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DUST

GradeCNew York Stock Exchange Arca

Direxion Daily Gold Miners Index Bear 2X ETF

Leveraged · Leveraged & Inverse · Direxion · Inception 2010-12-08 · SEC filings

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$35.01+2.44 (+7.49%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: up, 59 prints from 32.57 to 35.01. Range 34.40 to 35.65. Use the arrow keys to read each point.$34.50$35.5010 AM12 PM2 PM4 PM
Expense ratio
1.04%
Fund size
$110M
1Y return
−70.9%
Yield · Last 12 months
9.35%
Holdings
8
Volume · 30D
1.1M sh
NAV per share
$34.27
52W range
low $29.01high $127.90

The ETF.net DUST Grade

C

51/ 100

Rank 28 of 54 in Leveraged Inverse (2x & Other)⁠

Confidence Medium

Six-pillar profile for DUST. Scores out of 100: Cost 67, Risk 14, Mission not scored, Tradability 56, Holdings not scored, Durability 59. Strongest: Cost (67). Weakest: Risk (14). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 51 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 67
    Category rank18/54 · top 33%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 14
    Category rank50/53 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 56
    Category rank23/54 · top 43%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 59
    Category rank13/54 · top 24%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on DUST

ETF.net Research

CA leveraged short on gold mining stocks, not on gold itself: DUST aims for -200% of a global gold miners index for a single day, then resets. Live since 2010, born as a 3x fund and dialed back to 2x in 2020.

Stated mandate

The fund seeks daily investment results, before fees and expenses, equal to 200% of the inverse performance of the MarketVector Global Gold Miners Index. The issuer states that achieving this objective is not guaranteed.

Why people hold it

  1. 01At 1.04% a year, it undercuts the typical leveraged bear fund, where fees north of 1.4% are common.
  2. 02Trading since December 2010, and still standing after Direxion renamed it from 3X to 2X in 2020. Long tenure is rare in a category that churns.sec.gov
  3. 03One job, stated plainly: -200% of the MarketVector Global Gold Miners Index for one day. No margin account, no share borrow, no options chain to babysit.direxion.com
  4. 04Actively traded, and among the sturdier builds in the leveraged bear group.

Worth knowing

  1. 01Daily reset means compounding. Direxion states the fund should not be expected to deliver -200% of the index over periods longer than a day.direxion.com
  2. 02It shorts miners' equity, not the metal. Direxion notes the funds do not invest in or short gold or gold futures, so moves can part ways with bullion.direxion.com
  3. 03Share prices here can erode enough that Direxion reverse splits the shares, most recently announced in 2026.direxion.com

DUST Holdings

As of Sep 22, 2026, 10:02 PM
Asset class
Other
Holdings
8
Top-10 weight
218%
Largest holding
GDX SWAP ASSET LEG (GDXMLS)67.9%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—GDX SWAP ASSET LEG (GDXMLS)67.95%-681,838$-64M1
002—GDX SWAP ASSET LEG (GDXJPS)48.83%-489,996$-46M1
003—GDX SWAP ASSET LEG (GDXUBS)47.38%-475,444$-45M1
004—GDX SWAP ASSET LEG (GDXCTS)28.32%-284,224$-27M1
005—GDX SWAP ASSET LEG (GDXBPS)25.15%-252,330$-24M1

Showing 1–5 of 5 holdings

DUST Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

DUST$2,907
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. DUST $2,907. SPY $11,723. Use the arrow keys to read each point.$1,839$7,168$12,497Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for DUST. Periods over one year show the average yearly return.
PeriodDUST
Year to date−55.1%
1 month+7.3%
3 months−40.4%
1 year−70.9%
3 years−70.0%per year
5 years−56.7%per year
10 years−53.6%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for DUST
YearReturn barDUST
2026 YTD−55.1%
2025−88.9%
2024−32.5%
2023−30.4%
2022−22.7%
2021−4.8%
2020−85.8%

DUST in the news

ETF.net Research hasn’t filed on DUST yet — coverage lands here as it’s written.

DUST Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
9.35%Last 12 months
Payout per share
$3.05Last 12 months
Upcoming payment
$0.28 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2025–2026

One bar per payment. 6 payments from 2025 to 2026 YTD. Jun 24, 2025 $2.34; Sep 23, 2025 $1.03; Dec 23, 2025 $0.65; Mar 24, 2026 $0.77; Jun 23, 2026 $0.32; Sep 22, 2026 $0.28. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Pays Sep 29, 2026$0.28
Jun 23, 2026Jun 30, 2026$0.32
Mar 24, 2026Mar 31, 2026$0.77
Dec 23, 2025Dec 31, 2025$0.65
Sep 23, 2025Sep 30, 2025$1.03
Jun 24, 2025Jul 1, 2025$2.34
Mar 25, 2025Apr 1, 2025Data unavailable
Dec 23, 2024Dec 31, 2024Data unavailable
Sep 24, 2024Oct 1, 2024Data unavailable
Jun 25, 2024Jul 2, 2024Data unavailable
Mar 19, 2024Mar 26, 2024Data unavailable
Dec 21, 2023Dec 29, 2023Data unavailable

DUST Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
69.7%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−1.33
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−99.0%
Trough Aug 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−0.88
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

DUST Cost

Expense ratio1.04%
  • The middle half of Leveraged Inverse (2x & Other) funds
  • Median 1.44%

16 of the 53 Leveraged Inverse (2x & Other) funds charge less.

DUST costs $104.00 a year on $10,000. The median Leveraged Inverse (2x & Other) fund costs $144.00.