Aims for twice the opposite of the daily return of an index of small and mid-sized gold and silver miners worldwide, using swaps. Because it resets daily, longer-term returns can differ a lot from twice the opposite.
JDST, the Direxion Daily Junior Gold Miners Index Bear 2X ETF, is a $39 million ETF whose main story is hard asset flight. Over the past year it returned −69.0%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
Hard asset flight →
Gold, silver and the miners: assets held because no government issues them.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | GLD | 36.5% | $141.70bn | +7.1% | 0.40% |
| 2 | IAU | 16.0% | $62.22bn | +7.3% | 0.25% |
| 3 | GLDM | 7.9% | $30.71bn | +7.5% | 0.10% |
| 4 | SLV | 7.7% | $29.96bn | +28.7% | 0.50% |
| 5 | GDX | 6.8% | $26.25bn | +14.7% | 0.51% |
| 101 other ETFs | 25.1% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 106 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| JDST | +21.7% | −32.4% | −50.3% | −69.0% | −74.6% | −59.8% |
| Hard asset flightits narrative | −5.7% | +3.3% | +0.3% | +14.9% | +33.7% | +19.5% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on October 3, 2013: −69.5% a year.
$10,000 invested October 31, 2016
Year by year
Total return in each calendar year; this year is year to date. A year appears only if JDST traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
JDST moves largely apart from the market. When the market has moved 1%, JDST has tended to move 1.99% the other way.
JDST tends to move against hard asset flight. When hard asset flight has moved 1%, JDST has tended to move 3.88% the other way.
Weekly returns over 157 weeks. The narrative is measured without JDST in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in Hard asset flight
Each dot is one of 54 unlevered ETFs whose main narrative is hard asset flight, placed by its return (up) and how much it swung (right) over the last year. JDST is levered or inverse, so it is shown against them but not counted among them.
Risk
Cost against its peers
JDST is levered or inverse, so it is shown against the unlevered ETFs but not ranked among them.
How it is built
Seeks 2x the inverse of the daily return of its exposure, and gets its exposure through swaps. It carries the narrative but does not count toward Share of Narrative, because inverse exposure is excluded.
Narrative exposure
Common questions
What story is JDST selling?
JDST’s main story is hard asset flight, which covers gold, silver and the miners: assets held because no government issues them.
Which ETFs compete with JDST?
The ETFs whose weekly returns move most like JDST’s over the past 3 years are USDU (0.49), RBIL (0.42) and BTAL (0.28).
How has JDST performed against its story?
Over the past year JDST returned −69.0%, the ETFs carrying hard asset flight +14.9% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of -0.92 with the story. Past performance only.
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