At a glance
DUST charges 0.94% a year. It has $70.7M in assets; it paid 4.77% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −63.3% with distributions reinvested (S&P 500: +11.5%), the best of those 3 funds; over three years it returned −66.0% a year. At its worst it fell 69.2% in the 2020 crash (S&P 500: 33.7%) and 52.0% in the 2022 bear market (S&P 500: 24.5%).
The short version
Direxion Daily Gold Miners Index Bear 2x Shares (DUST) aims to deliver twice the opposite of a gold and silver miners index's move each day. It does this mainly through swaps tied to the VanEck Vectors Gold Miners ETF. It gains when mining stocks fall and loses when they rise. Because its exposure resets daily, longer-term results drift far from -2x. On a price basis, it lost nearly all its value over the 10 years to October 27, 2026.
Price history
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DUST -63.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DUST official prospectus, to Dec 31, 2025 | — | -88.72% | — | -46.85% | -63.45% | — |
| DUST price data to Oct 27, 2026 | -40.1% | -63.3% | -66.0% | -51.6% | -53.3% | -49.3% |
- Over the year to Oct 27, 2026, DUST returned -63.3%, 1st of 3 among similar funds.
- Its 5-year annualized return was -51.6% and its 10-year -53.3%.
- In the 2020 COVID crash it fell 69.2%, and had not regained its old high by the end of the data.
- Its worst full calendar year was 2016 (-94.1%); its best was 2013 (+179.6%).
- The deepest fall in its price history was 100% (Jun 26, 2013 to Aug 25, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -40.1% | — |
| 2025 | -88.7% | -88.72% |
| 2024 | -29.5% | -29.58% |
| 2023 | -27.7% | -27.59% |
| 2022 | -22.7% | -22.60% |
| 2021 | -4.8% | -4.78% |
| 2020 | -85.7% | -85.73% |
| 2019 | -75.1% | -75.11% |
| 2018 | -3.3% | -2.93% |
| 2017 | -51.0% | -50.92% |
| 2016 | -94.1% | -94.12% |
| 2015 | -33.0% | — |
| 2014 | -44.0% | — |
| 2013 | +179.6% | — |
| 2012 | -26.0% | — |
| 2011 | +10.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 7.2% over that stretch · deepest drop along the way 69.2%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 23.6% over that stretch · deepest drop along the way 52%, back to its old high 2.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.3700 | |
| 2025 | $9.3000 | -73.2% |
| 2024 | $34.7000 | -24.6% |
| 2023 | $46.0000 | -38.7% |
| 2020 | $75.0000 | -78.6% |
| 2019 | $350.0000 | +75.0% |
| 2018 | $200.0000 | -99.8% |
| 2011 | $123750.0000 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (92.44% of net assets), with its inverse exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $56.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -7.73%, +30.67%, -0.17%.
How it works
The fund follows a gold miners index run by MarketVector Indexes. To join, a company must earn at least 50% of its revenue from gold or silver mining, royalties or streaming, or hold at least 50% of its mineral resources in those metals. Existing members only need 25%. Each company must also be worth more than $150 million. Weights are based on float-adjusted market value, which counts only shares available to trade, with some limits. Companies with less than 50% gold exposure are capped at 20% of the index in total. The index had 48 members as of December 31, 2025, and is rebalanced quarterly.
DUST doesn't simply short these stocks. It mostly uses swaps, which are contracts with financial firms to exchange returns. As of July 31, 2026, it held five swaps on the VanEck Vectors Gold Miners ETF, and about 92% of its assets sat in cash and short-term instruments. It does not bet against gold itself.
Rafferty Asset Management resets the fund's exposure at each market close. After the index falls, the fund grows and must add short exposure. After a rise, it shrinks and must cut back. This daily compounding means the fund can lose money even when the index ends up flat over time. Because the fund creates and redeems shares for cash, it is not expected to be tax efficient.
What it really costs
- DUST charges 0.94% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $96 in the first year and $1,155 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DUST | $96 | $300 | $520 | $1,155 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
It targets -2x the index's return for a single day, and holding it longer has led to near-total losses.
DUST launched in December 2010, so it missed the 2008 crisis. In the 2020 COVID crash it fell 69.2% between March 13 and March 17, 2020, and it had not regained that peak as of October 27, 2026. In the 2022 bear market it gained 23.6% over the period but dropped 52% along the way, then recovered in about three months. Its worst calendar year was 2016, with a 94.1% loss. From its June 2013 peak it lost nearly all its value. Anyone who might need to draw money in a bad year could be locked into losses that deep.
Its trailing yield was 4.77% as of October 27, 2026, paid quarterly. That is small next to its price swings. The fund costs 0.94% a year. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders who want a one-day bet against gold and silver mining stocks and can check their positions every day.
- Traders looking to hedge a gold miners position, such as VanEck Vectors Gold Miners ETF shares, for a day or a few days.
- People comfortable with swap counterparty risk and one-year volatility of 99.2% as of October 27, 2026.
Look elsewhere if
- Long-term and retirement investors: the fund lost money in every calendar year from 2016 through 2025, according to its prospectus.
- Anyone wanting to bet against gold itself: the fund tracks mining stocks and gives no short exposure to gold or gold futures.
- Investors focused on tax efficiency or steady income: cash-based share creations hurt tax efficiency, and its 4.77% yield is dwarfed by price swings.
Close alternatives
Matched by leveraged/inverse funds on the same index (gold miners), same direction.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is DUST a good long-term investment?
DUST is not designed to be held long term. It targets -2x the index's return for one day only, and daily compounding pulls longer-term results away from that target. According to its prospectus, it lost money in every calendar year from 2016 through 2025. Its 10-year average annual return was -63.45% as of December 31, 2025. On a price basis, it lost nearly all its value from its June 2013 peak through August 2026.
Does DUST pay dividends?
Yes. DUST pays distributions quarterly. Its trailing 12-month yield was 4.77% as of October 27, 2026, or about $2.07 per share. Most of the fund's assets sit in cash and short-term instruments, and funds built this way can pass on the interest those holdings earn. Still, the payout is small next to its losses. Its price fell 63.3% over the year to October 27, 2026.
What's the difference between DUST and JDST?
Both are Direxion funds that aim for -2x the daily return of a gold miners index. The difference is the index. DUST follows a broad gold and silver miners index, while JDST follows a junior gold miners index made up of smaller companies. Over the year to October 27, 2026, DUST returned -63.3% and JDST returned -66.9%. DUST had about $70.7 million in net assets as of July 31, 2026, and JDST had about $59.7 million.
Does DUST go up when gold prices fall?
Not directly. DUST tracks gold and silver mining stocks, not the metal. Its prospectus says the fund does not provide short exposure to gold or gold futures. Mining stocks often move with gold, but they also react to costs, politics, taxes, regulation and the results of exploration projects. A drop in gold may not lead to a matching drop in miners, so the fund may not gain the way a trader expects.
What is DUST's expense ratio?
DUST's expense ratio is 0.94%, according to its prospectus filed February 26, 2026. That includes a 0.75% management fee. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $96 over one year, $300 over three years, $520 over five years and $1,155 over 10 years. Because the fund creates and redeems shares for cash, it also pays trading and financing costs, which can weigh on returns.