At a glance
NUGT charges 1.13% a year. It has $836.2M in assets; it paid 0.86% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +4.6% with distributions reinvested (S&P 500: +11.5%), the best of those 3 funds; over three years it returned +63.1% a year. At its worst it fell 73.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 31 months after the low.
The short version
Direxion Daily Gold Miners Index Bull 2x Shares (NUGT) aims to deliver twice the daily return of an index of gold and silver mining companies. It gets that exposure mainly through swaps and shares of the VanEck Gold Miners ETF (GDX). Its leverage resets every day, so results over weeks or months can differ sharply from twice the index. It charges 1.13% a year and is built for short-term trading, not buy-and-hold.
Price history
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NUGT +4.6% 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 | |
|---|---|---|---|---|---|---|
| NUGT official prospectus, to Dec 31, 2025 | — | +426.69% | — | +22.65% | +7.19% | — |
| NUGT price data to Oct 27, 2026 | -28.8% | +4.6% | +63.1% | +20.6% | — | +11.3% |
- Over the year to Oct 27, 2026, NUGT returned +4.6%, 1st of 3 among similar funds.
- Its 5-year annualized return was +20.6%.
- Its worst full calendar year was 2022 (-32.1%); its best was 2025 (+425.1%).
- The deepest fall in its price history was 81.4% (Aug 4, 2020 to Sep 26, 2022), recovered by Sep 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -28.8% | — |
| 2025 | +425.1% | +426.69% |
| 2024 | +3.0% | +2.73% |
| 2023 | +2.6% | +2.74% |
| 2022 | -32.1% | -32.25% |
| 2021 | -26.3% | -26.29% |
| 2020 | — | -60.10% |
| 2019 | — | +100.89% |
| 2018 | — | -44.79% |
| 2017 | — | +3.25% |
| 2016 | — | +57.84% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 48.8% over that stretch · deepest drop along the way 73.7%, back to its old high 30.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9000 | |
| 2025 | $0.4100 | -35.9% |
| 2024 | $0.6400 | +10.3% |
| 2023 | $0.5800 | +141.7% |
| 2022 | $0.2400 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (63% of net assets), with its exposure coming from 6 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| VANECK GOLD MINERS ETF | 52.77% |
By country
United States 52.77%By asset type
Stocks 52.77%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $195.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.12%, -31.33%, -5.51%.
How it works
The fund follows a gold and silver miners index run by MarketVector Indexes. The index is market-cap weighted with limits: bigger companies get bigger weights, but only shares available to trade count, and weights are capped. To join, a company needs at least 50% of its revenue from gold or silver mining, royalties or streaming, or at least 50% of its mineral resources in gold or silver. Existing members can stay at 25%. Each company also needs a market value above $150 million. Companies with less than 50% gold exposure can make up no more than 20% of the index. As of December 31, 2025, the index had 48 companies. It is rebalanced every quarter. The fund does not own gold or gold futures.
To double the index, the fund mostly uses swaps and futures. A swap is a contract in which a bank pays the fund the index's return, which adds counterparty risk. As of July 31, 2026, about 53% of net assets sat in GDX, alongside swaps on GDX, cash and short-term holdings.
At each market close, Rafferty Asset Management resets the fund's exposure to 2x. Because each day's return builds on the last, longer-term results can drift well away from twice the index. The fund can lose money even if the index ends flat or rises over time.
What it really costs
- NUGT charges 1.13% 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 $115 in the first year and $1,375 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NUGT | $115 | $359 | $622 | $1,375 |
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
The prospectus says the fund targets 2x the index for a single day only, and its daily reset can wear down long-term returns.
NUGT has seen extreme swings. It launched after the 2008 crisis. In the first quarter of 2020 it lost 81.05%, and it lost 60.1% over calendar 2020, its worst year in the prospectus record. In the 2022 bear market, its price fell 73.7% between April 18 and September 26, 2022, and took about 31 months to recover. Its deepest drop, 81.4% from August 2020 to September 2022, did not fully recover until September 2025. Someone who had to sell shares in one of those slumps would have locked in the loss, whatever came later, including the 426.69% gain in 2025. Income is small: the yield was 0.86% over the 12 months to October 27, 2026, paid quarterly, which is less than the 1.13% expense ratio. 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 magnified one-day bet on gold and silver miners and can live with one-year volatility of 103% as of October 27, 2026.
- Short-term traders who want 2x gold miner exposure through a fund rather than GDXU's 3x exchange-traded note, which also carries the issuer's credit risk.
- Active traders who check positions daily, understand swaps and daily resets, and keep positions small enough to survive a drop like the fund's 81.4% fall.
Look elsewhere if
- Long-term savers and retirees: the fund's price fell 73.7% in 2022 and took about 31 months to recover.
- Investors who want gold itself: the fund holds miner stocks, GDX shares and swaps, not physical gold or gold futures.
- Income seekers: the yield was 0.86% over the 12 months to October 27, 2026, below the fund's 1.13% annual expense ratio.
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 NUGT a good long-term investment?
NUGT is not designed to be held long term. Its prospectus says it seeks 200% of the index's return for a single trading day only. Over longer periods, daily compounding can pull results far from 2x, and the fund can lose money even when gold miners rise. Its yearly results show the risk: down 60.1% in 2020, then up 426.69% in 2025. As of October 27, 2026, it was down 28.8% for 2026 so far.
Why doesn't NUGT return double the gold miners index over a year?
NUGT resets its exposure to 2x at every market close, so each day's return builds on the day before. In choppy markets, a loss followed by a gain of the same percentage leaves a leveraged fund lower than where it started, and that effect grows over time. The prospectus warns that results over periods longer than a day will very likely differ from 200% of the index, and that the fund can lose money while the index rises.
Does NUGT pay a dividend?
Yes, but the payout is small. NUGT paid $1.12 per share over the 12 months to October 27, 2026, a trailing yield of 0.86%. It pays quarterly. The payout comes mostly from cash and short-term holdings and from GDX, the VanEck Gold Miners ETF that the fund owns. The yield is lower than the fund's 1.13% expense ratio, so it doesn't make NUGT an income holding.
What's the difference between NUGT and JNUG?
Both are Direxion 2x daily leveraged funds. NUGT tracks a broad gold and silver miners index, while JNUG tracks a junior gold miners index made up of smaller companies. As of October 27, 2026, NUGT returned 4.6% over one year against JNUG's -8.5%. Over three years, NUGT returned 63.1% a year on average and JNUG 64.3%. NUGT had about $836 million in net assets as of July 31, 2026.
How much does NUGT cost to own?
NUGT's expense ratio is 1.13% a year, including a 0.75% management fee, according to the prospectus filed February 26, 2026. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs come to about $115 after one year, $359 after three, $622 after five and $1,375 after ten. Trading costs from the fund's 74% portfolio turnover are not included in that figure.