# NVDQ (T-REX 2X INVERSE NVIDIA DAILY TARGET ETF)

T-REX · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: NVDQ returned −21.8% where its own daily promise gave −21.9%, 0.1 points over.

## Key facts

- NVDQ, what NVDA did: +6.5%, as of Sep 11, 2026.
- NVDQ, what −2 times a day gives: −21.9%, as of Sep 11, 2026.
- NVDQ, what the fund returned: −21.8%, as of Sep 11, 2026.
- NVDQ, the fund itself added: +0.1 pts, as of Sep 11, 2026.
- NVDQ, net assets: $20m (source, as filed for Jun 30, 2026).
- NVDQ, expense ratio: 1.05% (485BPOS XBRL, Oct 28, 2025).

## NVDQ over each window to Sep 11, 2026

| Window | Fund | NVDA | -2x the move | Difference | NVDA moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +0.6% | −2.5% | +5.0% | −4.4 pts | 42% |
| 3 months | −21.8% | +6.5% | −13.0% | −8.8 pts | 40% |
| 6 months | −46.3% | +21.4% | −42.8% | −3.5 pts | 40% |
| 1 year | −57.0% | +23.5% | −47.0% | −10.0 pts | 38% |
| Since launch | −99.4% | +420.0% | not meaningful over this window | not meaningful over this window | 47% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of NVDA, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -3.35 times, against -2 stated | ETFIQ |
| Underlying | NVDA | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $20m | source, as filed for Jun 30, 2026 |
| Expense ratio | 1.05% | 485BPOS XBRL, Oct 28, 2025 |
| Launched | Oct 19, 2023 | ETFIQ |
| Underlying volatility over the window | 40% annualized | ETFIQ |

## Questions

### Did NVDQ return -2 times NVDA?

Over the window to Sep 11, 2026, NVDA moved +6.5% and NVDQ returned −21.8%. 2 times that move is −13.0%, so the fund came out 8.8 points short of it.

### Why does NVDQ not return -2 times over a year?

Because it resets daily. NVDQ 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.

### Which -2x NVDA ETF tracked its stated multiple most closely?

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.


## Cite this page

ETFIQ, NVDQ, data as of Sep 11, 2026. https://etfiq.com/funds/NVDQ
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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