At a glance
JNUG charges 1.03% a year. It has $354.3M in assets; it paid 2.94% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −8.5% with distributions reinvested (S&P 500: +11.5%), 2nd of those 3 funds; over three years it returned +64.3% a year. At its worst it fell 89.6% in the 2020 crash (S&P 500: 33.7%) and 76.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 70 months and 32 months after the lows.
The short version
Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) is a leveraged ETF. It aims to return twice the daily performance of an index of small- and mid-sized gold and silver mining companies, before fees. It resets that 2x exposure every trading day, so results over months or years can drift far from double the index. It charges a 1.03% expense ratio, and it once fell 99.8% from peak to low. It is built for short-term trading.
Price history
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JNUG -8.5% 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 | |
|---|---|---|---|---|---|---|
| JNUG official prospectus, to Dec 31, 2025 | — | +480.56% | — | +12.78% | -9.77% | — |
| JNUG price data to Oct 27, 2026 | -41.0% | -8.5% | +64.3% | +12.2% | -16.0% | -29.3% |
- Over the year to Oct 27, 2026, JNUG returned -8.5%, 2nd of 3 among similar funds.
- Its 5-year annualized return was +12.2% and its 10-year -16.0%.
- In the 2020 COVID crash it fell 89.6% and regained its old high 70.1 months after the low.
- Its worst full calendar year was 2014 (-83.2%); its best was 2025 (+478.4%).
- The deepest fall in its price history was 99.8% (Oct 25, 2013 to Sep 26, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -41.0% | — |
| 2025 | +478.4% | +480.56% |
| 2024 | +10.0% | +9.30% |
| 2023 | -4.8% | -4.53% |
| 2022 | -43.6% | -43.67% |
| 2021 | -46.6% | -46.54% |
| 2020 | -56.6% | -85.52% |
| 2019 | +83.5% | +82.46% |
| 2018 | -48.0% | -48.23% |
| 2017 | -20.2% | -19.66% |
| 2016 | +79.7% | +78.28% |
| 2015 | -74.5% | — |
| 2014 | -83.2% | — |
| 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 86.7% over that stretch · deepest drop along the way 89.6%, back to its old high 70.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 56.8% over that stretch · deepest drop along the way 76.7%, back to its old high 32.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.5200 | |
| 2025 | $2.1300 | +191.8% |
| 2024 | $0.7300 | +32.7% |
| 2023 | $0.5500 | +61.8% |
| 2021 | $0.3400 | +240.0% |
| 2020 | $0.1000 | -96.1% |
| 2019 | $2.5444 | +815.9% |
| 2018 | $0.2778 | -79.2% |
| 2017 | $1.3333 | -99.6% |
| 2014 | $333.3333 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (93.07% of net assets), with its exposure coming from 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| VANECK JUNIOR GOLD MINERS | 37.83% |
By country
United States 37.83%By asset type
Stocks 37.83%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $71.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.14%, -35.11%, -8.20%.
How it works
The fund follows an index run by MarketVector Indexes GmbH. The index holds "junior" gold and silver miners from around the world, including emerging markets. To qualify, a company must earn at least 50% of its revenue from gold or silver mining, royalties or streaming, or have projects that could. It must also be worth more than $150 million and trade actively. No single silver miner can exceed 4.5% of the index, and silver miners together are capped at 20%. As of December 31, 2025, the index had 86 companies. It is reviewed twice a year and rebalanced quarterly.
The fund doesn't need to own those stocks directly. It mainly uses swaps, which are contracts in which a bank agrees to pay the fund an asset's return. As of July 31, 2026, 37.8% of the fund sat in the VanEck Junior Gold Miners ETF (GDXJ). It also held four swaps on that ETF, and most of the rest was in cash and short-term instruments. If a swap partner fails to pay, the fund loses money.
At each market close, Rafferty Asset Management adjusts the fund's exposure back to 2x. Because each day's return compounds on the last, results over longer periods will very likely differ from twice the index. The prospectus warns that the fund will lose money if the index ends flat over time.
What it really costs
- JNUG charges 1.03% 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 $105 in the first year and $1,259 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JNUG | $105 | $328 | $569 | $1,259 |
Structure and tax notes
- Resets its 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, and it has suffered losses of nearly 100% that a retiree drawing on savings could not easily recover from.
JNUG launched in 2013, so it has no 2008 record. It fell 89.6% in early 2020 and took about 70 months to recover. In 2022 it fell 76.7% and took about 32 months to recover. Its worst calendar year was 2014, when it lost 83.2%. From its October 2013 peak to its September 2022 low it fell 99.8%, and as of October 27, 2026 it had not regained that peak. Gains can be just as extreme: it rose 480.56% in 2025. But anyone who has to sell during a slump locks in the loss. The 2.94% trailing yield, paid quarterly as of October 27, 2026, is small next to these swings. Costs add up too: in the SEC's standard example, $10,000 invested would cost $1,259 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a magnified one-day bet on junior gold and silver miners and can watch their position every day.
- Experienced investors who understand daily resets, swaps on GDXJ and the real chance of near-total loss, like the fund's 99.8% drop.
- Traders weighing 2x junior-miner exposure against NUGT's 2x gold miners fund or GDXU's 3x note for short, tactical positions.
Look elsewhere if
- Savers or retirees wanting buy-and-hold gold exposure: the 10-year average annual return was -9.77% as of December 31, 2025.
- Anyone who needs dependable income: the 2.94% trailing yield came with yearly price swings (volatility) of 113.5% as of October 27, 2026.
- Cost-conscious investors: the 1.03% expense ratio works out to $1,259 over 10 years in the SEC's $10,000 example.
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 JNUG a good long-term investment?
JNUG isn't designed for long-term holding. Its prospectus says it seeks 200% of the index's return for a single day, not over longer periods. Daily resets and compounding have hurt long-run results. As of December 31, 2025, its 10-year average annual return was -9.77%, even after a 480.56% gain in 2025. From its 2013 peak to its 2022 low, it lost 99.8%.
What's the difference between JNUG and NUGT?
Both are Direxion bull funds that seek 2x the daily return of a gold-miner index. JNUG tracks junior miners, meaning small- and mid-sized gold and silver companies. NUGT tracks a broader gold miners index and is the larger fund by net assets. As of October 27, 2026, NUGT returned 4.6% over one year and JNUG lost 8.5%. Over three years, both averaged about 63% to 64% a year.
Does JNUG pay dividends?
Yes. JNUG pays distributions quarterly. Its trailing 12-month yield was 2.94% as of October 27, 2026, or about $3.52 per share. That income is small next to the fund's price swings. JNUG lost 41% in 2026 through October 27, so a year's payouts can be wiped out within days. Income-focused investors may want to compare it with funds built for steady payouts.
What does JNUG actually hold?
JNUG mostly holds swaps and cash, not mining stocks. As of July 31, 2026, 37.8% of its $354.3 million in net assets was in the VanEck Junior Gold Miners ETF (GDXJ). It also held four swap agreements on GDXJ, which are contracts with financial firms that pay the ETF's return. Most of the remaining assets were cash and short-term instruments backing those contracts.
Can JNUG lose money if junior gold miners go sideways?
Yes. The prospectus says the fund will lose money if the index ends flat over time. Because exposure resets daily, losses after down days shrink the base that later gains build on. The more the index swings, the bigger this drag gets. JNUG's swings have been extreme: its worst quarter was -95.34% (to March 31, 2020), and its strongest was 185.21% (to June 30, 2020).