The best three performing exchange-traded funds of 2024 have one thing in common: each is linked to AI super-stock Nvidia. 

T-Rex 2X Long NVIDIA Daily Target ETF and GraniteShares 2x Long NVDA Daily ETF have advanced more than 400% each, while Direxion Daily NVDA Bull 2X Shares is up over 350%, according to VettaFi.

"NVDX, NVDL, and NVDU are 2x leveraged long bets on Nvidia which are typically used to capture short-term returns. Investors can double their gains (or losses) on Nvidia's daily return during big news events like earnings," Roxana Islam, VettaFi's head of sector and industry research told FOX Business. 

With Nvidia shares up over 200%, the stakes are high for Wednesday’s results. Earnings per share are expected to jump nearly 90% to 75 cents, while revenue is seen rising 83% to $33.16 billion.

Ed Egilinsky, managing director at Direxion, told FOX Business that his ETFs are for nimble investors, big and small, such as NVDU. 

"It is providing two times the return of the Nvidia common stock for a given single day," he said. "The leverage could work for you if something is continually stair-stepping in your direction, no pun intended. But these vehicles were designed as short-term trading vehicles for active traders and should be monitored daily. You can't just look at it and say ‘forget it’ even though Nvidia has done exceedingly well. But most stocks don't trend up consistently higher and up to the magnitude Nvidia is," he said. 

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Should Nvidia disappoint Wall Street, other ETFs can be used to play the downside. 

"We also have the non-leverage inverse short. So that would be just the opposite of what invidious does on a single day basis for a given single day. So if Nvidia's down 5% tomorrow, let's say we have a vehicle that would make 5%, and that's NVDD," Egilinsky added. 

With a market cap north of $3.5 trillion, Nvidia’s sway over the entire market and semiconductor sector is significant. Investors looking to capture a move up or down in a basket of semiconductor stocks could play Direxion’s Daily Semiconductor Bull and Bear 3X Shares SOXL or SOXS, Egilinsky noted. 

The company is also expected to forecast revenue between $39 billion and $40 billion for the current quarter, which will include the tech giant’s Blackwell Chips. 

Nvidia Chief Financial Officer Colette Kress told investors during last quarter’s earnings call about the expectations for these faster processing chips. 

"Blackwell production ramp is scheduled to begin in the fourth quarter and continue into fiscal year '26. In Q4, we expect to get several billion dollars in Blackwell revenue," Kress said. 

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Nvidia CEO Jensen Huang will sit down with FOX Business’ Liz Claman on "The Claman Countdown" at 3 p.m. ET on Thursday.