{
 "ticker": "NVD",
 "name": "GraniteShares 2x Short NVDA Daily ETF",
 "issuer": "GraniteShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/NVD",
 "html": "https://etfiq.com/funds/NVD",
 "markdown": "https://etfiq.com/funds/NVD.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: NVD returned \u221220.5% where its own daily promise gave \u221221.9%, 1.4 points over.",
 "key_facts": [
  {
   "key": "what_nvda_did",
   "label": "What NVDA did",
   "value": "+6.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NVD, what NVDA did: +6.5%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221221.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NVD, what \u22122 times a day gives: \u221221.9%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221220.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NVD, what the fund returned: \u221220.5%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.4 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "NVD, the fund itself added: +1.4 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$61m",
   "source": "source, as filed for Jun 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "NVD, net assets: $61m (source, as filed for Jun 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.35%",
   "source": "485BPOS XBRL, Oct 24, 2025",
   "as_of": "2026-09-11",
   "sentence": "NVD, expense ratio: 1.35% (485BPOS XBRL, Oct 24, 2025)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of NVDA, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-3.15 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "NVDA",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$61m",
   "source": "source, as filed for Jun 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.35%",
   "source": "485BPOS XBRL, Oct 24, 2025"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Aug 22, 2023",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "40% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+0.8%",
   "NVDA": "\u22122.5%",
   "-2x the move": "+5.0%",
   "Difference": "\u22124.2 pts",
   "NVDA moved about": "42%"
  },
  {
   "window": "3 months",
   "Fund": "\u221220.5%",
   "NVDA": "+6.5%",
   "-2x the move": "\u221213.0%",
   "Difference": "\u22127.5 pts",
   "NVDA moved about": "40%"
  },
  {
   "window": "6 months",
   "Fund": "\u221244.7%",
   "NVDA": "+21.4%",
   "-2x the move": "\u221242.8%",
   "Difference": "\u22121.9 pts",
   "NVDA moved about": "40%"
  },
  {
   "window": "1 year",
   "Fund": "\u221254.3%",
   "NVDA": "+23.5%",
   "-2x the move": "\u221247.0%",
   "Difference": "\u22127.3 pts",
   "NVDA moved about": "38%"
  },
  {
   "window": "3 years",
   "Fund": "\u221299.1%",
   "NVDA": "+387.9%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "NVDA moved about": "47%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221299.1%",
   "NVDA": "+379.5%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "NVDA moved about": "47%"
  }
 ],
 "questions": [
  {
   "q": "Did NVD return -2 times NVDA?",
   "a": "Over the window to Sep 11, 2026, NVDA moved +6.5% and NVD returned \u221220.5%. 2 times that move is \u221213.0%, so the fund came out 7.5 points short of it."
  },
  {
   "q": "Why does NVD not return -2 times over a year?",
   "a": "Because it resets daily. NVD aims at -2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  },
  {
   "q": "Which -2x NVDA ETF tracked its stated multiple most closely?",
   "a": "2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}