JNUG +2x Direxion Daily Junior Gold Miners Index Bull 2X ETF

BULL ETF standard · Issuer Direxion · Tracks Junior Gold Miners (GDXJ) · Listed 2013-10-03

Quote & options All leveraged ETFs

Implied AUM

$397.9M

shares out × price

Last close

$145.05

20261001

30-day avg volume

274,062

options listed →

JNUG realized

—

what holders actually earned

Theoretical +2x

—

+2x × Junior Gold Miners's return

Decay gap

—

realized minus theoretical

Realized vs theoretical +2x Junior Gold Miners

Cumulative return of JNUG against a clean +2x of Junior Gold Miners's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: JDST (-2x bear, Direxion Daily Junior Gold Miners Index Bear 2X ETF)

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 Junior Gold Miners

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
JDST	-2x	BEAR	Direxion	Direxion Daily Junior Gold Miners Index Bear 2X ETF	$40.2M	872,417	✓

How JNUG works

JNUG targets +2x the daily return of Junior Gold Miners — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from +2x × 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 +2x 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.