At a glance
NVDG charges 0.76% a year. It has $40.7M in assets; it paid 10.8% of its price in distributions over the past 12 months, annual. Over the past year it returned −0.7% with distributions reinvested (S&P 500: +11.5%).
The short version
Leverage Shares 2X Long NVDA Daily ETF (NVDG) aims to return twice (200%) the daily percentage move of Nvidia's (NVDA) stock, before fees and expenses. It gets that exposure through swaps and options rather than by holding a basket of stocks. Its exposure resets every trading day, so returns over weeks or months can drift far from 2× Nvidia's. It charges 0.76% a year, and a one-day Nvidia drop of more than 50% would wipe out the fund.
Price history
The interactive chart needs JavaScript.
NVDG -0.7% 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 | |
|---|---|---|---|---|---|---|
| NVDG official prospectus, to Dec 31, 2025 | — | +24.01% | — | — | — | — |
| NVDG price data to Oct 27, 2026 | +9.4% | -0.7% | — | — | — | +21.5% |
- Over the year to Oct 27, 2026, NVDG returned -0.7%.
- Its worst full calendar year was 2025 (+32.5%); its best was 2025 (+32.5%).
- The deepest fall in its price history was 66.2% (Jan 6, 2025 to Apr 4, 2025), recovered by Jul 15, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.4% | — |
| 2025 | +32.5% | +32.71% |
| 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 |
|---|---|---|
| 2025 | $1.9900 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (9.28% 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 Jul 31, 2026, investors added a net $19.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.68%, -12.48%, -1.74%.
How it works
NVDG does not track an index. It is an actively managed fund built around a single stock, Nvidia. Before fees and expenses, it aims to return 200% of Nvidia's percentage change over one trading day, measured from one market close to the next. It does not try to deliver 2× over any longer period.
The fund gets most of its exposure from swap agreements with large financial institutions. A swap is a contract in which a bank pays the fund Nvidia's return on a set dollar amount. As of July 31, 2026, the fund held three Nvidia swaps with three different counterparties, plus cash. The fund may also buy deep in-the-money call options. Or it may buy a call and sell a put at the same strike price (a "synthetic forward"). It uses only US exchange-listed options, lasting one week to one month. The fund expects 25% to 50% of its assets to back its swaps as collateral or to pay for options. It may keep collateral in money market funds, US government securities and other high-quality short-term debt.
At each market close, the adviser rebalances the fund. After Nvidia rises, it adds exposure. After Nvidia falls, it cuts exposure. Because of this daily reset, returns over several days compound away from a simple 2×, usually for the worse when prices swing back and forth. The fund is non-diversified. Its board can change the fund's objective without a shareholder vote.
What it really costs
- NVDG charges 0.76% 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 $78 in the first year and $942 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NVDG | $78 | $243 | $422 | $942 |
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
It resets 2× leverage on a single stock every day, so its long-term results depend on the path Nvidia's price takes, not just where it ends up.
NVDG launched on December 13, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its short history still says a lot. From January 6 to April 4, 2025, it fell 66.2%. It took about 3.4 months to recover, getting back to its old high by July 15, 2025. Its worst quarter, ending March 31, 2025, lost 44.11%. Anyone who had to sell during a drop like that would lock in deep losses. Its only full calendar year, 2025, returned 32.71%. The trailing 12-month yield was 10.8% as of October 27, 2026. That came from a once-a-year payout, which is not a steady income stream. Costs are 0.76% a year, or $942 over 10 years in the SEC's standard $10,000 example. Past results don't predict future ones, and a 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 magnified one-day bets on Nvidia's stock and can watch their positions closely, often within a single session.
- Investors who understand swaps, options and counterparty risk, and who can live with 74% annualized volatility (as of October 27, 2026).
- Traders who want 2× daily Nvidia exposure inside an ETF instead of borrowing on margin, and who accept the 0.76% expense ratio.
Look elsewhere if
- Retirees and long-term savers. The daily reset can pull multi-month returns far from 2× Nvidia, and the fund fell 66.2% in early 2025.
- Anyone who wants steady income. The 10.8% trailing yield came from a once-a-year payout that can vary widely or disappear.
- Investors who want broad semiconductor or tech exposure. This non-diversified fund depends entirely on one company's stock, magnified twice over each day.
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 NVDG good for long-term investing?
No. NVDG isn't built for long holding periods. Its prospectus says it seeks 2× Nvidia's return for a single trading day only. Over longer periods, daily compounding can push results far from 2×. In its first year it fell 66.2% between January 6 and April 4, 2025. Its one-year price return was -0.7% as of October 27, 2026. The prospectus also warns that you could lose all of your money.
What happens to NVDG if Nvidia drops 50% in one day?
You would lose everything. The prospectus says that if Nvidia's stock moves more than 50% against the fund in one trading day, investors would lose all of their money. That's because the fund holds 2× exposure: a 50% fall in Nvidia means roughly a 100% loss for the fund. Smaller drops are magnified too. The fund's worst quarter, ending March 31, 2025, lost 44.11%.
Does NVDG pay dividends?
Yes, but only once a year, and the amount can vary widely. Over the 12 months to October 27, 2026, NVDG paid $1.99 per share, a trailing yield of 10.8%. The fund doesn't hold Nvidia shares directly. It gets its exposure through swaps and options, so this payout doesn't pass along Nvidia's own dividend. A single annual payment isn't a dependable income stream.
What is NVDG's expense ratio?
NVDG's expense ratio is 0.76%, according to its prospectus filed February 27, 2026. That includes a 0.75% management fee. The SEC's standard example assumes $10,000 invested with a 5% yearly return. On that basis, costs would total about $78 after one year, $243 after three, $422 after five and $942 after 10. No set of matched similar funds was available for comparing costs.
NVDG vs buying Nvidia stock: what's the difference?
Buying Nvidia stock gives you its actual gains and losses. NVDG tries to double Nvidia's move each day using swaps and options, and its exposure resets every day. Over many days, the fund's result can differ sharply from twice Nvidia's return. It also costs 0.76% a year and carries risk that a counterparty (the bank on the other side of a swap) fails to pay. Its one-year beta of 3.88 shows how much harder it swings than the broader market.