Two 2x NVIDIA ETFs differ in returns, liquidity, and fees despite similar daily objectives.

The T-Rex 2X Long NVIDIA Daily Target ETF (NVDX) and the GraniteShares 2x Long NVDA Daily ETF (NVDL) both aim to deliver twice the daily return of NVIDIA stock using total return swaps with daily resets. However, over the past year, NVDL outperformed NVDX with a 63.96% return versus 55.07%, partly due to better liquidity, larger assets under management, and more efficient swap pricing. Both ETFs are designed for short-term daily exposure, and their returns can diverge significantly over longer holding periods due to compounding effects and volatility decay. NVDL suits larger traders seeking tighter spreads and deeper liquidity, while NVDX may appeal to smaller investors with its lower share price and slightly lower fees, but neither is ideal for long-term holding due to the risks of leveraged single-stock exposure.