At a glance
NVDX charges 1.05% a year. It has $457.9M in assets; it paid 3.08% of its price in distributions over the past 12 months, annual. Over the past year it returned −3.3% with distributions reinvested (S&P 500: +11.5%); over three years it returned +112.1% a year.
The short version
T-Rex 2X Long NVIDIA Daily Target ETF (NVDX), from Tuttle Capital Management, mainly uses swap contracts to try to deliver twice the daily return of one stock, NVIDIA (NVDA), before fees. Its exposure resets every trading day, so results over weeks or months can differ sharply from twice NVIDIA's move. It charges 1.05% a year and had volatility of 73.5% over the year to October 27, 2026. It is built for short-term trading, not long-term holding.
Price history
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NVDX -3.3% 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 | |
|---|---|---|---|---|---|---|
| NVDX official prospectus, to Dec 31, 2025 | — | +25.97% | — | — | — | +158.16% |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +17.88% | — | — | — | +25.52% |
| NVDX price data to Oct 27, 2026 | +8.0% | -3.3% | +112.1% | — | — | +104.9% |
- Over the year to Oct 27, 2026, NVDX returned -3.3%.
- Its worst full calendar year was 2025 (+26.2%); its best was 2024 (+383.4%).
- The deepest fall in its price history was 68.2% (Jun 18, 2024 to Apr 4, 2025), recovered by Jul 30, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.0% |
| 2025 | +26.2% |
| 2024 | +383.4% |
| 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 | $0.5700 | -73.7% |
| 2024 | $2.1700 |
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 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 Jun 30, 2026, investors withdrew a net $119.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +27.83%, +9.37%, -12.70%.
How it works
NVDX does not track an index. Under normal circumstances, it puts at least 80% of its net assets into instruments designed to give 200% exposure to NVIDIA's daily price moves. Its main tool is the swap agreement, a contract in which a bank agrees to pay the fund twice NVIDIA's daily return on the fund's net assets. The adviser may also purchase exchange-traded call options on NVIDIA, including customized FLEX Options listed on the Chicago Board Options Exchange. It may also hold NVIDIA shares directly, though the prospectus notes that shares alone give no leverage. As of June 30, 2026, the fund reported five total return swaps on NVIDIA. The rest of its assets sit in money market funds, bank deposits and short-term, high-quality debt such as US government securities, which serve as collateral.
At each market close, the adviser rebalances the fund back to 200% exposure. If NVIDIA rose that day, exposure goes up. If it fell, exposure goes down. Because returns compound day by day, the fund can lose value in choppy markets even if NVIDIA ends a period roughly flat.
The prospectus warns that if NVIDIA falls more than 50% in a single day, shareholders would lose everything. The fund also depends on its swap counterparties paying what they owe. It is non-diversified and concentrated in semiconductors. Its board can change the fund's objective without a shareholder vote.
What it really costs
- NVDX 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 |
|---|---|---|---|---|
| NVDX | $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
The prospectus says the fund seeks 2x NVIDIA's return for a single trading day only, and its daily reset and single-stock focus make long holding periods unpredictable.
NVDX launched on October 19, 2023, so it has no record through the 2008, 2020 or 2022 downturns. Its own short history shows how sharp the swings can be. From June 18, 2024 to April 4, 2025, it fell 68.2%, and it did not regain that peak until July 30, 2025. It lost 44.91% in the first quarter of 2025 alone. Its weaker full calendar year, 2025, still ended up 26.2%, but it has only two full years of history. Someone who has to cash out shares during a slump like that could lock in deep losses, and daily compounding makes those losses harder to win back. The fund made one distribution a year, with a trailing yield of 3.08% as of October 27, 2026. It costs 1.05% a year, or $107 on $10,000 in the first year under the SEC's standard example. Past results don't predict future returns, and any 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 a magnified one-day position on NVIDIA and can check it every day.
- Experienced investors who understand daily-reset compounding and can stomach drops like the 68.2% fall from June 2024 to April 2025.
- Traders who want leveraged NVIDIA exposure in a regular brokerage account without borrowing on margin or trading options themselves.
Look elsewhere if
- Savers and retirees wanting a long-term holding, since daily resets can push multi-month results far from twice NVIDIA's return.
- Cost-conscious investors: the 1.05% expense ratio adds up to $1,283 on $10,000 over 10 years in the SEC's example.
- Anyone seeking diversification or dependable income, since this is a bet on one stock that paid one annual distribution.
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 NVDX good for long-term investing?
Not by design. The prospectus says the fund does not try to meet its 2x goal over any period longer than one trading day. Long-term results have swung widely. It gained 383.36% in 2024 and 26.24% in 2025, but fell 68.2% between June 2024 and April 2025. Its price return was -3.3% for the year to October 27, 2026. Over months or years, daily compounding can leave it far from twice NVIDIA's return.
How does NVDX get 2x leverage on NVIDIA?
Mainly through swap agreements with banks. Under these contracts, the bank pays the fund twice NVIDIA's daily return on the fund's net assets. As of June 30, 2026, the fund reported five total return swaps on NVIDIA. It may also purchase call options, including FLEX Options, or hold NVIDIA shares. Most of its cash sits in money market funds and short-term government debt, which back the swaps.
Does NVDX pay a dividend?
Yes, once a year. As of October 27, 2026, its trailing 12-month distributions were about $0.57 per share, a yield of 3.08%. NVDX's payout comes from the fund's own activity, not from passing through NVIDIA's dividend, and the amount can change a lot from year to year. Anyone counting on regular income should know that one annual payment from a fund this volatile is not a steady paycheck.
What is the NVDX expense ratio?
NVDX charges 1.05% a year, according to its prospectus filed October 28, 2026. That is all management fee, with no waiver. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $107 after one year, $334 after three, $579 after five and $1,283 after ten. The swaps also carry financing charges, which affect the fund's returns rather than showing up in the expense ratio.
NVDX vs owning NVIDIA stock: what's the difference?
NVIDIA shares rise and fall one-for-one with the company. NVDX aims for twice NVIDIA's move each day, then resets. That magnifies both gains and losses. A one-day drop of more than 50% in NVIDIA would wipe out NVDX entirely. NVDX's one-year beta was 3.72, meaning it moved far more than the overall market. Shareholders of NVIDIA stock pay no expense ratio, while NVDX charges 1.05% a year.