Despite Dip, Nvidia ETFs Remain 2024’s Best Performing Funds

Nvidia may be off its highs, but exchange-traded funds tied to the stock are still far and away the best-performing ETFs of the year.

The T-Rex 2X Long Nvidia Daily Target ETF (NVDX), the GraniteShares 2x Long NVDA Daily ETF (NVDL) and the Direxion Daily NVDA Bull 2X Shares (NVDU) are up 235%, 206% and 166%, respectively.

Shares of Nvidia closed at an all-time high of $135.58 in mid-June before tumbling below $100. Then they surged back above $130 ahead of the release of the company’s second quarter earnings report, only to fall back down to around $105 this week.

The world’s largest semiconductor company has been extraordinarily volatile as bulls battle with bears over the sustainability of the AI boom that has powered Nvidia stock to once-unimaginable heights. 

The company’s market cap has fluctuated just above and below $3 trillion over the past few months, making it one of the three most valuable publicly traded companies in the world along with Apple and Microsoft.

Each of NVDX, NVDL and NVDU have seen strong demand this year as traders use the ETFs to turbocharge their bets on Nvidia.

Year-to-date inflows for NVDL total a whopping $3.5 billion, while those for NVDX and NVDU are around $400 million.

NVDL is easily the most successful single stock ETF ever, with peak assets under management of just shy of $6 billion. Today, the ETF has nearly $4 billion in AUM, while the other two leveraged ETFs tied to the stock have between $400 million and $500 million in assets under management.

The second largest single stock ETF is the Direxion Daily TSLA Bull 2X Shares (TSLL), with AUM of $1.7 billion.

The 2x Bitcoin ETF (BITX), while not a single stock ETF, is another single asset fund that has received strong demand from investors. It currently has AUM of $1.4 billion.