{
 "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": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: GDXD returned \u221256.8% where its own daily promise gave \u221256.8%, 0.1 points over.",
 "key_facts": [
  {
   "key": "what_gdx_did",
   "label": "What GDX did",
   "value": "+17.0%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "GDXD, what GDX did: +17.0%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "\u221256.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "GDXD, what \u22123 times a day gives: \u221256.8%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221256.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "GDXD, what the fund returned: \u221256.8%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+0.1 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "GDXD, the fund itself added: +0.1 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "GDXD, net assets: an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt, as of Sep 30, 2026."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "GDXD, expense ratio: not read by ETFIQ, as of Sep 30, 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": "-3.35 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": "net_assets",
   "label": "Net assets",
   "value": "an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt",
   "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": "48% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+29.1%",
   "GDX": "\u221210.9%",
   "-3x the move": "+32.6%",
   "Difference": "\u22123.5 pts",
   "GDX moved about": "42%"
  },
  {
   "window": "3 months",
   "Fund": "\u221256.8%",
   "GDX": "+17.0%",
   "-3x the move": "\u221250.9%",
   "Difference": "\u22125.9 pts",
   "GDX moved about": "48%"
  },
  {
   "window": "6 months",
   "Fund": "\u221237.7%",
   "GDX": "\u22128.6%",
   "-3x the move": "+25.6%",
   "Difference": "\u221263.3 pts",
   "GDX moved about": "49%"
  },
  {
   "window": "1 year",
   "Fund": "\u221287.2%",
   "GDX": "+15.7%",
   "-3x the move": "\u221247.2%",
   "Difference": "\u221240.0 pts",
   "GDX moved about": "51%"
  },
  {
   "window": "3 years",
   "Fund": "\u221299.8%",
   "GDX": "+237.8%",
   "-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": "+166.3%",
   "-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 30, 2026, GDX moved +17.0% and GDXD returned \u221256.8%. \u22123 times that move is \u221250.9%, so the fund came out 5.9 points short 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": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}