At a glance
Over the past year it returned −41.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 3 funds; over three years it returned +42.2% a year. At its worst it fell 89.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 36 months after the low.
The short version
MicroSectors Gold Miners 3X Leveraged ETN (GDXU) is an exchange-traded note from BMO Financial Group that aims to return three times the daily move of a gold miners index. As a note, it is unsecured bank debt that owns no assets for investors, so BMO's ability to pay matters. Its daily reset and extreme swings, from a 93.3% drop to a 796% gain in 2025, make it a tool for short-term traders, not long-term holders.
Price history
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GDXU -41.9% 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 | |
|---|---|---|---|---|---|---|
| GDXU price data to Oct 27, 2026 | -66.2% | -41.9% | +42.2% | -8.9% | — | -14.3% |
- Over the year to Oct 27, 2026, GDXU returned -41.9%, 3rd of 3 among similar funds.
- Its 5-year annualized return was -8.9%.
- Its worst full calendar year was 2022 (-62.8%); its best was 2025 (+796.5%).
- The deepest fall in its price history was 93.3% (Jun 2, 2021 to Feb 28, 2024), recovered by Oct 16, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -66.2% |
| 2025 | +796.5% |
| 2024 | -18.6% |
| 2023 | -21.4% |
| 2022 | -62.8% |
| 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 | Lost 73.1% over that stretch · deepest drop along the way 89%, back to its old high 36.1 months after the low |
How it works
GDXU aims to deliver three times the daily return of a gold miners index. It is an exchange-traded note (ETN), not a fund. An ETN is unsecured debt, and BMO Financial Group launched this one on December 2, 2020. There is no fund prospectus, portfolio manager or holdings report, so there is no list of holdings to show. The note owns no mining shares on investors' behalf. Instead, BMO pays the leveraged index return, minus fees.
The 3x target resets every day. Over a single day, GDXU aims to move three times as much as the index, up or down. Over longer stretches, compounding takes over. When the index zigzags, the note can end far below three times the index's return, and it can lose money even if the index ends flat. Its one-year volatility, a measure of how widely the price swings, was 158.7% as of October 27, 2026. Over the three years to that date, it returned 42.2% a year. That trails the 63.1% a year from NUGT, which aims for 2x.
Because it is a note, holders depend on BMO's ability to pay. If the bank could not meet its obligations, holders could lose money no matter how gold miners performed. BMO can also redeem the notes early. GDXU has made no distributions, so returns show up only in its price.
What it really costs
Structure and tax notes
- Resets its 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
Its 3x daily reset, 93.3% deepest drop and bank-debt structure make it a tool for short, magnified bets on gold mining stocks, not long-term savings.
GDXU's price history starts February 22, 2021, so it has no record in the 2008 or 2020 crashes. During the 2022 bear market, from January 3 to October 12, 2022, it fell 73.1%. From its April 14, 2022 high it sank 89% by September 26, 2022, and took 36.1 months from that low to recover. Its deepest drop was 93.3%, from June 2, 2021, to February 28, 2024. It regained that high only on October 16, 2025. Its worst full calendar year was 2022, down 62.8%, though it lost 66.2% in 2026 through October 27. Anyone needing cash during stretches like these would have locked in most of the loss.
It pays no income, and fees are deducted from the return BMO pays on the note. Past results don't predict future ones, and a retirement plan needs to weigh the whole portfolio, not any single holding.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a magnified one-day bet on gold mining stocks who can watch positions daily and exit quickly.
- Traders who can tolerate price swings (volatility) of 158.7% a year and an 87.1% drop within the year to October 27, 2026.
- Short-term traders comfortable holding unsecured BMO debt, including the risk that BMO redeems the notes early.
Look elsewhere if
- Retirees and long-term holders: GDXU lost 37% over the five years to October 27, 2026, despite a 796% gain in 2025.
- Income seekers: GDXU has recorded no distributions, and as a note it owns no mining shares on holders' behalf.
- Anyone wanting to see underlying holdings: as an ETN, GDXU has no holdings reports, and its value depends on BMO's credit.
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 GDXU a good long-term investment?
GDXU is designed for short-term trading, not long-term holding. Its 3x leverage resets daily, so over longer periods compounding can pull returns far from three times the index. Over the five years to October 27, 2026, it lost 8.9% a year, or 37% in total, even with a 796.5% gain in 2025. It also fell 93.3% from June 2, 2021, to February 28, 2024. Past results don't predict future ones.
What's the difference between GDXU and NUGT?
GDXU aims for three times the daily return of a gold miners index, while Direxion's NUGT aims for twice. GDXU is also a note issued by BMO Financial Group, so it carries BMO's credit risk. More leverage hasn't meant more return. As of October 27, 2026, NUGT gained 4.6% over one year and 63.1% a year over three years. Over the same periods, GDXU lost 41.9% and returned 42.2% a year.
Does GDXU pay dividends?
No. GDXU has recorded no distributions. It is an exchange-traded note, which makes it a debt of BMO Financial Group. It owns no gold mining shares on investors' behalf, so there is no portfolio income to pass along. Any gain or loss comes only through changes in the note's price. That price aims to track three times the daily move of a gold miners index, minus fees.
What happens to GDXU if BMO can't pay its debts?
Holders could lose money, because GDXU is unsecured debt of BMO Financial Group rather than a fund. It owns no assets on investors' behalf, and BMO pays the index-linked return only as long as it is able to pay. If the bank could not meet its obligations, holders would have no claim on any mining shares, however gold miners performed. BMO can also redeem the notes early.
How much has GDXU fallen in 2026?
GDXU was down 66.2% in 2026 through October 27, after gaining 796.5% in 2025. It dropped 58.3% over the six months and 35.5% over the month to October 27, 2026. Its largest peak-to-trough drop within the year to that date was 87.1%. Swings this large come from its 3x daily leverage, which magnifies moves in gold mining stocks in both directions.