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Launched · SEC filings

Direxion Daily Gold Miners Index Bear 2X ETF

DUSTNYSE ArcaDirexionCThis 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.

$47.28−2.65 (−5.31%)

At close: Nov 2, 2026, 4:00 PM ET

C43/ 100

Rank 29 of 54 in Leveraged Inverse (2x & Other)

C43/100Rank 29 of 54inLeveraged Inverse (2x & Other)
Intraday session: down, 79 prints from 49.93 to 47.28. Range 45.86 to 47.63. Use the arrow keys to read each point.46.0048.0049.0010 AM12 PM2 PM4 PM
Expense ratio
0.94%
Fund size
$71M
1Y total return
−57.4%
Yield · Last 12 months
4.27%
Holdings
5
Avg volume · 30D
1.07M sh
52W range
low $29.01high $127.90
Launched
Filings
SEC EDGAR

The ETF.net DUST Grade

Based on 4 of 6 pillars

C

Score 43 out of 100

Category
Leveraged Inverse (2x & Other)⁠
Rank
29 of 54
Six-pillar profile for DUST. Scores out of 100: Cost 50, Risk 19, Mission not scored, Tradability 53, Holdings not scored, Durability 57. Strongest: Durability (57). Weakest: Risk (19). Based on 4 of 6 pillars.

Score 43 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C50 out of 100
    Rank 1 of 54

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F19 out of 100
    Rank 50 of 53

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C53 out of 100
    Rank 25 of 54

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B57 out of 100
    Rank 14 of 54

Our read on DUST

ETF.net Research

In short

CThe gold-miner short, in one ticker. Running since 2010, DUST aims for 200% of the inverse of the daily move in global gold miners, then resets at the bell. Direxion dialed the target back from 3x 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

  • A bearish miner view without borrowing shares: one ticker aims for 200% of the inverse of the MarketVector Global Gold Miners Index each trading day.direxion.com
  • Listed since 2010 and actively traded, which is what a one-session trading tool needs most: a market you can get into and out of.
  • At 0.94%, the fee lands near the category median for geared funds, and a shade under the 0.95% net that PSQ charges (net of a waiver through September 30, 2027).
  • Direxion reset the target from 3x to 2x in 2020, so each day's miner move is magnified less than it was in the fund's first decade.sec.govsec.gov 2

Worth knowing

  • Built for a day. Hold longer and your result is each day's compounded return, which the prospectus says will very likely differ from -200% of the index over that span.sec.gov
  • Mining stocks move hard on their own. Doubling and flipping that daily move puts DUST at the high-risk end of its category, and Direxion notes the fund may not achieve its objective.direxion.com
  • Distributions land quarterly, but income is not the mechanism here; the stated job is the inverse daily move, not a yield stream.

DUST Performance

Launched Dec 8, 2010

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

DUST$4,256
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. DUST $4,256. SPY $11,146. Use the arrow keys to read each point.$2,500$5,000$7,500$10,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 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−34.8%
1 month+18.4%
3 months−24.8%
1 year−57.4%
3 yearsper year−66.5%
5 yearsper year−52.6%
10 yearsper year−52.9%

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−34.8%

DUST in the news

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 Nov 2, 2026.
4.27%Last 12 months
Payout per share
$2.02Last 12 months
Last payment
$0.28 per share
Paid 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, 2026Sep 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, 2025No data
Dec 23, 2024Dec 31, 2024No data
Sep 24, 2024Oct 1, 2024No data
Jun 25, 2024Jul 2, 2024No data
Mar 19, 2024Mar 26, 2024No data
Dec 21, 2023Dec 29, 2023No data

See all 24 payments⁠

$10,000 in DUST 10 years ago paid $0.61 in dividends.⁠

DUST Risk

Risk pillarF19 out of 100Rank 50 of 53 in Leveraged Inverse (2x & Other)

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.
72.7%
Annualised · 36 months to Oct 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.
−1.10
vs 3-month T-bills · to Oct 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.
−0.86
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.

FMP measures it over up to five years of monthly returns.

DUST Cost

Compare DUST and QQQD

Overpaying vs QQQD, cheapest in Leveraged Inverse (2x & Other)

$7,725

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DUST 0.94%

    $17,704

  • QQQD 0.50% Cheapest

    $9,979

$10,000
30 years

Cost over time

  • DUST 0.94%
  • QQQD 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DUST $17,704QQQD $9,979

Year by year

YearDUSTQQQDOverpaying
10$1,661$900$761
20$6,260$3,460$2,800
30$17,704$9,979$7,725

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