At a glance
Over the past year it returned −87.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 3 funds; over three years it returned −87.2% a year. At its worst it fell 68.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months after the low.
The short version
MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) are notes from BMO Financial Group. They aim to pay three times the opposite of a gold miners index's daily move, minus fees, for traders betting on a short-term drop in mining stocks. They are the bank's unsecured debt, not a fund. Holding them for long has been costly: GDXD lost 87% in the year to October 27, 2026, trailing -2x rivals DUST and JDST.
Price history
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GDXD -87.0% 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 | |
|---|---|---|---|---|---|---|
| GDXD price data to Oct 27, 2026 | -70.2% | -87.0% | -87.2% | -76.9% | — | -73.6% |
- Over the year to Oct 27, 2026, GDXD returned -87.0%, 3rd of 3 among similar funds.
- Its 5-year annualized return was -76.9%.
- Its worst full calendar year was 2025 (-97.6%); its best was 2023 (-52.4%).
- The deepest fall in its price history was 100% (Mar 1, 2021 to Aug 25, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -70.2% |
| 2025 | -97.6% |
| 2024 | -57.8% |
| 2023 | -52.4% |
| 2022 | -52.6% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 8.3% over that stretch · deepest drop along the way 68.4%, back to its old high 3 months after the low |
How it works
GDXD is an exchange-traded note (ETN), not a fund. An ETN is unsecured debt issued by a bank, here BMO Financial Group, that trades on an exchange like a stock. It owns no assets on investors' behalf, so there are no holdings to pick, weight or rebalance. It also has no fund prospectus or holdings reports. Instead, BMO promises a return linked to a gold miners stock index, minus fees.
That return is set at -3x the index's daily move. On a day when the index falls, the notes aim to rise about three times as much in percentage terms. On a day when it rises, the notes should fall about three times as much. The exposure resets every day. Over any period longer than a day, compounding means the result can differ sharply from -3x the index's return over that period. It is usually worse in choppy markets that swing up and down. That is why the notes are built for short-term trading, not long-term holding.
Two more details matter. Payments depend on BMO's ability to pay, so the bank's credit strength is part of the risk. BMO can also redeem the notes early, which could end a position on the issuer's timing rather than the holder's.
What it really costs
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- An exchange-traded note: unsecured debt of the issuing bank, not a fund. It owns no assets on investors’ behalf; it pays the index return minus fees only as long as the issuer can pay, so the bank’s credit matters, and the issuer can redeem the notes early.
In a retirement portfolio
GDXD is a -3x inverse ETN that resets daily, is built for short-term trading, and lost nearly all its value in the five years to October 27, 2026.
GDXD launched in December 2020, so it has no record in the 2008 or 2020 crashes. In the 2022 bear market it gained 8.3% from the stock market's peak to its trough. Along the way, though, it plunged 68.4% between January 28 and April 14, 2022, before recovering by July 14. It lost money every full calendar year from 2022 to 2025. Even its least-bad year, 2023, was down 52.4%, and 2025 was down 97.6%. Its deepest drop, from March 1, 2021 to August 25, 2026, erased nearly 100% of its value and had not recovered as of October 27, 2026. Anyone forced to cash out after a stretch like that would have locked in near-total losses. It has paid no distributions, and its fee rate was not available. Past results don't predict the future, and a plan should look at the whole portfolio, not one holding.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders placing very short-term bets that gold mining stocks will fall, and who can monitor their positions every day.
- Traders who understand that the -3x daily reset means multi-day results can differ sharply from -3x the index's return.
- Short-term traders wanting a larger daily swing than DUST's -2x, accepting GDXD trailed DUST and JDST over one and three years to October 27, 2026.
Look elsewhere if
- Long-term and retirement investors: it lost nearly all its value in the five years to October 27, 2026, and lost money each year 2022–2025.
- Investors seeking income or steadiness: GDXD has recorded no distributions, and its one-year volatility was 152.6% as of October 27, 2026.
- Investors unwilling to take bank credit risk: as an ETN, GDXD is BMO's unsecured debt, owns no assets for holders, and can be redeemed early.
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 GDXD good for long-term investing?
No. GDXD is built for short-term trading, not long-term holding. It resets its -3x inverse exposure every day. Over longer periods, compounding can make returns differ sharply from -3x the index, usually for the worse in choppy markets. Its record has been harsh: as of October 27, 2026, it had lost 87% over one year and nearly all its value over three and five years. It also lost money every full calendar year from 2022 to 2025.
What's the difference between GDXD and DUST?
The main differences are leverage and structure. GDXD aims for -3x the daily move of a gold miners index, while Direxion's DUST aims for -2x. GDXD is an exchange-traded note, meaning BMO's unsecured debt, while DUST is a fund. Through October 27, 2026, DUST lost 63.3% over one year versus 87% for GDXD. Over three years, DUST's average annual loss was 66% versus 87.2% for GDXD. GDXD's larger multiple means bigger daily swings in both directions.
Is GDXD an ETF or an ETN?
GDXD is an ETN, or exchange-traded note, not an ETF. It trades on an exchange like a fund, but it is unsecured debt issued by BMO Financial Group. It owns no assets on investors' behalf. It pays the -3x index return minus fees only as long as BMO can pay, so the bank's credit strength is part of the risk. BMO can also redeem the notes early. As a note, GDXD has no fund prospectus or holdings reports.
Does GDXD pay dividends?
No. GDXD has recorded no distributions. As an exchange-traded note, it owns no assets on investors' behalf, so there are no dividends from mining companies to pass along. Any gain or loss comes only from changes in the note's price, which aims to track -3x the daily move of a gold miners index, minus fees. Investors looking for regular income from a holding will find none here.
How volatile is GDXD?
Extremely volatile. Its annualized volatility, a measure of how widely prices swing, was 152.6% over the year to October 27, 2026, and 122% over three years. Within that year it fell as much as 93.1% from a high. Its deepest decline since its price history began reached nearly 100%, from March 1, 2021 to August 25, 2026. Swings run both ways: it gained 32.4% in the month to October 27, 2026, but lost 45.5% over three months.