NVDQ -2x T-Rex 2X Inverse NVIDIA Daily Target ETF

NVDQ

ETF -2x BEAR standard
T-Rex 2X Inverse NVIDIA Daily Target ETF
Issuer: T-Rex · Tracks: NVDA · Listed: 2023-10-18
Implied AUM
$22.4M
Last Close
$11.26
20260720
30d Avg Vol
3,971,836
Options
available
Realized return vs theoretical -2x NVDA
Pair counterpart found: NVDL (+2x bull, GraniteShares ETF Trust GraniteShares 2x Long NVDA Daily ETF)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking NVDA
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
NVDL +2x BULL GraniteShares GraniteShares ETF Trust GraniteShares 2x Long NVDA Daily ETF $3.58B 15,369,684
NVDU +2x BULL Direxion Direxion Shares ETF Trust Direxion Daily NVDA Bull 2X ETF $582.7M 390,054
NVDX +2x BULL T-Rex T-Rex 2X Long NVIDIA Daily Target ETF $447.0M 7,139,090
NVDG +2x BULL Leverage Shares Leverage Shares 2X Long NVDA Daily ETF $44.1M 242,897
NVDS -1.5x BEAR Tradr Investment Managers Series Trust II Tradr 1.5X Short NVDA Daily ETF $17.0M 244,078
NVD -2x BEAR GraniteShares GraniteShares ETF Trust GraniteShares 2x Short NVDA Daily ETF $58.2M 65,435,953

How NVDQ works

NVDQ targets -2x the daily return of NVDA — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.

Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a -2x product on an underlying with 25% annualized vol, expected annual drag is around 6.2%. Add expense ratio and the realized number is typically worse.

  • Short-term tactical: daily and intraday holds are where these products were designed to live.
  • Premium selling: options on NVDQ carry very rich IV — see the quote page for IV rank and straddle pricing.
  • Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.