nvd stock GraniteShares 2x Short NVDA ETF

nvd stock refers to GraniteShares’ NASDAQ-listed 2x inverse ETF that seeks daily -200% exposure to NVIDIA (NVDA). This article explains the fund’s launch, objective, structure, trading features, ri...

2024-07-05 02:07:00

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NVD (GraniteShares 2x Short NVDA Daily ETF)

nvd stock refers to the NASDAQ-listed GraniteShares 2x Short NVDA Daily ETF (ticker NVD). This ETF is an inverse, leveraged single-stock product designed to seek daily investment results of approximately -2x the daily percentage change of NVIDIA Corporation common stock (NVDA). The fund is intended for short-term directional traders and tactical hedgers rather than long-term buy-and-hold investors.

This article walks through the background and launch of the fund, the stated investment objective and implementation, fund structure and typical holdings, trading and market-data considerations, performance characteristics and compounding effects, fees and distribution policy, principal risks and suitability guidance, comparison with alternative instruments, tax considerations, notable events, and where to find current, authoritative information. Throughout, the phrase nvd stock is used to identify the ETF product discussed and to help readers who search by that keyword.

As of 2026-01-25, according to GraniteShares’ public product documents and major financial data providers, the ETF trades on NASDAQ under the ticker NVD; readers should consult the issuer’s prospectus and live market quotes for the latest numeric data.

Background and launch

GraniteShares introduced the nvd stock ETF as part of a trend of issuers offering single-stock leveraged and inverse ETF wrappers for widely traded large-cap technology names. The fund’s inception date was August 21, 2023, when it launched to provide a standardized, exchange-traded vehicle offering inverse leveraged exposure specifically to NVIDIA Corporation’s common shares (NVDA).

Single-stock leveraged ETFs like the nvd stock product emerged to meet demand from traders and institutional desks seeking packaged, margin-free (from the investor’s perspective) mechanisms to gain or hedge twice-leveraged directional exposure to a single equity without using naked short sales or continually trading options. Issuers package derivatives and financing in an ETF wrapper that trades on-exchange to provide intraday liquidity and transparent pricing.

GraniteShares positioned the fund for active traders and professional participants who understand the unique dynamics of daily-reset leveraged ETFs, emphasizing the product’s short-term trading and hedging roles rather than a long-term investment solution.

Investment objective and strategy

The fund’s stated investment objective is to seek daily investment results, before fees and expenses, that correspond to -2x (negative two times) the daily percentage change of NVIDIA Corporation common stock (NVDA). In short form: the nvd stock ETF aims for approximately -200% of the single-day move in NVDA.

Key points about this objective:

The target is for a single trading day; the fund explicitly does not aim to achieve -2x returns over longer holding periods.
Daily losses and gains are magnified by the 2x inverse exposure; a 1% rise in NVDA on a day aims to cause a roughly -2% change in the nvd stock ETF, before fees and tracking error.

How is that exposure implemented?

The issuer uses derivatives such as total return swaps, futures, and forward contracts, plus cash equivalents and secured borrowings, to obtain the inverse two-times exposure. The exact mix may change over time and is specified in the fund’s prospectus and daily holdings disclosures.
Daily rebalancing occurs at or near market close to reset the fund’s exposure back to the target -2x multiple for the next trading day.

Implications of the daily-reset design:

Multi-day returns for the nvd stock ETF will generally differ from simply multiplying the cumulative NVDA return by -2, because of compounding and path dependency.
Over volatile or trending periods, compounding can create outcomes where holding the ETF for several days produces markedly different results than expected from a naive -2x calculation.

Fund structure and holdings

Legal and operational structure

The nvd stock ETF is structured as an exchange-traded fund (ETF) under U.S. investment company regulations. It is an actively managed or rule-based fund that maintains target leveraged exposure through derivatives rather than holding the underlying common stock directly in proportion.
The ETF wrapper provides intraday tradability on NASDAQ and investor protections associated with registered funds (disclosure documents, audited financials, and daily holdings reporting), while derivative counterparties provide the leveraged inverse return stream.

Typical holdings and collateral

Holdings typically include equity swap agreements referencing NVDA, cash or cash equivalents used as collateral, short-term money market instruments, and other derivative instruments used to synthetically achieve the -2x exposure.
The fund may have counterparty exposure to banks or counterparties providing the swap agreements. Prospectus-level disclosures detail counterparty names, collateral practices, and credit risk management.

