3x Leveraged Gold Miners ETF

There are 4 Magnificent 7 leveraged products across US and European markets

The maximum US leverage on the Mag 7 basket is 2x. For 5x, only MAG7.L on the LSE offers this.

hat is a Magnificent 7 leveraged ETF? 

A Magnificent Seven leveraged ETF is a fund that aims to deliver a multiple of the daily combined performance of the seven largest technology and growth companies in the US market: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla.

Rather than picking individual stocks or buying seven separate positions, a Magnificent Seven ETF provides equal-weighted exposure to all seven in a single trade. A leveraged version amplifies those daily returns — so if the basket rises 1% on a given day, a 2x leveraged ETF aims to rise 2%.

These products reset their leverage daily. Returns over periods longer than a single trading day reflect the compounding of daily returns, not a simple multiple of the basket's overall performance. This makes them short-term trading instruments rather than long-term investments.

The Magnificent Seven collectively represent a significant portion of the S&P 500 and Nasdaq-100 by market capitalisation. Leveraged exposure to this basket therefore functions as an amplified bet on the broader US technology sector.

There is no 3x Magnificent 7 ETF in the US

As of May 2026, there is no US-listed ETF or ETN offering 3x daily leveraged exposure to the Magnificent Seven basket. The maximum leverage available on any US-listed Magnificent Seven basket product is 2x — available through both MAGX (Roundhill) and QQQU (Direxion).

For investors specifically seeking 3x or higher leverage on the Magnificent Seven basket, the only option currently available is MAG7.L — the Leverage Shares 5x Long Magnificent 7 ETP listed on the London Stock Exchange. However this product is subject to European regulatory requirements and availability varies by broker and country of residence.

For 3x leverage on individual Magnificent Seven stocks — rather than the basket — single-stock leveraged ETPs are available for each of the seven companies through providers including Leverage Shares and GraniteShares on the LSE, and through Direxion and Defiance ETFs in the US.

MicroSectors Gold Miners 3X Leveraged ETN

Ticker: GDXU

GDXU is the primary US-listed product for investors seeking 3x daily leveraged exposure to gold mining stocks. It was launched on 2 December 2020 by Bank of Montreal under the MicroSectors brand.

• Issuer: Bank of Montreal (BMO) / MicroSectors
• Structure: Exchange Traded Note (ETN) — not an ETF
• Leverage: 3x bullish (long)
• Underlying index: S-Network MicroSectors Gold Miners Index
• Index composition: tracks GDX (VanEck Gold Miners ETF) and GDXJ (VanEck Junior Gold Miners ETF)
• Expense ratio: 0.95% per year
• AUM: approximately $2.77 billion
• Exchange: NYSE Arca
• Maturity date: June 29, 2040
• Inception date: 2 December 2020

GDXU resets its 3x leverage exposure at the end of every trading day. As an ETN it does not hold gold mining stocks directly — it is a debt instrument issued by BMO whose return is linked to the daily performance of the index. This introduces a counterparty risk that is absent from standard ETF structures, which is explained in detail in the risks section below.

As of May 2026, GDXU has delivered a 1-year return of approximately +173.88%, reflecting the strong performance of gold and gold mining stocks during this period. Past performance is not indicative of future results and leveraged products can produce severe losses in adverse market conditions.

Why gold miners behave differently from gold

Gold miners are not a direct proxy for the gold price — they are equity investments in companies that happen to produce gold. This distinction matters significantly when using leveraged products.

When gold prices rise, miners' profit margins often expand disproportionately because their production costs — labour, energy, equipment — are largely fixed. A 10% rise in the gold price can translate into a 30–40% improvement in a miner's earnings before any ETF leverage is applied. This natural operational leverage means gold miners tend to amplify gold's moves in both directions.

Adding 3x ETF leverage on top of this natural operational leverage creates a compounded effect. GDXU is not simply 3x the gold price — it is 3x the daily move of an index of companies that are themselves operationally leveraged to gold. In a strong gold bull market this can produce extraordinary returns. GDXU's 1-year return of approximately +173.88% as of May 2026 reflects precisely this dynamic.

The flip side is equally powerful. In a gold bear market, miners fall faster than gold itself, and 3x leverage on top of that amplifies losses to a degree that can devastate a portfolio within weeks. Investors should understand this layered leverage structure before using any of the products on this page.

