Leveraged Nvidia ETF issuers saw trading surge in bearish products ahead of earnings
- Interest in leveraged exchange-traded funds that allow investors to profit when shares of Nvidia fall grew steadily ahead of the chipmaker's quarterly results, according to data from some of the companies that issued the products.
In a sign of investor anxiety about Nvidia's ability to beat mounting earnings expectations, the number of shares outstanding in leveraged inverse ETFs that offer a bearish view on the chipmaker grew far more rapidly in recent months than those offering leveraged bullish exposure, issuer data shows. "You can read into that data the changing sentiment about Nvidia's outlook," said Will Rhind, CEO of GraniteShares. "As Nvidia becomes more volatile, we seem to be witnessing greater interest in taking a position in the bear ETF."The number of shares outstanding in the GraniteShares 2x Short NVDA Daily ETF soared 446% between May 21 - just before Nvidia released its previous quarterly earnings - and Wednesday, when the chipmaker issued its most recent results.
Some new investors drawn to the leveraged bearish ETFs may be worried about volatility in Nvidia itself as each earnings report drives expectations higher, said Scott Acheychek, chief operating officer of REX Financial. Others see the ETFs as a way to hedge underlying long positions or manage tax obligations.
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