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

T-REX · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: NVDQ returned −33.0% where its own daily promise gave −33.3%, 0.2 points over.

## Key facts

- NVDQ, what NVDA did: +15.7%, as of Sep 30, 2026.
- NVDQ, what −2 times a day gives: −33.3%, as of Sep 30, 2026.
- NVDQ, what the fund returned: −33.0%, as of Sep 30, 2026.
- NVDQ, the fund itself added: +0.2 pts, as of Sep 30, 2026.
- NVDQ, net assets: $17m (issuer page, as of Sep 29, 2026).
- NVDQ, expense ratio: 1.05% (485BPOS XBRL, Oct 28, 2025).

## NVDQ over each window to Sep 30, 2026

| Window | Fund | NVDA | -2x the move | Difference | NVDA moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −8.0% | +3.6% | −7.1% | −0.9 pts | 26% |
| 3 months | −33.0% | +15.7% | −31.4% | −1.6 pts | 38% |
| 6 months | −52.7% | +30.2% | −60.5% | +7.8 pts | 39% |
| 1 year | −55.5% | +22.7% | −45.4% | −10.2 pts | 38% |
| Since launch | −99.5% | +444.1% | 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 | -2.1 times, against -2 stated | ETFIQ |
| Underlying | NVDA | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $17m | issuer page, as of Sep 29, 2026 |
| Expense ratio | 1.05% | 485BPOS XBRL, Oct 28, 2025 |
| Launched | Oct 19, 2023 | ETFIQ |
| Underlying volatility over the window | 38% annualized | ETFIQ |

## Questions

### Did NVDQ return -2 times NVDA?

Over the window to Sep 30, 2026, NVDA moved +15.7% and NVDQ returned −33.0%. −2 times that move is −31.4%, so the fund came out 1.6 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 figure itself.


## Cite this page

ETFIQ, NVDQ, data as of Sep 30, 2026. https://etfiq.com/funds/nvdq
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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