Concentration and collateral practices

nvd stock’s exposure is single-stock concentrated: its performance is tied exclusively to the price behavior of NVDA. This concentration amplifies issuer-specific risk relative to diversified leveraged ETFs.
Collateral practices (e.g., types of assets held as collateral, segregation of collateral, and margining frequency) are specified in the prospectus and regularly updated in regulatory filings and the issuer’s daily holdings disclosures.

Trading and market data

Ticker and listing

The ETF trades on NASDAQ under the ticker NVD. When searching for information, remember nvd stock refers to this ETF, not to NVIDIA’s common shares (ticker NVDA).

Trading characteristics and liquidity considerations

Intraday liquidity is provided by market makers and authorized participants; trading volume can vary widely day-to-day depending on volatility in NVDA and broader markets.
nvd stock often exhibits higher intraday bid-ask spreads than large-cap single-stock equities, especially during periods of elevated NVDA volatility or market stress. Traders should watch order book depth and executed volume when placing orders.

Price quotation behavior and where to find quotes

Market data providers publish real-time and delayed quotes for NVD. Common sources for live quotes and charts include the issuer’s product page and major financial portals and broker platforms.
For end-of-day NAV and holdings, the issuer provides authoritative daily disclosures and regulatory filings. For intraday traders, streaming quotes and quote depth are crucial because the ETF’s price can diverge from indicative NAV during rapid market moves.

Shares outstanding, AUM, and other metrics

Shares outstanding and assets under management (AUM) are dynamic. As of 2026-01-25, readers should consult GraniteShares’ official product page and major financial data providers for the latest AUM, shares outstanding, and NAV figures. The issuer’s fact sheet and SEC filings provide dated figures for these metrics.

Performance and returns

Daily objective versus multi-day performance

nvd stock’s performance target is explicitly stated on a daily basis. That means its designers intended the fund to reproduce roughly -2x the daily return of NVDA before fees and expenses.
Over multiple trading days, compounding means the fund’s cumulative return can deviate—sometimes substantially—from a simple -2x multiple of NVDA’s cumulative return.

Compounding effects, path dependency, and volatility drag

Compounding: If NVDA moves up and down over successive days, the daily resetting of leverage causes the ETF to rebalance exposure each day, leading to compounded returns for the fund that depend on the sequence of daily returns.
Path dependency: Two multi-day sequences that yield the same total NVDA return can produce different results for the nvd stock ETF, depending on the order of daily gains and losses.
Volatility drag (or volatility decay): In highly volatile markets, a leveraged ETF that resets daily can lose value over time even if the underlying ends the period near its starting level, because gains are reduced and losses magnified through repeated leverage resets.

Historical performance context

Short-term performance of the nvd stock ETF can match the target closely on single-day horizons, but historical multi-day tracking error and compounded outcomes can be significant during volatile NVDA trading.
For detailed historical returns and rolling-period statistics, consult performance data on financial portals and the issuer’s published performance tables. As of 2026-01-25, performance history through that date is available from GraniteShares, Morningstar, Yahoo Finance, and other data providers.

Fees, distributions and expense ratio

Expense ratio and costs

The fund charges an expense ratio that covers management fees, operational costs, and fees associated with the derivatives used to obtain leverage. Swap fees and financing costs borne by the fund can materially affect net returns, especially over multi-day holdings.
Exact expense figures should be verified in the prospectus and the issuer’s most recent fact sheet. As fees and expense structures can change, consult the issuer’s disclosures for the up-to-date percentage and the date the figure was published.

Dividend and distribution handling

Because the nvd stock ETF provides inverse exposure to NVDA, dividend events on the underlying security are reflected in derivative pricing and counterparty adjustments rather than typical dividend passthroughs from held shares.
The fund’s distribution policy—including whether it makes periodic distributions of income or capital gains—appears in the prospectus. For precise ex-dividend handling and any distribution history, check the ETF’s official distributions table and regulatory filings.

Other investor costs

Besides the expense ratio, investors may incur trading costs (commissions or broker fees), bid-ask spread costs, and potential slippage when executing trades. For margin or synthetic exposures through derivatives, counterparty fees embedded in swaps affect returns.

