short Term Box ETF (LBOX). If a swap partner fails to pay, the fund can lose money.
At the end of each trading day, the fund resets its exposure to about -200%. Over longer periods, the daily returns compound, so results can differ sharply from twice NVIDIA's inverse return. In choppy markets they are usually worse. A large one-day jump in NVIDIA can wipe out most of the fund's value.
What it really costs
- NVD charges 1.3% a year.
- The fee includes a 0.12% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $132 in the first year and $1,690 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NVD | $132 | $437 | $765 | $1,690 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
NVD makes a leveraged bet against one stock, resets daily, and its prospectus says it is built for single-day results, not buy-and-hold.
NVD launched on August 21, 2023, so it has no record from the 2008, 2020 or 2022 downturns. Its own history is severe. It lost 93.1% in 2024 and 73.3% in 2025, and it was down 45.0% for 2026 through October 27. From its peak on October 26, 2023, it fell 99.5% by October 6, 2026, and it had not recovered. Anyone who needed to take money out in that stretch would have locked in near-total losses. Over the past 12 months it paid $0.85 per share in a single annual payment, a 21.63% yield as of October 27, 2026. That figure looks high mainly because the share price has fallen so far, so it is not dependable income. Costs are high too: the SEC's standard example puts the cost of a $10,000 investment at $132 for one year and $1,690 over ten years. Past results don't predict the future, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a leveraged, one-day bet that NVIDIA stock will fall, and who check their positions throughout the day.
- Experienced investors who want short-term, 2x inverse NVIDIA exposure without a margin account or borrowing shares to sell short.
- Traders who understand how daily resets and compounding work and accept the risk that a swap partner like Clear Street might not pay.
Look elsewhere if
- Retirees or long-term savers: NVD fell 99.5% from its October 2023 peak through October 2026 and had not recovered.
- Investors who want income: its single annual payment and 21.63% trailing yield reflect a collapsed share price, not steady payouts.
- Anyone who wants low costs or diversification: it charges 1.30% a year and bets against one semiconductor company.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is NVD a good long-term investment?
No. The fund is designed for one-day results, and its long-term record shows why. As of October 27, 2026, NVD had lost about 99% over three years, or about 81.4% a year on average. It lost 93.1% in 2024 and 73.3% in 2025. Because it resets its -2x exposure every day, holding it for weeks or months can produce losses even when NVIDIA's stock falls over that period.
Does NVD pay dividends?
NVD pays distributions once a year, not monthly or quarterly. Over the 12 months to October 27, 2026, it paid $0.85 per share, a trailing yield of 21.63%. That yield looks high mainly because the fund's share price has fallen so far. A single yearly payment from a fund that lost 45% in 2026 through October 27 is not a steady source of income.
What happens to NVD if NVIDIA stock goes up?
NVD loses about twice NVIDIA's daily gain, before fees. If NVIDIA rises on a given day, the fund aims to fall by -200% of that move. A large one-day jump could wipe out most of the fund's value. NVIDIA's strength largely explains NVD's 93.1% loss in 2024. Its worst quarter, the first quarter of 2024, brought a 73.44% drop.
What is NVD's expense ratio?
NVD's expense ratio is 1.30% a year, according to its prospectus filed October 28, 2026. That is far higher than a typical stock index fund. In the SEC's standard example, which assumes $10,000 invested and a 5% yearly return, you would pay about $132 in costs after one year, $437 after three years, $765 after five years and $1,690 after ten years.
What's the difference between NVD and shorting NVIDIA stock?
Both make money when NVIDIA falls, but they work differently. To short a stock, you borrow shares and sell them, and your losses can exceed what you put in. With NVD, the most you can lose is your investment. The fund uses swaps with firms like Clear Street, TD Cowen and Goldman Sachs and resets to -2x every day. That daily reset makes its returns over longer periods differ from a simple short position.