{
 "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": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: NVD returned \u221231.8% where its own daily promise gave \u221233.3%, 1.4 points over.",
 "key_facts": [
  {
   "key": "what_nvda_did",
   "label": "What NVDA did",
   "value": "+15.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "NVD, what NVDA did: +15.7%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221233.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "NVD, what \u22122 times a day gives: \u221233.3%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221231.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "NVD, what the fund returned: \u221231.8%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.4 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "NVD, the fund itself added: +1.4 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$55m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "NVD, net assets: $55m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.35%",
   "source": "485BPOS XBRL, Oct 24, 2025",
   "as_of": "2026-09-30",
   "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": "-2.03 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": "$55m",
   "source": "issuer page, as of Sep 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": "38% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22127.4%",
   "NVDA": "+3.6%",
   "-2x the move": "\u22127.1%",
   "Difference": "\u22120.3 pts",
   "NVDA moved about": "26%"
  },
  {
   "window": "3 months",
   "Fund": "\u221231.8%",
   "NVDA": "+15.7%",
   "-2x the move": "\u221231.4%",
   "Difference": "\u22120.4 pts",
   "NVDA moved about": "38%"
  },
  {
   "window": "6 months",
   "Fund": "\u221251.1%",
   "NVDA": "+30.2%",
   "-2x the move": "\u221260.5%",
   "Difference": "+9.3 pts",
   "NVDA moved about": "39%"
  },
  {
   "window": "1 year",
   "Fund": "\u221253.1%",
   "NVDA": "+22.7%",
   "-2x the move": "\u221245.4%",
   "Difference": "\u22127.7 pts",
   "NVDA moved about": "38%"
  },
  {
   "window": "3 years",
   "Fund": "\u221299.3%",
   "NVDA": "+426.6%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "NVDA moved about": "47%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221299.2%",
   "NVDA": "+401.6%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "NVDA moved about": "46%"
  }
 ],
 "questions": [
  {
   "q": "Did NVD return -2 times NVDA?",
   "a": "Over the window to Sep 30, 2026, NVDA moved +15.7% and NVD returned \u221231.8%. \u22122 times that move is \u221231.4%, so the fund came out 0.4 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 \u22122 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}