At a glance
NVDD charges 1.01% a year. It has $21.8M in assets; it paid 4.55% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −17.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned −50.3% a year.
The short version
Direxion Daily NVDA Bear 1X Shares (NVDD) aims to deliver the opposite of NVIDIA stock's return each trading day, using swap contracts, agreements with large financial institutions to exchange returns. Because its exposure resets daily, returns over longer periods can stray far from -1 times NVIDIA's; it lost 69.71% in 2024 and 38.64% in 2025. With a 1.01% expense ratio, it may suit short-term traders betting against NVIDIA, not long-term holders.
Price history
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NVDD -17.6% 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 | |
|---|---|---|---|---|---|---|
| NVDD official prospectus, to Dec 31, 2025 | — | -38.64% | — | — | — | -54.04% |
| NVDD price data to Oct 27, 2026 | -18.9% | -17.6% | -50.3% | — | — | -47.1% |
- Over the year to Oct 27, 2026, NVDD returned -17.6%.
- Its worst full calendar year was 2024 (-69.8%); its best was 2025 (-38.7%).
- The deepest fall in its price history was 88.8% (Oct 26, 2023 to Oct 6, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -18.9% | — |
| 2025 | -38.7% | -38.64% |
| 2024 | -69.8% | -69.71% |
| 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 |
|---|---|---|
| 2026 (to date) | $1.0300 | |
| 2025 | $1.6400 | -47.1% |
| 2024 | $3.1000 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (96.67% of net assets), with its inverse exposure coming from 5 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 Jul 31, 2026, investors added a net $130K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -5.88%, +4.18%, -1.09%.
How it works
NVDD follows no index. It targets one stock, NVIDIA (NVDA), which designs graphics chips and artificial intelligence hardware and software. At least 80% of net assets go into financial instruments, including swaps, that together give -100% of NVIDIA's daily return. A swap is a contract with a large financial institution to trade returns: the fund gains when NVIDIA falls and pays when it rises. As of July 31, 2026, 96.67% of the fund's $21.8 million sat in cash and cash-like holdings, with five NVIDIA swaps making up the rest.
The key mechanic is the daily reset. At each market close, the adviser rebalances to hold exposure at -100% of net assets: after NVIDIA falls, the fund enlarges its bet against the stock; after a rise, it shrinks the bet. Over longer periods, each day's result builds on the last, so returns will very likely differ from -1 times NVIDIA's. The prospectus warns the fund will lose money if NVIDIA ends flat, and can lose even while NVIDIA falls, if prices swing widely.
It is non-diversified, concentrating its exposure in one semiconductor stock. It may rely on a few swap partners, so one failing to pay could cause losses. Unlike most ETFs, it creates and redeems shares mainly for cash, so it is not expected to be tax efficient.
What it really costs
- NVDD charges 1.01% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $103 in the first year and $1,236 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NVDD | $103 | $322 | $558 | $1,236 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -1× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
NVDD targets the opposite of one stock's return for a single day, resets daily, and lost 69.71% in 2024 and 38.64% in 2025.
NVDD launched on September 13, 2023, so it has no record in the 2008, 2020 or 2022 downturns, and it pursues its NVIDIA target without regard to overall market moves. Its record shows steep losses: 69.71% in 2024, its worst calendar year, and 38.64% in 2025. From October 26, 2023, to October 6, 2026, it fell 88.8% and had not recovered as of October 27, 2026. Anyone needing cash from it after such a drop would lock in that loss.
Its 12-month yield was 4.55% as of October 27, 2026, paid quarterly, yet its one-year return to that date was -17.6%. Costs are high: a 1.01% yearly expense ratio, or $103 in the first year and $1,236 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Short-term traders seeking a one-day bet against NVIDIA through an ETF rather than shorting the stock themselves.
- Holders of a large NVIDIA position wanting to offset its daily moves for brief periods, and able to check the position daily.
- Experienced investors who understand daily resets and compounding, and accept a 1.01% expense ratio for very short holding periods.
Look elsewhere if
- Long-term and retirement investors: it lost 69.71% in 2024 and 38.64% in 2025, and fell 88.8% from October 2023 to October 2026.
- Anyone seeking a broad market hedge: its exposure is to one semiconductor stock, pursued without regard to overall market moves.
- Income seekers: its 4.55% yield as of October 27, 2026, paid quarterly, came alongside a -17.6% one-year return.
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 NVDD a good long-term investment?
It isn't designed to be one. The prospectus says NVDD seeks the opposite of NVIDIA's return for a single trading day only, and that returns over longer periods will very likely differ. It lost 69.71% in 2024 and 38.64% in 2025, and its average annual return since its September 13, 2023, launch was -54.04% as of December 31, 2025. Its 88.8% peak-to-low drop had not recovered as of October 27, 2026.
Does NVDD go up when NVIDIA goes down?
Yes, but only day by day. NVDD aims to rise by about as much as NVIDIA falls on a given trading day, before fees, and to drop when NVIDIA rises. It uses swap agreements with large financial institutions rather than shorting the stock itself. Because exposure resets daily, results over weeks or months compound and can drift from the opposite of NVIDIA's move. The prospectus warns it can lose money even while NVIDIA falls over time.
Does NVDD pay dividends?
Yes, quarterly. Its 12-month yield was 4.55%, or $1.37 per share, as of October 27, 2026. As of July 31, 2026, 96.67% of the fund's net assets sat in cash and cash-like holdings, which can earn interest. The payouts did not offset losses: the fund returned -17.6% over the year to October 27, 2026.
What is NVDD's expense ratio?
NVDD's expense ratio is 1.01% a year, per its prospectus filed February 26, 2026, including a 0.75% management fee. In the SEC's standard example, with $10,000 invested, a 5% yearly return and shares redeemed at the end of each period, costs total $103 after one year, $322 after three, $558 after five and $1,236 after ten. Because it creates and redeems shares mainly for cash, the fund also incurs brokerage and financing costs.
What's the difference between NVDD and shorting NVIDIA stock?
The biggest differences are the most an investor can lose and the daily reset. Shorting NVIDIA directly means borrowing shares to bet on a fall, and losses can exceed the money put up if the stock keeps rising. With NVDD, an investor can lose everything invested, but not more. However, NVDD resets its exposure daily, so over longer periods its return can differ sharply from the opposite of NVIDIA's, and it charges a 1.01% expense ratio.