NVDL Nears $2B in Assets on Rallying Nvidia, AI Bets

Single-stock ETF split 6-for-1 Tuesday after more than 60-fold gain since 2022 inception.

RonDay
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Managing Editor
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Reviewed by: etf.com Staff
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Edited by: James Rubin

Investors pumping money into NVDL, the exchange-traded fund that doubles the return on Nvidia Inc. stock, have pushed the fund’s assets to $2 billion as enthusiasm for artificial intelligence companies shows no sign of slowing. 

The GraniteShares 2x Long NVDA Daily ETF (NVDL) has pulled in $1.02 billion this year, with more than half—$545.8 million—recorded on March 11, etf.com data show. Combined with a nearly three-fold price gain so far this year, that’s pushed the fund’s assets under management to $1.98 billion as of early on March 13, according to Bloomberg data. 

New York-based GraniteShares, which manages $3.66 billion in 15 ETFs, split NVDL’s stock 6-for-1 yesterday. The fund fell 6.1% to $40.89 at midday today. 

Nvidia’s stock has jumped nearly four-fold over the past year as tech companies scramble to buy their semiconductors designed for AI applications. ETFs designed to magnify those gains, which also include the T-Rex 2X Long NVIDIA Daily Target ETF (NVDX), have skyrocketed.

“It took less than two weeks for NVDL to go from $1 billion to $2 billion in AUM, which is an insanely rapid ascent,” etf.com senior analyst Sumit Roy said. “About 70% of the increase was a result of inflows, while the rest came from the continued surge in shares of Nvidia, and by extension, NVDL.” 

Single-Stock Nvidia ETFs

Single-stock, or leveraged, ETFs began trading less than two years ago. They are intended for short-term investing, and use options and other tools to double the daily return of a stock.

GraniteShares has issued a handful of single-stock funds designed to capitalize on gains and declines in a stock, including the GraniteShares 2x Short NVDA Daily ETF (NVD). That fund, which seeks to double returns in falling Nvidia shares, has dropped 75% this year and has $33.6 million in assets. Most of those assets have come in the past few days, as $19.3 million has flowed in since March 4.

Ron Day is Managing Editor at etf.com. He joined the company in October 2022 and previously served as editor and deputy managing editor.

Ron covered business and financial news at Bloomberg News for 20 years, working on the breaking news, technology, commodities, headlines and First Word teams. He was previously senior editor at ESG news outlet Karma Impact and filled the same role at Boundless Impact. He also covered a variety of beats at New Jersey daily papers including the Daily Record in Parsippany, the North Jersey Herald & News and the Asbury Park Press. Ron's freelance work has been published in AARP.com, Investopedia.com and BigThink.com.

Ron is an advocate and fan of literacy. He hopes to one day master his Telecaster, rather than the other way around. His wonderful family includes a 10-lb. malti-poo named Emmy.