# GDXU (MicroSectors Gold Miners 3X Leveraged ETN)

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

Three months to Sep 30, 2026: GDXU returned +25.4% where its own daily promise gave +35.3%, 9.9 points short.

## Key facts

- GDXU, what GDX did: +17.0%, as of Sep 30, 2026.
- GDXU, what 3 times a day gives: +35.3%, as of Sep 30, 2026.
- GDXU, what the fund returned: +25.4%, as of Sep 30, 2026.
- GDXU, the fund itself cost: −9.9 pts, as of Sep 30, 2026.
- GDXU, net assets: an exchange traded note holds no assets; it is the issuing bank’s unsecured debt, as of Sep 30, 2026.
- GDXU, expense ratio: not read by ETFIQ, as of Sep 30, 2026.

## GDXU over each window to Sep 30, 2026

| Window | Fund | GDX | +3x the move | Difference | GDX moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −34.1% | −10.9% | −32.6% | −1.4 pts | 42% |
| 3 months | +25.4% | +17.0% | +50.9% | −25.5 pts | 48% |
| 6 months | −53.6% | −8.6% | −25.6% | −27.9 pts | 49% |
| 1 year | −48.1% | +15.7% | +47.2% | −95.3 pts | 51% |
| 3 years | +349.3% | +237.8% | not meaningful over this window | not meaningful over this window | 40% |
| Since launch | −56.1% | +166.3% | not meaningful over this window | not meaningful over this window | 37% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +3 times the daily move of GDX, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.5 times, against +3 stated | ETFIQ |
| Underlying | GDX | ETFIQ |
| Segment | sector or country, index | ETFIQ |
| Net assets | an exchange traded note holds no assets; it is the issuing bank’s unsecured debt | ETFIQ |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Launched | Dec 3, 2020 | ETFIQ |
| Underlying volatility over the window | 48% annualized | ETFIQ |

## Questions

### Did GDXU return +3 times GDX?

Over the window to Sep 30, 2026, GDX moved +17.0% and GDXU returned +25.4%. 3 times that move is +50.9%, so the fund came out 25.5 points short of it.

### Why does GDXU not return +3 times over a year?

Because it resets daily. GDXU 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.


## Cite this page

ETFIQ, GDXU, data as of Sep 30, 2026. https://etfiq.com/funds/gdxu
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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