At a glance
JDST charges 0.92% a year. It has $31.6M in assets; it paid 5.01% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −66.9% with distributions reinvested (S&P 500: +11.5%), 2nd of those 3 funds; over three years it returned −71.3% a year. At its worst it fell 58.8% in the 2020 crash (S&P 500: 33.7%) and 51.2% in the 2022 bear market (S&P 500: 24.5%).
The short version
Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) uses swaps and other derivatives to aim for twice the opposite of one day's move in a MarketVector index of small- and mid-sized gold and silver miners. Its exposure resets daily, making it a short-term trading tool: held longer, it lost 91% in 2025 and rose in only one calendar year, 2021, from 2016 through 2025. It charges 0.92% a year.
Price history
The interactive chart needs JavaScript.
JDST -66.9% 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 | |
|---|---|---|---|---|---|---|
| JDST official prospectus, to Dec 31, 2025 | — | -91.09% | — | -50.11% | -72.94% | — |
| JDST price data to Oct 27, 2026 | -42.0% | -66.9% | -71.3% | -55.7% | -57.6% | -66.2% |
- Over the year to Oct 27, 2026, JDST returned -66.9%, 2nd of 3 among similar funds.
- Its 5-year annualized return was -55.7% and its 10-year -57.6%.
- In the 2020 COVID crash, while stocks fell, it gained 81.8%.
- Its worst full calendar year was 2016 (-97.6%); its best was 2021 (+11.0%).
- The deepest fall in its price history was 100% (Dec 6, 2013 to Aug 25, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -42.0% | — |
| 2025 | -91.1% | -91.09% |
| 2024 | -40.9% | -40.93% |
| 2023 | -28.5% | -28.49% |
| 2022 | -26.3% | -26.16% |
| 2021 | +11.0% | +11.20% |
| 2020 | -87.8% | -95.93% |
| 2019 | -80.3% | -80.32% |
| 2018 | -1.6% | -1.45% |
| 2017 | -63.4% | -63.85% |
| 2016 | -97.6% | -97.61% |
| 2015 | -52.6% | — |
| 2014 | -74.3% | — |
| 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 | Gained 81.8% over that stretch · deepest drop along the way 58.8%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 21.7% over that stretch · deepest drop along the way 51.2%, back to its old high 2.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0800 | |
| 2025 | $8.0000 | -80.4% |
| 2024 | $40.8000 | -21.5% |
| 2023 | $52.0000 | -79.2% |
| 2020 | $250.0000 | -53.1% |
| 2019 | $533.3333 | +14.3% |
| 2018 | $466.6667 | -100.0% |
| 2014 | $1266666.6667 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (93.09% of net assets), with its inverse exposure coming from 4 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 $25.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -10.71%, +33.28%, +0.34%.
How it works
JDST aims for twice the opposite of one day's move in a MarketVector Indexes GmbH index of “junior” gold miners: small- and mid-sized companies, including some in emerging markets. Members must earn, or have projects that could earn, at least 50% of revenue from gold or silver mining or royalties, and pass size and trading tests. Gold miners make up at least 80% of the index, which held 86 companies as of December 31, 2025. It is reviewed twice a year and rebalanced quarterly.
The fund owns no mining stocks. It mainly uses swaps and futures: contracts whose value rises or falls with an asset or index. As of July 31, 2026, about 93% of its net assets sat in cash and short-term holdings, alongside four swaps tied to the VanEck Vectors Junior Gold Miners ETF. If a swap partner fails to pay, the fund loses money.
At each day's close, adviser Rafferty Asset Management resets exposure to -2x, adding after the index falls and trimming after it rises. The target covers one trading day only. Because each day's result builds on the last, returns over longer periods can land far from -2x the index, usually worse in choppy markets. Shares are created and redeemed for cash, so the fund is not expected to be tax efficient.
What it really costs
- JDST charges 0.92% 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 $94 in the first year and $1,131 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JDST | $94 | $293 | $509 | $1,131 |
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
Its -2x exposure resets daily, its prospectus says it does not seek its target beyond one trading day, and its price fell nearly 100% from its December 2013 peak.
JDST rises when junior gold miners fall. It launched after the 2008 crisis. In the 2020 COVID crash it gained 81.8%, yet lost 58.8% between March 13 and March 16, 2020, and never regained that peak. It gained 21.7% in the 2022 bear market despite a 51.2% drop that took 2.5 months to recover. Its worst calendar year was 2016 (down 97.6%), and from its December 2013 peak to August 25, 2026, it lost nearly 100%. Anyone needing cash after a gold-miner rally could face steep losses.
Its trailing yield (the past year's payouts divided by price) was 5.01% as of October 27, 2026, paid quarterly, a small offset to its swings. It costs 0.92% a year, or $94 on $10,000 in year one under the SEC's standard example. Past results don't predict the future, and planning means looking at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a one-day bet against small- and mid-sized gold and silver miners who can check and adjust positions every day.
- Short-term hedgers of a junior gold miner position who accept swap-partner risk and a 0.92% expense ratio for brief protection.
- Traders wanting inverse exposure to junior miners specifically, rather than the gold miners exposure of Direxion's DUST or the -3x exchange-traded note GDXD.
Look elsewhere if
- Long-term and retirement investors: JDST rose in only one calendar year (2021) from 2016 through 2025 and lost 91.09% in 2025.
- Income seekers: its 5.01% trailing yield as of October 27, 2026, came alongside a one-year return of -66.9%.
- Anyone seeking a lasting bet against gold miners: daily resets can erode long holds, and cash-based creations reduce tax efficiency.
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
Can you hold JDST long term?
It isn't built for that. Its prospectus says JDST does not seek its -2x target over any period longer than one trading day, and daily compounding can push longer-term returns far from -2x the index. Held for years, it has fared poorly: as of December 31, 2025, its average annual return was -50.11% over five years and -72.94% over ten, and 2021 was its only positive calendar year from 2016 through 2025.
What's the difference between JDST and DUST?
The main difference is the index. Both are Direxion funds aiming for -2x the daily move of a gold mining index, but JDST follows a junior miners index of small- and mid-sized gold and silver companies, while DUST tracks a gold miners index. Over the year to October 27, 2026, JDST returned -66.9% versus -63.3% for DUST. DUST is larger, with about $94.9 million in net assets, versus $31.6 million for JDST as of July 31, 2026.
What does JDST actually hold?
Mostly cash and swaps, not mining stocks. As of July 31, 2026, about 93% of JDST's $31.6 million in net assets sat in cash and similar short-term holdings, alongside four swap agreements tied to the VanEck Vectors Junior Gold Miners ETF. Swaps are contracts whose value rises or falls with an asset; these supply the -2x daily exposure. If a swap partner fails to pay, the fund can lose money.
Does JDST pay dividends?
Yes. JDST pays distributions quarterly, and its trailing yield was 5.01% as of October 27, 2026, or $1.48 per share over the prior year, adjusted for share splits. Because the fund owns no mining stocks, these payouts don't come from company dividends; inverse funds like this typically pay out income earned on their cash holdings. The yield is small next to the fund's swings: its one-year return was -66.9% as of the same date.
What is JDST's expense ratio?
JDST's expense ratio, the yearly fee deducted from fund assets, is 0.92%, including a 0.75% management fee, according to its prospectus filed February 26, 2026. In the SEC's standard example of $10,000 invested with a 5% annual return, costs would total about $94 after one year, $293 after three, $509 after five and $1,131 after ten. Because it creates and redeems shares mainly for cash, it also incurs trading costs and is not expected to be tax efficient.