What is the primary difference in the investment focus between JNUG and NUGT?

JNUG and NUGT are both leveraged ETFs, but they target different segments of the gold mining sector. JNUG focuses on junior gold miners, providing exposure to smaller, often more volatile exploration and development companies. Conversely, NUGT targets major gold miners, offering exposure to larger, established companies with more operational history. This distinction means their performance can diverge significantly based on the relative strength of small-cap versus large-cap mining stocks.

How do the expense ratios of JNUG and NUGT compare?

JNUG has an expense ratio of 1.03%, while NUGT's is 1.13%. This results in a difference of 0.10 percentage points. For every £1,000 invested, this equates to a £1 difference in annual fees. While JNUG's fee is slightly lower, both ratios are relatively high compared to non-leveraged funds, reflecting the complexity of managing daily leveraged positions. Investors should consider these costs alongside the funds' specific risks and intended short-term usage.

What does the top holding weight indicate for each fund?

JNUG's top holding is GDXJ at 13.85%, indicating its focus on the junior miners index. NUGT's top holding is GDX at 23.59%, showing significant weight in the major gold miners index. This concentration highlights how each fund derives its exposure from these underlying index ETFs. The higher weight in GDX for NUGT suggests a more direct correlation to large-cap gold miner performance, whereas JNUG's exposure is more diluted across the junior sector.

How do the net assets of JNUG and NUGT affect their liquidity?

NUGT has net assets of £1.2 billion, whereas JNUG has £494 million. Greater assets under management, as seen with NUGT, often correlate with higher liquidity and tighter bid-ask spreads, making trading potentially easier for large orders. JNUG's smaller size indicates moderate scale suitable for typical trading needs. Investors should be aware that lower liquidity can sometimes result in higher trading costs or difficulty entering/exiting positions in larger sizes.

How do the dividend yields of JNUG and NUGT compare?

JNUG reports a dividend yield of 1.65%, significantly higher than NUGT's 0.41%. For ETFs, distributions often come from dividends received from underlying holdings or securities lending revenue, but yields can fluctuate and are not guaranteed. The higher yield in JNUG might reflect the different income characteristics of junior miners versus major miners. However, leveraged funds are generally not recommended for long-term income strategies due to their intended short-term holding periods.

What is the difference in operational history between JNUG and NUGT?

NUGT was launched on December 8, 2010, while JNUG began trading on October 3, 2013. This means NUGT has a longer track record, providing more historical data for analysis. JNUG's shorter operational history might offer less comprehensive long-term performance insights. For investors considering these funds, the length of history can impact the confidence in data reliability, though past performance never guarantees future results, especially for volatile leveraged instruments.

Are there any shared top holdings between JNUG and NUGT?

According to the provided data, there are no shared top ten holdings listed for JNUG and NUGT. JNUG's primary exposure is via GDXJ, while NUGT's main holding is GDX. This lack of overlap in their top holdings underscores their distinct investment focuses on junior versus major gold miners. It suggests that their returns may not be perfectly correlated, as they track different underlying sectors of the gold mining industry.

What risks are associated with JNUG's focus on junior miners?

JNUG tracks the junior gold miners index, which introduces higher volatility and specific sector risk. Junior mining companies are often pre-revenue or in early exploration stages, making their share prices more sensitive to commodity prices, discovery news, and financing conditions. This contrasts with the more established profile of major miners. The leveraged 2x structure amplifies these underlying risks, making JNUG potentially more volatile than NUGT in both rising and falling markets.

What is a key consideration regarding the holding period for these funds?

Both JNUG and NUGT feature a leveraged daily bull structure. A critical point is that they are not designed for long-term buy-and-hold investing. Due to daily rebalancing, compounding effects can cause performance to deviate from simple multiples of the underlying index over multi-day periods. Investors should understand that holding these funds for extended durations introduces complexities and potential decay, making them generally unsuitable for multi-day or long-term strategies.

What information is missing regarding the sector weights for these funds?

For both JNUG and NUGT, the sector weights are listed as 'not available' in the provided data. This absence means investors cannot directly compare the granular industry or geographical diversification within each fund's portfolio. Without this data, relying solely on top holdings like GDXJ or GDX provides a limited view of risk exposure. Users should consult the fund providers' official documentation for more detailed portfolio breakdowns when conducting thorough analysis.

How does the fee difference impact potential returns over time?

JNUG's expense ratio of 1.03% is 0.10% lower than NUGT's 1.13%. Over time, a lower fee means less drag on returns. For example, on a £10,000 investment, the annual fee difference is £10. While this seems small, the impact compounds over years. However, since these are leveraged daily funds, long-term holding is discouraged. Therefore, the fee difference is more relevant for very short-term tactical traders looking to minimise costs within daily positions.