ETN vs ETF — a structural difference that matters

GDXU and GDXD are Exchange Traded Notes, not Exchange Traded Funds. Many investors use these terms interchangeably — but the legal and structural difference is significant.

An ETF is a fund that holds assets on behalf of its shareholders. If the fund issuer were to go bankrupt, the underlying assets still belong to the fund's shareholders and would be returned to them. The shareholder's investment is protected by the asset ownership structure.

An ETN is a debt instrument — essentially an unsecured note issued by a bank. When you buy GDXU or GDXD, you are lending money to Bank of Montreal and receiving a promise that your return will be linked to the performance of the S-Network MicroSectors Gold Miners Index. If BMO were to default on its obligations, GDXU and GDXD holders would become unsecured creditors — not shareholders with a claim on underlying assets.

In practice, BMO is one of Canada's largest banks with a strong credit rating, making this risk theoretical rather than imminent. However it is a real structural risk that does not exist with NUGT or JNUG, which are standard open-ended ETFs.

For most short-term traders this distinction is irrelevant. For investors holding these products over weeks or months it is worth understanding.

Risks to understand before trading any leveraged gold miners product

Daily reset and volatility decay All four products reset their leverage exposure at the end of every trading day. In choppy sideways markets, the compounding of daily returns causes the fund's value to erode even if the underlying index ends the period flat. This effect — known as volatility decay — is the single most important concept to understand before holding any of these products for more than a single session.

Amplified losses 3x leverage amplifies losses as aggressively as gains. GDXU's 52-week range as of May 2026 spans from $49.77 to $540.78 — a range that illustrates the extreme price swings these products can experience. Investors can lose a very large proportion of their investment in a short period.

Counterparty risk (GDXU and GDXD only) As ETNs, GDXU and GDXD carry issuer credit risk that standard ETFs do not. The return on these products depends on Bank of Montreal honouring its obligations as note issuer.

Layered leverage Gold miners carry natural operational leverage to the gold price. Adding 3x ETF leverage on top creates a compounded effect that makes these among the most volatile instruments available to retail investors.

High expense ratios At 0.95%–1.15% annually, all four products are significantly more expensive than plain gold miners ETFs. GDX — the unleveraged gold miners ETF — charges 0.51% by comparison.

These products are not suitable for all investors. Please read each product's prospectus carefully before investing. Nothing on this page constitutes financial advice.

Can I buy these ETFs outside the United States?

GDXU, GDXD, NUGT, and JNUG are all US-listed products. Due to regulatory restrictions — primarily the EU's PRIIPs regulation and MiFID II — these products cannot be sold to retail investors in the European Economic Area or the United Kingdom without a Key Information Document (KID), which US issuers typically do not provide.

In practice, most European retail brokers including eToro, Trading 212, Degiro, and Freetrade will block access to these products for retail clients. Investors holding accounts with US brokers such as Interactive Brokers, Fidelity, or Charles Schwab as non-US residents may be able to access these products depending on their account type and classification.

European-listed alternatives

For investors outside the US seeking 3x leveraged exposure to gold miners, the following European-listed products may be available depending on your broker and country of residence:

• Leverage Shares 3x Long Gold Miners ETP — LSE-listed, targets 3x daily exposure to GDX.
• WisdomTree Gold Miners 3x Daily Leveraged ETP
• Product availability changes frequently.

How to buy leveraged gold miners ETFs — brokers and access

For US-based investors, all four products are available through standard brokerage accounts. No special account type is required — they trade like any other stock or ETF during regular market hours.

Brokers that carry these products include:

• Fidelity
• Charles Schwab / TD Ameritrade
• Interactive Brokers (IBKR)
• Robinhood
• Webull
• E*TRADE

Some brokers display a risk acknowledgement warning before your first purchase of a leveraged or inverse product. This is standard practice across the industry.

Note that some brokers restrict leveraged ETFs and ETNs in retirement accounts such as IRAs and Roth IRAs. Check your account terms if you intend to hold these products in a tax-advantaged account.

For GDXU and GDXD specifically — as ETNs they trade on NYSE Arca in the same way as standard ETFs. No special access or account classification is required beyond what your broker already provides.

Frequently Asked Questions