GDXU +3x MicroSectors Gold Miners 3x Leveraged ETN
GDXU
ETN +3x BULL extremeMicroSectors Gold Miners 3x Leveraged ETN
Implied AUM
—
Last Close
$67.54
20260720
30d Avg Vol
1,712,362
Options
—
Realized return vs theoretical +3x Gold Miners
Pair counterpart found:
GDXD
(-3x bear, MicroSectors Gold Miners -3x Inverse Leveraged ETN)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking Gold Miners
| Symbol | Factor | Direction | Issuer | Name | Implied AUM | 30d Vol | Options |
|---|---|---|---|---|---|---|---|
| NUGT | +2x | BULL | Direxion | Direxion Daily Gold Miners Index Bull 2X ETF | $769.4M | 739,748 | |
| DUST | -2x | BEAR | Direxion | Direxion Daily Gold Miners Index Bear 2X ETF | $82.8M | 829,298 | |
| GDXD | -3x | BEAR | MicroSectors | MicroSectors Gold Miners -3x Inverse Leveraged ETN | — | 725,460 |
How GDXU works
GDXU targets +3x the daily return of Gold Miners — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.
Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a +3x product on an underlying with 25% annualized vol, expected annual drag is around 18.8%. Add expense ratio and the realized number is typically worse.
- Short-term tactical: daily and intraday holds are where these products were designed to live.
- Premium selling: options on GDXU carry very rich IV — see the quote page for IV rank and straddle pricing.
- Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.