At a glance
NVDQ charges 1.05% a year. It has $20.4M in assets; it paid 0.46% of its price in distributions over the past 12 months, annual. Over the past year it returned −48.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned −83.2% a year.
The short version
T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ), from Tuttle Capital Management, aims to return twice the opposite of NVIDIA stock's daily move, mainly through swap contracts with financial institutions. Because it resets daily, longer-term results can differ sharply from that target, and losses have been severe: 93.9% in 2024 and 74.6% in 2025. With a 1.05% annual expense ratio, it is a short-term tool for traders betting against NVIDIA, not a long-term holding.
Price history
The interactive chart needs JavaScript.
NVDQ -48.8% 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 | |
|---|---|---|---|---|---|---|
| NVDQ official prospectus, to Dec 31, 2025 | — | -74.62% | — | — | — | — |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +17.88% | — | — | — | — |
| NVDQ price data to Oct 27, 2026 | -47.7% | -48.8% | -83.2% | — | — | -82.6% |
- Over the year to Oct 27, 2026, NVDQ returned -48.8%.
- Its worst full calendar year was 2024 (-93.9%); its best was 2025 (-74.6%).
- The deepest fall in its price history was 99.6% (Oct 26, 2023 to Oct 5, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -47.7% |
| 2025 | -74.6% |
| 2024 | -93.9% |
| 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 |
|---|---|---|
| 2025 | $0.0400 | -98.7% |
| 2024 | $3.0000 |
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 2 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 $6.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -25.73%, -13.31%, +5.46%.
How it works
NVDQ does not track an index. It aims to return -200% of NVIDIA (NVDA) stock's move for one trading day, before fees: twice the percentage change, in reverse. It mainly uses swap agreements, contracts in which a financial institution pays the fund the opposite of NVIDIA's return on an amount equal to twice its net assets. As of June 30, 2026, it reported two such swaps. It may also use put options (contracts that gain when a stock falls) or short sales of borrowed NVIDIA shares, and expects to keep cash in money market funds and high-quality short-term debt.
At each market close, the adviser rebalances to restore -200% exposure: after NVIDIA falls, the fund's assets grow, so exposure rises; after NVIDIA rises, exposure is cut. This daily reset means longer-term returns compound day by day and are very likely to differ from -200% of NVIDIA's return over the same period, often for the worse when the stock swings back and forth.
The prospectus warns that if NVIDIA rises more than 50% in one day, holders would lose everything. The fund is non-diversified, focused on one company, and relies on its swap partners paying what they owe. It creates and redeems shares mainly for cash, so it is not expected to be tax efficient.
What it really costs
- NVDQ charges 1.05% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $107 in the first year and $1,283 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NVDQ | $107 | $334 | $579 | $1,283 |
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
NVDQ aims for twice the opposite of NVIDIA's return for a single day, and holding it for longer has led to near-total losses.
NVDQ launched in October 2023, so it has no record in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its worst calendar year was 2024, a 93.9% loss, and even its strongest, 2025, was a 74.6% loss. From its peak on October 26, 2023, it fell 99.6% to a low on October 5, 2026, and had not recovered by October 27, 2026. For someone who may need to withdraw money in a bad year, a holding this depleted leaves little to tap.
Income is minimal: the yield was 0.46% as of October 27, 2026, paid once a year. Costs add up: the SEC's standard example puts expenses at $107 after one year and $1,283 after 10 years on $10,000 invested. Past results don't predict future ones, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders wanting a one-day bet against NVIDIA at twice the daily move, who can watch positions closely every trading day.
- Traders wanting short NVIDIA exposure without borrowing shares themselves, with losses limited to the amount invested rather than open-ended.
- Experienced investors who understand swaps and daily compounding, and can stomach one-year volatility (price swings) of 75.8% as of October 27, 2026.
Look elsewhere if
- Long-term and retirement investors: it lost 93.9% in 2024 and 74.6% in 2025, and fell 99.6% from its October 2023 peak by October 2026.
- Investors wanting diversification: it is tied to one stock, NVIDIA, and the prospectus warns a single-day rise above 50% would cost holders everything.
- Tax- and cost-conscious investors: it charges 1.05% a year and creates and redeems shares mainly for cash, so it isn't expected to be tax efficient.
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 NVDQ a good long-term investment?
It isn't designed to be one. NVDQ seeks -200% of NVIDIA's return for a single trading day, and the prospectus says results over longer periods are very likely to differ from that. Its record shows the cost of holding on: in the year through December 31, 2025, it returned -74.62% while the S&P 500 gained 17.88%. From its October 26, 2023 peak to its October 5, 2026 low, it fell 99.6%.
Why doesn't NVDQ return -2x NVIDIA over longer periods?
Because it resets every day. NVDQ targets -200% of NVIDIA's return for one trading day, then rebalances at the close. Over longer periods, each day's gain or loss builds on the last, so the total is very likely to differ from -200% of NVIDIA's return over the same stretch. When NVIDIA swings up and down, this compounding tends to erode the fund's value, even if the stock ends near where it started. Leveraged and inverse funds feel this drag most.
Can you lose all your money in NVDQ?
Yes. The prospectus says that if NVIDIA's stock rises more than 50% in a single trading day, the fund's investors would lose all of their money. Losses can also build without one big jump: the fund fell 99.6% from its peak on October 26, 2023, to its low on October 5, 2026. Its worst quarter, which ended March 31, 2024, was a 75.19% loss.
What is NVDQ's expense ratio?
NVDQ's expense ratio is 1.05% a year, all of it the management fee, according to the prospectus filed October 28, 2026. In the SEC's standard example, an investor putting in $10,000 with a 5% annual return would pay about $107 in costs over one year, $334 over three years, $579 over five and $1,283 over 10. Unlike most ETFs, it creates and redeems shares mainly for cash, so it is not expected to be tax efficient.
What's the difference between NVDQ and shorting NVIDIA stock?
The main differences are leverage and the daily reset. Shorting NVIDIA directly means borrowing shares through a broker for a one-for-one bet against the stock that isn't reset each day. NVDQ aims for twice the opposite of NVIDIA's daily move and rebalances at every close, so over longer periods its results can differ sharply from a simple short. A direct short's losses have no ceiling, while NVDQ holders can lose at most what they invested, but pay a 1.05% annual expense ratio.