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

Direxion · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: DUST returned −37.3% where its own daily promise gave −39.0%, 1.7 points over.

## Key facts

- DUST, what GDX did: +17.0%, as of Sep 30, 2026.
- DUST, what −2 times a day gives: −39.0%, as of Sep 30, 2026.
- DUST, what the fund returned: −37.3%, as of Sep 30, 2026.
- DUST, the fund itself added: +1.7 pts, as of Sep 30, 2026.
- DUST, net assets: $104m (issuer page, as of Sep 30, 2026).
- DUST, expense ratio: 0.94% (485BPOS XBRL, Feb 26, 2026).

## DUST over each window to Sep 30, 2026

| Window | Fund | GDX | -2x the move | Difference | GDX moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +21.4% | −10.9% | +21.7% | −0.3 pts | 42% |
| 3 months | −37.3% | +17.0% | −33.9% | −3.4 pts | 48% |
| 6 months | −12.6% | −8.6% | +17.1% | −29.7 pts | 49% |
| 1 year | −62.2% | +15.7% | −31.5% | −30.7 pts | 51% |
| 3 years | −97.0% | +237.8% | not meaningful over this window | not meaningful over this window | 40% |
| Since launch | −100.0% | +67.2% | −134.3% | +34.3 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 | -2.2 times, against -2 stated | ETFIQ |
| Underlying | GDX | ETFIQ |
| Segment | asset class, metal | ETFIQ |
| Net assets | $104m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.94% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Dec 8, 2010 | ETFIQ |
| Underlying volatility over the window | 48% annualized | ETFIQ |

## Questions

### Did DUST return -2 times GDX?

Over the window to Sep 30, 2026, GDX moved +17.0% and DUST returned −37.3%. −2 times that move is −33.9%, so the fund came out 3.4 points short 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 30, 2026. https://etfiq.com/funds/dust
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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