ETF Evaluator:
GraniteShares 2x Short NVDA Daily ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Trading--Inverse Equity Over the Last Year
| 204.3% | T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) |
| 169.7% | Defiance Daily Target 2X Short MSTR ETF (SMST) |
| 53.1% | Direxion Daily NFLX Bear 1X Shares (NFXS) |
| 39.2% | -1x Short VIX Futures ETF (SVIX) |
| 39.1% | GraniteShares 2x Short COIN Daily ETF (CONI) |
Risk
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Risk
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ETF Details
GraniteShares 2x Short NVDA Daily ETF Overview
GraniteShares 2x Short NVDA Daily ETF (NVD) is an actively managed Miscellaneous Trading--Inverse Equity exchange-traded fund (ETF). Graniteshares launched the ETF in 2023.
The investment seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of NVIDIA Corporation.
The fund is an actively managed exchange traded fund that attempts to replicate 2x the inverse (-200%) daily percentage change of the underlying stock by entering into financial instruments such as swaps and options on the underlying stock; at the end of each trading day, the notional exposure against the underlying stock obtained through the combination of these instruments will be approximately -200% of the fund’s net asset value. It is non-diversified.
About GraniteShares 2x Short NVDA Daily ETF (NVD)
There are 2 members of the management team with an average tenure of 2.39 years: Jeff Klearman (2023) and Ryan Dofflemeyer (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
GraniteShares 2x Short NVDA Daily ETF has 11 securities in its portfolio. The top 10 holdings constitute 283.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
GraniteShares 2x Short NVDA Daily ETF is part of the Other global asset class and is within the Miscellaneous ETF group. GraniteShares 2x Short NVDA Daily ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 9.2% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). GraniteShares 2x Short NVDA Daily ETF has 86.6% of the portfolio in cash.
Assets Under Management
The fund has $50 million in total assets, which is below the $75 million average for the Trading--Inverse Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
NVD Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The GraniteShares 2x Short NVDA Daily ETF expense ratio is high compared to funds in the Trading--Inverse Equity category. GraniteShares 2x Short NVDA Daily ETF has an expense ratio of 1.35%, which is 18% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. GraniteShares 2x Short NVDA Daily ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 1085% for the Trading--Inverse Equity category.
Recently, in the month of July 2026, GraniteShares 2x Short NVDA Daily ETF returned -4.0%, which earned it a grade of D, as the Trading--Inverse Equity category had an average return of 7.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
GraniteShares 2x Short NVDA Daily ETF has a trailing yield of 16.95%, which is above the 5.32% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
GraniteShares 2x Short NVDA Daily ETF Grades
Year to date, the ETF has returned -30.2%, 4.4 percentage points worse than the category, which translates into a grade of C. The fund has returned -43.2% over the past year (grade of C).
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NVD Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NVD Return (NAV) | -4.0% | -11.4% | -43.2% | na | na | na |
| NVD Return (Price) | -4.2% | -11.4% | -43.2% | na | na | na |
| NAV +/- Price Return | 0.184% | 0.000% | -0.009% | na | na | na |
| Trading--Inverse Equity Avg | 7.3% | -12.0% | -29.4% | -28.2% | -22.9% | -29.6% |
| NVD Grade (NAV) | D | D | C | na | na | na |
| +/- Category (NAV) | -11.4% | 0.6% | -13.8% | na | na | na |
| NVD Tax-Cost Ratio | na | na | 4.4% | na | na | na |
NVD Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NVD Return (NAV) | -30.2% | -73.3% | -93.1% | na | na | na | na | na | na | na | na |
| NVD Return (Price) | -30.2% | -73.3% | -93.1% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.000% | 0.001% | -0.000% | na | na | na | na | na | na | na | na |
| Trading--Inverse Equity Avg | -25.8% | -35.3% | -26.4% | -26.2% | 15.2% | -33.5% | -52.3% | -39.8% | 9.5% | -34.8% | -33.2% |
| NVD Grade (NAV) | C | F | F | na | na | na | na | na | na | na | na |
| +/- Category | -4.4% | -38.0% | -66.7% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 17.0% |
| Total Assets: | $ 51 Mil |
| Share Class Assets: | $ 51 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 1.35% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | -200% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.0 years | |||
| Average Tenure: 2.4 years | |||
| Managers (Year): Klearman Jeff (2023), Dofflemeyer Ryan (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 11 |
| % in Top 10 Holdings: | 283.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 9.2% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 4.2% |
| Cash: | 86.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Graniteshares |
| Phone Number: | 844-476-8747 |
| Website: | |
| Inception Date: | August 21, 2023 |
Expenses and Fees
| Expense Ratio (%): | 1.35% (Rating: High) |
| Category Average Expense Ratio (%): | 1.15% |
