At a glance
NVDS charges 1.15% a year. It has $17.9M in assets; it paid 21.07% of its price in distributions over the past 12 months, annual. Over the past year it returned −31.9% with distributions reinvested (S&P 500: +11.5%); over three years it returned −67.1% a year.
The short version
Tradr 1.5X Short NVDA Daily ETF (NVDS) uses swap contracts with major financial institutions to seek -1.5 times the daily return of NVIDIA (NVDA) stock, resetting that exposure every trading day. On any single day it aims to gain 1.5 times NVIDIA's percentage drop, or lose 1.5 times its gain, making it a short-term trading tool, not a long-term holding. It charges 1.15% a year and lost 96% in the three years to October 27, 2026.
Price history
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NVDS -31.9% 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 | |
|---|---|---|---|---|---|---|
| NVDS official prospectus, to Dec 31, 2025 | — | -57.95% | — | — | — | -72.14% |
| NVDS price data to Oct 27, 2026 | -32.7% | -31.9% | -67.1% | — | — | -69.2% |
- Over the year to Oct 27, 2026, NVDS returned -31.9%.
- Its worst full calendar year was 2023 (-85.1%); its best was 2025 (-57.9%).
- The deepest fall in its price history was 99.6% (Oct 14, 2022 to Oct 6, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -32.7% | — |
| 2025 | -57.9% | -57.95% |
| 2024 | -81.6% | -79.91% |
| 2023 | -85.1% | -83.11% |
| 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 | $3.9700 | +10.6% |
| 2024 | $3.5900 | -15.9% |
| 2023 | $4.2700 |
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 inverse 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 withdrew a net $2.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -19.39%, -9.43%, +5.32%.
How it works
NVDS does not track an index. It is an actively managed ETF with one target: -150% of NVIDIA's return for a single trading day. It gets that exposure through swaps with major global financial institutions. A swap is a contract that trades the return on a set dollar amount of NVIDIA stock, so the fund in effect gains when NVIDIA falls and pays when it rises. Its June 30, 2026 holdings report listed just two positions, both contracts tied to NVIDIA's price: a total return swap and a contract for difference.
The advisor expects to rebalance daily to hold exposure at -150%. Over longer periods, daily returns compound (build on one another), so results will very likely differ from -1.5 times NVIDIA's return, possibly even in direction. Choppy markets tend to erode value. The prospectus warns that a one-day jump in NVIDIA approaching 67% could wipe out an investor's entire stake.
Depending on how much collateral (a safety deposit) the swap partners require, 40% to 80% of the portfolio may sit in Treasury securities, money market funds, short-term bond ETFs or high-quality corporate debt. If a partner fails to pay what it owes, the fund could lose money. With all its exposure in one company, the fund is concentrated in the semiconductor industry.
What it really costs
- NVDS charges 1.15% a year.
- Of that, 0.95% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.41% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $117 in the first year and $1,822 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NVDS | $117 | $452 | $811 | $1,822 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -1.5× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
It resets -1.5 times inverse exposure to a single stock every day, and its prospectus says it does not seek its target over any period longer than one trading day.
NVDS has no record through a full market crisis: it launched in July 2022, after the 2008 and 2020 crashes and partway through the 2022 bear market. It lost 83.11% in 2023, 79.91% in 2024 and 57.95% in 2025, so anyone drawing from it faced losses in every full calendar year. From its October 14, 2022 peak to October 6, 2026, it fell 99.6% and had not recovered as of October 27, 2026. Its trailing 12-month yield was 21.07% as of that date, from a single annual payout, but a high yield on a share price that has fallen this far is not dependable income.
Costs add up: the SEC's standard example, assuming 5% yearly returns, puts expenses on a $10,000 investment at $117 after one year and $1,822 after ten. Past results don't predict the future, and a retirement plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a one-day bet against NVIDIA without shorting the stock directly, and who check their positions daily.
- Holders of a large NVIDIA stake seeking a very short-term hedge, who accept that results can drift from -1.5 times NVIDIA's return beyond one day.
- Experienced traders comfortable with wild swings, including a 59.37% drop in the first quarter of 2023, and a 1.15% expense ratio.
Look elsewhere if
- Retirement savers and long-term holders: NVDS lost money in every full calendar year from 2023 through 2025, including 83.11% in 2023.
- Income seekers: the 21.07% trailing yield (as of October 27, 2026) came from one annual payout, on a fund that lost 96% over three years.
- Investors wanting a hedge they can set and forget: daily resets mean returns over weeks or months can differ sharply from -1.5 times NVIDIA's move.
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 NVDS a good long-term investment?
NVDS is not designed to be held for the long term. Its prospectus states that it does not seek its -150% target for any period longer than a single trading day. Over longer stretches, daily compounding pulls results away from that target. Its record has been harsh: through December 31, 2025, it returned an average of -72.14% a year since its July 2022 launch, with losses of 83.11%, 79.91% and 57.95% in 2023, 2024 and 2025.
Does NVDS go up when NVIDIA stock goes down?
Yes, for a single day. NVDS aims to deliver -150% of NVIDIA's daily return before fees. If NVIDIA falls on a given day, the fund aims to rise by one and a half times that drop. If NVIDIA rises, the fund is built to fall by one and a half times the gain. Over longer periods, daily compounding means its result can differ in size, and even direction, from -1.5 times NVIDIA's move. A one-day NVIDIA jump approaching 67% could wipe out the investment.
Does NVDS pay a dividend?
It makes one distribution a year, but it is not dependable income. Over the 12 months to October 27, 2026, NVDS paid $3.97 per share, a trailing yield of 21.07%. That figure looks high partly because the share price has fallen so far: the fund lost 96% over the three years to the same date. One annual payment from a fund built for daily trading says little about what, if anything, future payouts will be.
What is the NVDS expense ratio?
NVDS charges 1.15% a year, according to its prospectus filed July 23, 2026. That figure is after a 0.41% fee waiver (costs the manager agreed to absorb); the management fee alone is 0.95%. In the SEC's standard example, which assumes $10,000 invested and a 5% annual return, total costs would be $117 after one year, $452 after three, $811 after five and $1,822 after ten. That is far more than a typical broad index fund charges.
Is owning NVDS the same as shorting NVIDIA stock?
No. A direct short position in NVIDIA uses borrowed shares in a margin account, and losses can exceed the money put in. NVDS seeks -1.5 times NVIDIA's daily return through swaps, and an investor cannot lose more than the amount invested. But NVDS resets its exposure every day, so over longer periods its results can drift well away from -1.5 times NVIDIA's move. It also charges 1.15% a year and carries the risk that a swap partner fails to pay.