What Is NVDL? GraniteShares 2x Long NVDA Daily ETF

NVDL is the GraniteShares 2x Long NVDA Daily ETF, a leveraged single-stock fund. Its objective is to deliver 200% of the daily percentage change in NVIDIA's stock price. If NVDA gains 2% on a given day, NVDL aims to gain about 4%, and if NVDA falls 2%, NVDL aims to fall about 4%.

The fund achieves this with total-return swaps and options that reference NVIDIA, sometimes combined with direct shares, backed by cash collateral. The expense ratio is roughly 1.05%. Crucially, the 2x objective applies to a single trading day only, which makes NVDL a short-term tactical tool rather than a long-term investment.

Approximate weights as of mid-2026; refresh quarterly from GraniteShares's fund page. Each ticker links to its individual stock guide in Walnut.

Rather than tracking an index, NVDL holds a package of derivatives sized to give about 200% notional exposure to NVIDIA at the end of each day. That typically means total-return swaps and options on NVDA, plus cash and money market instruments serving as collateral.

Each trading day the fund rebalances so that its leverage returns to roughly 2x based on that day's net assets. This daily reset is the single most important thing to understand about NVDL, because it is what makes the fund's multi-day behavior differ from simply borrowing to buy twice as much NVDA.

Compared with owning NVDA outright, NVDL magnifies both gains and losses and is not meant to be held indefinitely. NVDA can be a long-term holding; NVDL is a trade. NVDL also charges far more and pays essentially no dividend.

Compared with other 2x NVDA products such as NVDX or NVDU, the core mechanics are similar: all target twice NVDA's daily move. Differences come down to issuer, fees, liquidity, and the exact mix of swaps and options used. Investors should compare expense ratios and trading spreads, and confirm the leverage factor, before choosing among them.

NVDL's defining risk is path dependence from its daily reset. Because leverage is reset every day, returns compound over multiple days in a way that depends on the sequence of moves, not just the start and end price. In a steady uptrend, compounding can push NVDL above a simple 2x return; in a choppy, sideways, or volatile market, it typically drags the fund below 2x, a phenomenon called volatility decay.

A simple example: if NVDA drops 10% one day and rises 10% the next, it ends down about 1%, but a 2x daily fund drops 20% then rises 20% and ends down about 4%, roughly four times the loss. Over weeks and months this erosion can be severe, which is why leveraged funds like NVDL are explicitly designed for short holding periods and active monitoring.

NVDL may fit experienced, risk-tolerant traders who have a strong conviction about NVIDIA's short-term direction and who understand daily-reset leverage, compounding, and volatility decay. It is not appropriate as a core, long-term, or set-and-forget holding, and it can lose value quickly.

Walnut is not an investment adviser. This page is descriptive information, not a recommendation. Whether a high-risk instrument like NVDL fits your situation depends heavily on your goals, timeline, and risk tolerance, so do your own research or consult a licensed professional before trading it.

NVDL trades on the Nasdaq and is available through major brokerages including Robinhood, Fidelity, Schwab, and Public, several of which offer fractional shares. Because of its risk profile, many investors who use it keep it to a small, deliberately sized position and watch it closely rather than holding passively.

You can connect your existing brokerage account to Walnut to track an NVDL position alongside your other holdings and see its effect on your overall exposure. Trades continue to execute at your own broker; Walnut is the tracking and analysis layer, not the executing venue.

ETFs are passive bundles; thematic baskets in Walnut let you concentrate within them. If you hold NVDL as a core position, these are the themes you might layer on as satellites.

NVDL is a high-risk, tactical instrument for traders with a strong short-term view on NVIDIA who understand daily-reset compounding and volatility decay. It is not a long-term holding: over multi-day periods its return can differ substantially from twice NVDA's, and in choppy markets that gap works against you. Size positions accordingly.

Whether NVDL is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is NVDL a buy?

NVDL yields ~0% as of mid-2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see NVDL dividend: yield and schedule.