{
 "ticker": "GDXD",
 "name": "MicroSectors Gold Miners -3X Inverse Leveraged ETNs",
 "issuer": "MicroSectors",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/GDXD",
 "html": "https://etfiq.com/funds/GDXD",
 "markdown": "https://etfiq.com/funds/GDXD.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: GDXD returned \u221261.8% where its own daily promise gave \u221261.9%, 0.1 points over.",
 "key_facts": [
  {
   "key": "what_gdx_did",
   "label": "What GDX did",
   "value": "+21.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "GDXD, what GDX did: +21.3%, as of Sep 11, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "\u221261.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "GDXD, what \u22123 times a day gives: \u221261.9%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221261.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "GDXD, what the fund returned: \u221261.8%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+0.1 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "GDXD, the fund itself added: +0.1 pts, as of Sep 11, 2026."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "GDXD, expense ratio: not read by ETFIQ, as of Sep 11, 2026."
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "GDX",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "GDXD, underlying: GDX, as of Sep 11, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of GDX, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-2.9 times, against -3 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "GDX",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, index",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Dec 3, 2020",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "50% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221227.8%",
   "GDX": "+6.8%",
   "-3x the move": "\u221220.3%",
   "Difference": "\u22127.5 pts",
   "GDX moved about": "51%"
  },
  {
   "window": "3 months",
   "Fund": "\u221261.8%",
   "GDX": "+21.3%",
   "-3x the move": "\u221264.0%",
   "Difference": "+2.2 pts",
   "GDX moved about": "50%"
  },
  {
   "window": "6 months",
   "Fund": "\u221260.4%",
   "GDX": "+4.1%",
   "-3x the move": "\u221212.4%",
   "Difference": "\u221248.1 pts",
   "GDX moved about": "52%"
  },
  {
   "window": "1 year",
   "Fund": "\u221292.7%",
   "GDX": "+40.2%",
   "-3x the move": "\u2212120.5%",
   "Difference": "+27.8 pts",
   "GDX moved about": "51%"
  },
  {
   "window": "3 years",
   "Fund": "\u221299.9%",
   "GDX": "+249.2%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "GDX moved about": "40%"
  },
  {
   "window": "Since launch",
   "Fund": "\u2212100.0%",
   "GDX": "+194.6%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "GDX moved about": "37%"
  }
 ],
 "questions": [
  {
   "q": "Did GDXD return -3 times GDX?",
   "a": "Over the window to Sep 11, 2026, GDX moved +21.3% and GDXD returned \u221261.8%. 3 times that move is \u221264.0%, so the fund came out 2.2 points ahead of it."
  },
  {
   "q": "Why does GDXD not return -3 times over a year?",
   "a": "Because it resets daily. GDXD aims at -3 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 -3 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."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}