Risks and limitations

Principal risks associated with nvd stock

Leverage risk: The 2x inverse leverage multiplies both gains and losses on a daily basis; losses can accumulate quickly.
Inverse exposure risk: As an inverse product, the fund gains when NVDA falls and loses when NVDA rises; the directional nature is the opposite of owning NVDA.
Daily reset risk: Because exposure resets daily, the fund is designed for short-term use. Multi-day holdings lead to compounding effects that can produce outcomes far from a simple -2x multiple.
Volatility decay: High volatility in NVDA increases the potential for long-term erosion of value in leveraged ETFs, even when the underlying returns are flat over a period.
Counterparty risk: Derivative counterparties may default or experience operational problems. The fund’s prospectus explains counterparty exposure and collateral arrangements.
Liquidity risk: During market stress, spreads can widen and market liquidity can evaporate, making execution more costly and potentially leading to significant slippage for large orders.
Single-issuer concentration risk: Since the fund’s return is tied to one company (NVIDIA), company-specific events (earnings surprises, regulatory actions, or material corporate news) can cause outsized moves.

Suitability and regulatory considerations

The nvd stock ETF is generally unsuitable for long-term buy-and-hold investors. It is designed for traders who understand the mechanics of leveraged inverse ETFs and actively monitor positions.
Brokers may apply special margin or trading restrictions to leveraged and inverse ETFs. Some brokerages require approvals for options or leveraged ETF trading. Investors should check with their brokerage for product availability and any allowed holding periods.

Warnings and best practices

Read the prospectus carefully and understand daily objective, fees, collateral, and derivative exposures.
Use limit orders and monitor intraday liquidity. Avoid large, market-on-open or market-on-close orders during high volatility unless you understand execution risks.
Consider position sizing and stop-loss discipline given the magnified nature of daily inverse exposure.

Use cases and typical investor profile

Common uses for nvd stock

Short-term speculative trading: Traders who have a short-term bearish view on NVDA may use the nvd stock ETF to express that view without borrowing shares to short.
Tactical hedging: Investors or traders with exposure to NVDA or portfolios concentrated in semiconductor/AI technology stocks may use nvd stock for temporary hedging to offset short-term directional risk.
Intraday or overnight directional trades: Because the ETF trades on exchange, it provides a convenient vehicle for intraday directional bets, subject to the inherent risks.

Who may consider it and who should avoid it

May consider: Experienced traders, professional market participants, and hedgers who understand daily-reset leverage, counterparty exposure, and the product’s path-dependent behavior.
Should avoid: Long-term retail investors seeking buy-and-hold exposure, investors who do not monitor positions frequently, and those who cannot tolerate rapid, magnified losses.

Comparison with similar products

Other leveraged or inverse pathways to express views on NVDA include:

Long or 2x long single-stock leveraged ETFs (for bullish exposure). These mirror the same mechanics as nvd stock but in the opposite direction.
Options on NVDA: Options provide defined-risk positions (buyers of options can lose only the premium paid) and complex strategies for directional, volatility, and hedging views.
Direct short positions in NVDA (through margin accounts): Shorting requires borrowing shares and maintaining margin; short positions can have theoretically unlimited losses.

Key structural and cost differences

ETF vs options: ETFs offer continuous exposure and intraday liquidity in share form; options provide leverage with defined-loss profiles for buyers but have expirations and time decay.
ETF vs direct short: Using the nvd stock ETF avoids the need to borrow shares and manage borrow costs directly, but the ETF embeds swap and financing costs and daily rebalancing.
Expense differences: Leveraged ETFs include an expense ratio and embedded derivative costs. Options pricing reflects implied volatility and time decay. Direct shorts incur borrow fees and potential recall risk.

Choosing an instrument depends on horizon, risk tolerance, cost sensitivity, and the desired payoff profile. Always review the fund prospectus and product documentation for precise structural and cost details.

Tax considerations

General tax remarks

Tax treatment of ETF transactions varies by jurisdiction and by the investor’s personal tax circumstances. Leveraged and inverse ETFs have unique tax implications due to derivative use and frequent rebalancing.
Some fund activity may generate short-term capital gains, interest income, or other taxable events. Distributions—if any—are reported on the fund’s annual tax documents.

