JDST -2x Direxion Daily Junior Gold Miners Index Bear 2X ETF

JDST

ETF -2x BEAR standard
Direxion Daily Junior Gold Miners Index Bear 2X ETF
Issuer: Direxion · Tracks: Junior Gold Miners (GDXJ) · Listed: 2013-10-03
Implied AUM
$35.2M
Last Close
$46.68
20260720
30d Avg Vol
450,408
Options
available
Realized return vs theoretical -2x Junior Gold Miners
Pair counterpart found: JNUG (+2x bull, Direxion Daily Junior Gold Miners Index Bull 2X ETF)
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 Junior Gold Miners
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
JNUG +2x BULL Direxion Direxion Daily Junior Gold Miners Index Bull 2X ETF $310.9M 380,836

How JDST works

JDST targets -2x the daily return of Junior 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 -2x product on an underlying with 25% annualized vol, expected annual drag is around 6.2%. 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 JDST 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.