GDXD -3x MicroSectors Gold Miners -3x Inverse Leveraged ETN

BEAR ETN extreme · Issuer MicroSectors · Tracks Gold Miners (GDX) · Listed 2020-12-03

Quote & options All leveraged ETFs

Implied AUM

—

shares out × price

Last close

$23.06

20261001

30-day avg volume

3,512,829

no listed options

GDXD realized

—

what holders actually earned

Theoretical -3x

—

-3x × Gold Miners's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -3x Gold Miners

Cumulative return of GDXD against a clean -3x of Gold Miners's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: GDXU (+3x bull, MicroSectors Gold Miners 3x Leveraged ETN)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on Gold Miners

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
GDXU	+3x	BULL	MicroSectors	MicroSectors Gold Miners 3x Leveraged ETN	—	1,690,043
NUGT	+2x	BULL	Direxion	Direxion Daily Gold Miners Index Bull 2X ETF	$979.9M	720,540	✓
DUST	-2x	BEAR	Direxion	Direxion Daily Gold Miners Index Bear 2X ETF	$111.0M	1,609,637	✓

How GDXD works

GDXD targets -3x the daily return of Gold Miners — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -3x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -3x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.