Frequent rebalancing and derivatives

The daily reset and heavy use of swaps or other derivatives can create taxable events that differ from simply owning underlying shares. Investors who hold the ETF through taxable accounts should consult a tax professional about potential ordinary income treatments and short-term gains.

Recommendation

Consult a qualified tax advisor for implications specific to your jurisdiction and account type. Do not rely solely on general descriptions when making tax-sensitive decisions.

Notable events and corporate actions

Chronological summary of notable fund events (illustrative)

2023-08-21: Fund inception and listing on NASDAQ as NVD (GraniteShares 2x Short NVDA Daily ETF).
Subsequent events (e.g., changes to expense ratio, secondary share issuance/redemption activity, or material changes in collateral or counterparty arrangements) are published in issuer disclosures and SEC filings. As of 2026-01-25, investors should review GraniteShares’ announcements for a dated list of material events affecting the fund.

When tracking notable events, monitor the issuer’s press releases, prospectus supplements, and SEC filings for authoritative updates and exact dates.

How to obtain up-to-date information

Primary places to find authoritative, current data:

GraniteShares product page for NVD (issuer disclosures, fact sheet, prospectus, daily holdings): check the issuer for up-to-date NAV, AUM, expense ratio, and official notices. As of 2026-01-25, GraniteShares publishes daily holdings and regulatory documents for the fund.
SEC filings (S-1, prospectus, and any supplements): the fund’s registration and periodic filings provide legal and dated detail on strategy and risk.
Financial data providers and quote engines: Yahoo Finance, Morningstar, CNBC, Robinhood, MarketChameleon, StockAnalysis, and Investing.com provide quotes, historical performance, and tools to analyze tracking error and rolling returns. As of 2026-01-25, these providers carried live and historical data for NVD.

Practical steps for traders and researchers

Read the prospectus and the statement of additional information before trading to understand mechanics, fees, and counterparty relations.
Check the issuer’s daily holdings and NAV to reconcile market price and indicative NAV during volatile periods.
Use limit orders and consider order size vs typical daily volume to avoid undue market impact.

Note on broker platforms and Bitget

If you use an online trading platform for equities, check that your broker supports trading of leveraged single-stock ETFs. For users seeking a unified trading and wallet experience, consider exploring Bitget’s trading interface and Bitget Wallet for managing crypto-related assets and tools (where applicable). For exchange-specific availability of nvd stock on any platform, confirm with the broker or trading platform directly.

References

Primary sources consulted for this article (names only; consult these providers for current figures and dated disclosures):

GraniteShares product page for NVD (issuer disclosures and prospectus). Accessed 2026-01-25.
Yahoo Finance NVD quote and profile. Accessed 2026-01-25.
StockAnalysis fund profile for NVD. Accessed 2026-01-25.
CNBC NVD quote page. Accessed 2026-01-25.
Robinhood NVD product information. Accessed 2026-01-25.
MarketChameleon NVD summary. Accessed 2026-01-25.
Investing.com NVD ETF page. Accessed 2026-01-25.
Morningstar NVD quote and holdings. Accessed 2026-01-25.

For the most authoritative and dated numeric facts (AUM, NAV, expense ratio, distributions), consult the GraniteShares prospectus and daily investor notices.

External links (where to look for official documents)

GraniteShares official fund page for NVD (prospectus, fact sheet, daily holdings).
U.S. SEC EDGAR filings for the fund’s registration statements and periodic filings.
Major financial data portals for live quotes and historical performance (Yahoo Finance, Morningstar, CNBC, Investing.com, StockAnalysis, MarketChameleon, and broker platforms).

Note: The above are source names only. Do not rely on this summary for trading decisions; review the primary documents cited above.

Notes, caveats and final guidance

The nvd stock ETF’s objective is explicitly a daily target; multi-day outcomes are path-dependent and can diverge materially from a simple -2x cumulative return. This property is central to understanding and using the product correctly.
All numeric facts such as AUM, expense ratio, and NAV change over time. As of 2026-01-25, readers should reference GraniteShares’ website and the fund’s SEC filings for the most recent figures.
This article is informational and not investment advice. It is neutral and fact-focused; investors should consult qualified financial and tax professionals for decisions tailored to their personal circumstances.