At a glance
NVDL charges 1.64% a year. It has $4.05B in assets. Over the past year it returned +1.8% with distributions reinvested; over three years it returned +106.1% a year.
The short version
GraniteShares 2x Long NVDA Daily ETF (NVDL) aims to deliver twice the daily percentage move of one stock, NVIDIA (NVDA), mostly through swap contracts. The 2x target resets every day, so returns over weeks or months can drift far from double NVIDIA's. It costs 1.64% a year and swings far more than the stock itself. It is built for short-term traders who want a magnified one-day bet on NVIDIA.
Price history
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NVDL +1.8% 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 | |
|---|---|---|---|---|---|---|
| NVDL price data to Oct 27, 2026 | +12.2% | +1.8% | +106.1% | — | — | +130.2% |
- Over the year to Oct 27, 2026, NVDL returned +1.8%.
- Its worst full calendar year was 2025 (+32.6%); its best was 2023 (+431.9%).
- The deepest fall in its price history was 67.6% (Jun 18, 2024 to Apr 4, 2025), recovered by Jul 28, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.2% |
| 2025 | +32.6% |
| 2024 | +344.6% |
| 2023 | +431.9% |
| 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 |
|---|---|---|
| 2023 | $0.5617 |
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 9 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 320.25% | |
| Treasury Bill Bonds and notes | 3.70% |
By country
United States 323.95%By issuer
US Treasury 323.95%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $469.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +28.59%, +9.82%, -70.83%.
How it works
NVDL doesn't track an index. It is an actively managed fund. Its stated goal is twice (200%) the daily percentage change of NVIDIA Corporation's common stock, before fees, measured from one trading day's close to the next. GraniteShares mainly uses swaps. A swap is a contract in which a financial institution pays the fund the return on a set dollar amount of NVIDIA stock. If the fund can't add more swap exposure, it may use options instead, such as deep in-the-money calls or a "synthetic forward" (a purchased call paired with a written put). It may also hold NVIDIA shares directly.
As of June 30, 2026, the fund had net assets of about $4.05 billion. It held nine NVIDIA swaps adding up to about 200% of net assets. The largest was with Clear Street (about 125%), followed by Natixis (about 35%) and Nomura (about 18%). The rest of the portfolio was in short-term US Treasury bills averaging about 0.1 years to maturity. The prospectus expects 25% to 50% of assets to be posted as collateral for the swaps. If a counterparty fails to pay, the fund could lose money.
At each day's close, exposure is reset to roughly 200% of net assets. This daily reset matters most for holders. Over longer periods, returns compound day by day and can differ sharply from twice NVIDIA's return. The gap is usually negative when the stock swings up and down.
What it really costs
- NVDL charges 1.64% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.01% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $167 in the first year and $1,951 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NVDL | $167 | $519 | $896 | $1,951 |
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.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It resets 2x leverage on a single stock every day, so results over long holding periods can differ sharply from twice NVIDIA's return.
NVDL began trading on December 13, 2022, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Each full calendar year so far has ended with a gain. The weakest was 2025, up 32.6%. But within that run, the fund fell about 68% from June 18, 2024 to April 4, 2025, before recovering by July 28, 2025. Its three-year volatility was 92.1% as of October 27, 2026. Anyone who had to draw cash during a drop like that would lock in deep losses. The fund paid no distributions in the year through October 27, 2026, so it provides no income. Costs are high: the expense ratio is 1.64%, which comes to $1,951 over ten years on $10,000 in the SEC's standard 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 exposure to NVIDIA and can watch their positions every trading day.
- People who can handle extreme swings, such as the 44.13% loss in the first quarter of 2025.
- Traders willing to pay a 1.64% expense ratio for 2x leverage on NVIDIA without using a margin account.
Look elsewhere if
- Retirees who need income: NVDL made no distributions in the year through October 27, 2026.
- Buy-and-hold investors: the daily reset means returns over months can differ sharply from twice NVIDIA's.
- Anyone who wants diversification: everything rides on one semiconductor company, through swaps that add counterparty risk.
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 NVDL a good long-term investment?
NVDL isn't designed for long holding periods. Its prospectus targets twice NVIDIA's daily move for a single day, from one market close to the next. Because exposure resets daily, returns over months compound and can differ sharply from 2x NVIDIA, usually for the worse in choppy markets. In the year through October 27, 2026, the fund returned 1.8%, with volatility of 74.5%. That kind of path is hard to fit into a long-term plan.
Does NVDL pay a dividend?
No. NVDL made no distributions in the year through October 27, 2026, so its trailing yield was 0%. The fund holds Treasury bills as collateral and gets its NVIDIA exposure through swaps. Any gains show up in the share price, not as regular payouts. Investors who need steady income from a holding would have to look at other kinds of funds.
What is the expense ratio of NVDL?
NVDL's expense ratio is 1.64% a year, according to its prospectus filed October 28, 2026. That includes a 0.99% management fee. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares cashed out at the end of each period. On that basis, an investor would pay about $167 after one year, $519 after three, $896 after five and $1,951 after ten.
NVDL vs NVDA: what's the difference?
Owning NVDA means owning NVIDIA shares directly, with no fund fee. NVDL is a fund. As of June 30, 2026, it held Treasury bills plus nine swap contracts on NVIDIA worth about 200% of its net assets. It aims for twice NVIDIA's move each day, which magnifies both gains and losses. It also adds counterparty risk: the chance that a bank or broker on the other side of a swap fails to pay.
How much can NVDL lose?
A lot, and quickly. NVDL fell about 68% from its peak on June 18, 2024 to its low on April 4, 2025, then recovered by July 28, 2025. Its worst quarter in the prospectus was a 44.13% loss in the first quarter of 2025. Gains have been just as extreme: 431.9% in 2023 and 344.6% in 2024. Because of leverage, a large enough one-day drop in NVIDIA could wipe out most of the fund's value.