Gold has long been a favorite hedge against inflation and market stress, and multiple fund families now offer leveraged and inverse ETFs that track it — either through the spot metal or through baskets of gold miners. These funds amplify gold's moves for both bullish and bearish positions.
Below we walk through the full set of leveraged gold and gold-miner ETFs currently trading, with charts and key details for each. Lets start with the chart of GLD (which tracks gold) as reference on how Gold has been performing lately.
Quick Overview
| Ticker | Fund Name | Leverage | Direction | Expense Ratio | AUM |
|---|---|---|---|---|---|
| Long | |||||
| GDXU | MicroSectors Gold Miners 3X Leveraged Exchange-Traded Notes | 3x | Long | 0.95% | $1.2B |
| NUGT | Direxion Daily Gold Miners Index Bull 2X Shares | 2x | Long | 1.13% | $1.1B |
| UGL | ProShares Ultra Gold | 2x | Long | 0.95% | $785.9M |
| JNUG | Direxion Daily Junior Gold Miners Index Bull 2X Shares | 2x | Long | 1.03% | $464.9M |
| DGP | DB Gold Double Long Exchange Traded Notes | 2x | Long | 0.75% | $213.2M |
| SHNY | MicroSectors Gold 3X Leveraged ETNs | 3x | Long | 0.95% | $105.9M |
| GDXW | Roundhill Gold Miners WeeklyPay ETF | 1.2x | Long | 0.99% | $82.2M |
| GLDW | Roundhill Gold WeeklyPay ETF | 1.2x | Long | 0.99% | $19.3M |
| UGLD | Direxion Daily Gold Bull 2X ETF | 2x | Long | 1.07% | $10.6M |
| Short (Inverse) | |||||
| GDXD | MicroSectors Gold Miners -3X Inverse Leveraged ETNs | 3x | Short | 0.95% | $131.3M |
| DUST | Direxion Daily Gold Miners Index Bear 2X Shares | 2x | Short | 0.94% | $96.1M |
| GLL | ProShares UltraShort Gold | 2x | Short | 0.95% | $95.0M |
| JDST | Direxion Daily Junior Gold Miners Index Bear 2X Shares | 2x | Short | 0.92% | $35.0M |
| DULL | MicroSectors Gold -3X Inverse Leveraged ETN | 3x | Short | 0.95% | $16.0M |
| DGZ | DB Gold Short ETN | 1x | Short | 0.75% | $1.2M |
| DZZ | DB Gold Double Short ETN | 2x | Short | 0.75% | $1.0M |
GDXU
MicroSectors Gold Miners 3X Leveraged Exchange-Traded Notes
An ETN tracking 3x the daily return of the MicroSectors Gold Miners Index — a concentrated, equal-weighted basket of the largest gold miners. Adds BMO Capital Markets issuer credit risk on top of standard leverage decay.
NUGT
Direxion Daily Gold Miners Index Bull 2X Shares
UGL
ProShares Ultra Gold
JNUG
Direxion Daily Junior Gold Miners Index Bull 2X Shares
DGP
DB Gold Double Long Exchange Traded Notes
One of the oldest leveraged gold ETPs, launched in 2008. Targets 2x the monthly (not daily) performance of gold, which dampens compounding decay versus typical 2x daily-reset products — but it's an ETN, so Deutsche Bank credit risk applies.
SHNY
MicroSectors Gold 3X Leveraged ETNs
BMO's 3x daily long ETN on spot gold (XAU/USD) — the more aggressive sibling to UGL. Lower AUM and thinner trading than the ProShares product, plus BMO issuer credit risk since it's an ETN rather than a fund.
GDXW
Roundhill Gold Miners WeeklyPay ETF
An actively managed ETF that targets roughly 1.2x the weekly return of GDX (VanEck Gold Miners ETF) using total return swaps, while paying out weekly distributions.
Not a traditional 2x/3x leveraged play — exposure resets weekly rather than daily, and the strategy is as much about generating recurring income as amplifying returns. Launched October 2025.
GLDW
Roundhill Gold WeeklyPay ETF
An actively managed ETF that targets roughly 1.2x the weekly return of GLD (SPDR Gold Trust) via total return swaps, paired with weekly income distributions.
Sits between a leveraged bet and an income product — modest 1.2x amplification with a weekly reset, aimed at investors who want both gold upside and recurring payouts. Launched October 2025.
UGLD
Direxion Daily Gold Bull 2X ETF
GDXD
MicroSectors Gold Miners -3X Inverse Leveraged ETNs
Inverse counterpart to GDXU — an ETN tracking -3x the daily return of the concentrated MicroSectors Gold Miners Index. Same BMO issuer credit risk applies, and the basket is narrower than the broader GDX universe.
DUST
Direxion Daily Gold Miners Index Bear 2X Shares
GLL
ProShares UltraShort Gold
JDST
Direxion Daily Junior Gold Miners Index Bear 2X Shares
DULL
MicroSectors Gold -3X Inverse Leveraged ETN
BMO's -3x daily inverse ETN on spot gold and the bearish counterpart to SHNY. Volume is very thin (~8K shares a day), so getting in and out at clean prices can be difficult.
DGZ
DB Gold Short ETN
Note: this is -1x, not leveraged. A simple inverse ETN that tracks the monthly (not daily) return of gold — a milder short play than DZZ or GLL. Volume is very low and Deutsche Bank credit risk applies.
DZZ
DB Gold Double Short ETN
A legacy Deutsche Bank ETN providing -2x exposure to gold. Long-running but extremely illiquid — average volume is under 20K shares a day — and carries DB issuer credit risk.
Related: Income & Hybrid Gold ETFs
A handful of newer gold-linked ETFs aren't traditional leveraged products but are worth knowing about. They sit alongside the funds above and use option premiums or stacked exposure to combine gold with income or a second asset class.
KGLD — Kurv Gold Enhanced Income ETF
Uses a synthetic covered-call strategy on gold ETPs to target a 10–12% annual yield. Long gold exposure is built via FLEX options, then call options are sold against it to generate income. The trade-off: gains are capped above the strike level, so it doesn't deliver leveraged upside.
NUGY — GraniteShares YieldBOOST Gold Miners ETF
A weekly-income strategy that sells put options (and put spreads) on NUGT, the 2x leveraged gold miners ETF. NUGY collects option premium rather than holding leveraged gold-miner exposure directly — closer to a yield play than a leveraged bet.
BTGD — STKd 100% Bitcoin & 100% Gold ETF
Quantify Funds' "stacked" ETF that uses leverage to deliver roughly 100% notional exposure to bitcoin and 100% notional exposure to gold in the same wrapper — about 200% total notional. Built primarily with U.S.-listed futures, it's the first ETF to pair these two scarcity assets in a single leveraged structure.
ISBG — IncomeSTKd 1x Bitcoin & 1x Gold Premium ETF
The income-focused cousin of BTGD from Quantify Funds. Pairs ~1x beta to bitcoin and ~1x beta to gold with an option-premium overlay designed to generate recurring, tax-efficient income. Not leveraged at the asset level, but stacks two scarcity assets together.
Risk Warning: Leveraged and inverse ETFs are complex financial instruments that may not be suitable for all investors. Past performance does not guarantee future results. Please consult with a financial advisor before making investment decisions.