# DUST (Direxion Daily Gold Miners Index Bear 2X ETF)

Direxion · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: DUST returned −42.3% where its own daily promise gave −43.7%, 1.4 points over.

## Key facts

- DUST, what GDX did: +21.3%, as of Sep 11, 2026.
- DUST, what −2 times a day gives: −43.7%, as of Sep 11, 2026.
- DUST, what the fund returned: −42.3%, as of Sep 11, 2026.
- DUST, the fund itself added: +1.4 pts, as of Sep 11, 2026.
- DUST, net assets: $107m (source, as filed for Apr 30, 2026).
- DUST, expense ratio: 0.94% (485BPOS XBRL, Feb 26, 2026).

## DUST over each window to Sep 11, 2026

| Window | Fund | GDX | -2x the move | Difference | GDX moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −17.5% | +6.8% | −13.5% | −4.0 pts | 51% |
| 3 months | −42.3% | +21.3% | −42.7% | +0.4 pts | 50% |
| 6 months | −35.0% | +4.1% | −8.2% | −26.7 pts | 52% |
| 1 year | −74.0% | +40.2% | −80.3% | +6.4 pts | 51% |
| 3 years | −97.1% | +249.2% | not meaningful over this window | not meaningful over this window | 40% |
| Since launch | −100.0% | +84.9% | −169.7% | +69.7 pts | 39% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of GDX, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -1.98 times, against -2 stated | ETFIQ |
| Underlying | GDX | ETFIQ |
| Segment | asset class, metal | ETFIQ |
| Net assets | $107m | source, as filed for Apr 30, 2026 |
| Expense ratio | 0.94% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Dec 8, 2010 | ETFIQ |
| Underlying volatility over the window | 50% annualized | ETFIQ |

## Questions

### Did DUST return -2 times GDX?

Over the window to Sep 11, 2026, GDX moved +21.3% and DUST returned −42.3%. 2 times that move is −42.7%, so the fund came out 0.4 points ahead of it.

### Why does DUST not return -2 times over a year?

Because it resets daily. DUST aims at -2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, DUST, data as of Sep 11, 2026. https://etfiq.com/funds/DUST
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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