{
 "ticker": "DUST",
 "name": "Direxion Daily Gold Miners Index Bear 2X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/dust",
 "html": "https://etfiq.com/funds/dust",
 "markdown": "https://etfiq.com/funds/dust.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: DUST returned \u221237.3% where its own daily promise gave \u221239.0%, 1.7 points over.",
 "key_facts": [
  {
   "key": "what_gdx_did",
   "label": "What GDX did",
   "value": "+17.0%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DUST, what GDX did: +17.0%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221239.0%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DUST, what \u22122 times a day gives: \u221239.0%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221237.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DUST, what the fund returned: \u221237.3%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.7 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DUST, the fund itself added: +1.7 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$104m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "DUST, net assets: $104m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.94%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "DUST, expense ratio: 0.94% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 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": "-2.2 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "GDX",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "asset class, metal",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$104m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.94%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Dec 8, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "48% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+21.4%",
   "GDX": "\u221210.9%",
   "-2x the move": "+21.7%",
   "Difference": "\u22120.3 pts",
   "GDX moved about": "42%"
  },
  {
   "window": "3 months",
   "Fund": "\u221237.3%",
   "GDX": "+17.0%",
   "-2x the move": "\u221233.9%",
   "Difference": "\u22123.4 pts",
   "GDX moved about": "48%"
  },
  {
   "window": "6 months",
   "Fund": "\u221212.6%",
   "GDX": "\u22128.6%",
   "-2x the move": "+17.1%",
   "Difference": "\u221229.7 pts",
   "GDX moved about": "49%"
  },
  {
   "window": "1 year",
   "Fund": "\u221262.2%",
   "GDX": "+15.7%",
   "-2x the move": "\u221231.5%",
   "Difference": "\u221230.7 pts",
   "GDX moved about": "51%"
  },
  {
   "window": "3 years",
   "Fund": "\u221297.0%",
   "GDX": "+237.8%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "GDX moved about": "40%"
  },
  {
   "window": "Since launch",
   "Fund": "\u2212100.0%",
   "GDX": "+67.2%",
   "-2x the move": "\u2212134.3%",
   "Difference": "+34.3 pts",
   "GDX moved about": "39%"
  }
 ],
 "questions": [
  {
   "q": "Did DUST return -2 times GDX?",
   "a": "Over the window to Sep 30, 2026, GDX moved +17.0% and DUST returned \u221237.3%. \u22122 times that move is \u221233.9%, so the fund came out 3.4 points short of it."
  },
  {
   "q": "Why does DUST not return -2 times over a year?",
   "a": "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."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}