NVDL vs NVDX: Weighing Two 2x Daily NVIDIA Leveraged ETFs

Key Takeaways

• Both NVDL and NVDX are leveraged single-stock ETFs that seek 2x (200%) the daily return of NVDA, NVIDIA Corporation's common stock, before fees and expenses.
• The two funds carry the same net expense ratio of 1.05%, so cost is effectively a tie rather than a differentiator.
• NVDL is materially larger and more liquid, with net assets in the multi-billion-dollar range, while NVDX is a smaller, newer fund with assets under roughly half a billion dollars.
• NVDX holds NVIDIA common stock directly alongside total return swaps, whereas NVDL obtains exposure primarily through swap agreements.
• Both funds are non-diversified and reset their leverage daily, making them short-term tactical tools subject to compounding and volatility decay over longer holding periods.

Why These Two Funds Stand Out

Leveraged single-stock ETFs have drawn attention from traders looking for amplified, short-term exposure to large technology names without relying on margin. NVDL and NVDX target nearly the same outcome: each aims to deliver twice the daily percentage change of NVDA, a company central to the artificial intelligence and accelerated-computing expansion. Because their goals align so closely, the comparison comes down to structural details such as liquidity, size, and how each fund achieves its leverage rather than any difference in the advertised exposure itself.

GraniteShares 2x Long NVDA Daily ETF (NVDL) at a Glance

NVDL is an actively managed, non-diversified ETF from GraniteShares that seeks daily results, before fees and expenses, equal to 2x the daily percentage change in NVIDIA common stock. It launched in December 2022 and has grown into one of the larger funds in its category, with net assets in the billions. The fund builds its notional exposure mainly through swap agreements with several counterparties, along with some options and direct stock purchases. Its holdings are dominated by NVDA equity swaps, with cash and Treasury-related collateral making up the rest. The net expense ratio stands at 1.05%. Daily rebalancing to maintain the 2x target can reduce returns in choppy markets. I also checked this using Tickeron’s AI Screener to see how the fund compares with peers on volatility metrics.

T-Rex 2X Long NVIDIA Daily Target ETF (NVDX) at a Glance

NVDX is a non-diversified leveraged ETF issued by T-Rex, a brand under REX Shares and Tuttle Capital Management, and listed on the Cboe BZX Exchange. Launched in October 2023, it likewise targets 200% of NVIDIA’s daily performance before fees and expenses and carries the same 1.05% net expense ratio. Structurally, it combines direct ownership of NVIDIA shares with total return swaps to reach the 2x objective. A sizable portion of assets sits in the underlying stock, with the balance coming from swaps and cash collateral. Holdings remain limited, typically in the single digits. Like its counterpart, NVDX resets leverage each day and is meant for short-term use. Its smaller asset base results in lower trading volume and liquidity compared with the larger fund.

Industry and Thematic Context

Both ETFs are fully exposed to one issuer in the semiconductors and artificial-intelligence infrastructure space. NVIDIA’s data-center and accelerated-computing segments have seen strong demand driven by AI-related spending from major cloud providers. There is no diversification to offset company-specific risks such as earnings variability, export restrictions, supply issues, or changes in AI investment plans. Broader market forces like interest-rate expectations and technology valuations amplify moves because of the 2x leverage. Regulatory attention on advanced chips and questions about sustained AI spending represent the main thematic concerns. In this setting, the funds serve as concentrated, high-volatility expressions of a single-stock view.

Performance and Positioning Notes

With matching leverage targets, identical fees, and the same underlying asset, the two funds have followed similar performance paths over recent periods. Small differences stem mainly from liquidity levels, tracking accuracy, and leverage mechanics. On positioning, NVDL benefits from its larger size and higher average daily volume, which support tighter spreads and smoother execution for larger trades. NVDX presents a comparable risk profile but with shallower market depth. Both products exhibit far greater volatility than NVIDIA itself and can show compounding effects during alternating daily moves. From what I see, multi-week results depend not only on the direction of NVIDIA’s price but also on the path taken along the way.

Using Tickeron’s AI Screener for ETF Research

When evaluating products like these, I frequently rely on Tickeron’s AI Screener. It lets me filter ETFs by technical patterns, volatility, trend strength, and performance metrics, which helps surface relevant ideas more efficiently than manual checks. The customizable scans make side-by-side comparisons straightforward for leveraged vehicles.

Tickeron AI Verdict

Between two funds with identical leverage objectives and identical fees, Tickeron’s AI would likely favor NVDL because of its stronger liquidity, larger asset base, and longer track record. Greater volume and tighter spreads reduce trading friction, which matters for a product intended for intraday use. NVDX remains a viable alternative, yet its thinner liquidity and smaller scale add slightly higher operational considerations. Neither fund suits long-term holding because of daily resets and volatility decay; the assessment applies only to short-term tactical positioning.

Disclaimer

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