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

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

Three months to Sep 30, 2026: JDST returned −39.3% where its own daily promise gave −40.7%, 1.4 points over.

## Key facts

- JDST, what GDXJ did: +16.2%, as of Sep 30, 2026.
- JDST, what −2 times a day gives: −40.7%, as of Sep 30, 2026.
- JDST, what the fund returned: −39.3%, as of Sep 30, 2026.
- JDST, the fund itself added: +1.4 pts, as of Sep 30, 2026.
- JDST, net assets: $37m (issuer page, as of Sep 30, 2026).
- JDST, expense ratio: 0.92% (485BPOS XBRL, Feb 26, 2026).

## JDST over each window to Sep 30, 2026

| Window | Fund | GDXJ | -2x the move | Difference | GDXJ moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +19.4% | −10.9% | +21.9% | −2.4 pts | 49% |
| 3 months | −39.3% | +16.2% | −32.4% | −6.8 pts | 54% |
| 6 months | −19.0% | −9.0% | +18.0% | −37.1 pts | 54% |
| 1 year | −69.5% | +17.6% | −35.2% | −34.3 pts | 57% |
| 3 years | −98.3% | +273.3% | not meaningful over this window | not meaningful over this window | 45% |
| Since launch | −100.0% | +240.0% | not meaningful over this window | not meaningful over this window | 47% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of GDXJ, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -2.42 times, against -2 stated | ETFIQ |
| Underlying | GDXJ | ETFIQ |
| Segment | asset class, metal | ETFIQ |
| Net assets | $37m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.92% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Oct 3, 2013 | ETFIQ |
| Underlying volatility over the window | 54% annualized | ETFIQ |

## Questions

### Did JDST return -2 times GDXJ?

Over the window to Sep 30, 2026, GDXJ moved +16.2% and JDST returned −39.3%. −2 times that move is −32.4%, so the fund came out 6.8 points short of it.

### Why does JDST not return -2 times over a year?

Because it resets daily. JDST 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, JDST, data as of Sep 30, 2026. https://etfiq.com/funds/jdst
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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