Which fund is typically associated with short-term tactical trading goals?

Both JNUG and NUGT are associated with short-term tactical trading goals rather than long-term wealth accumulation. Given their 2x daily leverage, they are instruments for expressing views on the gold mining sector over very short timeframes, such as days. JNUG targets junior miner volatility, while NUGT targets major miners. Traders use these for hedging or leveraging intraday to daily movements. They are unsuitable for passive buy-and-hold investors due to structural decay risks.

JNUG vs NUGT

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

This page compares JNUG and NUGT, two Direxion leveraged ETFs. It reviews their expense ratios, net assets, dividend yields, holdings and tracking methods. JNUG focuses on junior miners via GDXJ; NUGT covers major miners via GDX. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

JNUG

Metric

NUGT

1.03%

Expense Ratio

1.13%

1.65%

Dividend Yield

0.41%

$494.12M

Net Assets

$1.18B

Holdings

Oct 3, 2013

Inception Date

Dec 8, 2010

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Index Tracked

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Trading--Leveraged Equity

Fund Category

Trading--Leveraged Equity

JNUG costs about $10.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

Discover More Comparisons

GDXU vs NUGT

Compare GDXU and NUGT leveraged gold miner ETFs. Review 0.95% vs 1.13% expense ratios, 0.00% vs 0.41% dividend yields, holdings and daily tracking differences.

Investment Analysis

JNUG

Pros

Expense ratio is 1.03%, which is slightly lower than the comparable fund's fee.
Net assets of $494 million indicate moderate scale suitable for typical trading needs.
Dividend yield of 1.65% provides a higher income component than the peer fund.

Considerations

Leveraged structure means it is not designed for long-term buy-and-hold investing.
Inception in October 2013 shows a shorter operational history than the older competitor.
Tracking the junior gold miners index introduces higher volatility and specific sector risk.

NUGT

Pros

Net assets of $1.2 billion suggest greater liquidity and tighter trading spreads.
Inception in December 2010 demonstrates a longer track record of operation.
Holds a significant weight in the large-cap gold miners index ETF GDX.

Considerations

Expense ratio of 1.13% is higher than the junior miners counterpart fund.
Dividend yield of 0.41% is significantly lower than the peer fund's income.
Leveraged daily bull structure makes it unsuitable for multi-day holding periods.

About JNUG and NUGT

JNUG (JNUG)

This exchange-traded fund is designed for sophisticated investors seeking leveraged exposure to junior gold mining companies. It aims to deliver twice the daily performance of the NYSE Arca Gold Miners Index. While this structure can amplify potential gains if the gold sector rises on a given day, it also magnifies losses during downturns. The fund's strategy relies on daily resetting, meaning its performance over longer holding periods may not equal two times the cumulative return of the benchmark due to compounding effects. With 14 holdings, it offers focused exposure to this specific segment of the mining industry. It is a high-risk instrument intended primarily for short-term trading rather than long-term buy-and-hold strategies, given the inherent volatility of both gold prices and leveraged derivatives.

NUGT (NUGT)

The Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) is a leveraged exchange-traded fund designed to provide twice the daily performance of gold mining stocks. It targets an index composed of companies involved in the gold mining sector, offering amplified exposure to movements in gold prices and mining company valuations. As a leveraged product, NUGT uses financial derivatives and debt to achieve its 2x objective, which can lead to significant volatility. Investors should understand that leveraged ETFs are typically intended for short-term trading rather than long-term holding due to the effects of compounding, which may cause returns to deviate from the underlying index over longer periods. The fund has an expense ratio of 1.13% and holds approximately 23 positions. While it offers potential for high returns in rising markets, it also magnifies losses in declining markets, making it suitable for experienced investors who can monitor positions closely.

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JNUG vs NUGT

Fund Snapshot

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GDXU vs NUGT

Investment Analysis

JNUG

Pros

Considerations

NUGT

Pros

Considerations

About JNUG and NUGT

Buy JNUG or NUGT in Nemo

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6% Interest on Cash

Frequently asked questions

What is the primary difference in the investment focus between JNUG and NUGT?

How do the expense ratios of JNUG and NUGT compare?

What does the top holding weight indicate for each fund?

How do the net assets of JNUG and NUGT affect their liquidity?

How do the dividend yields of JNUG and NUGT compare?

What is the difference in operational history between JNUG and NUGT?

Are there any shared top holdings between JNUG and NUGT?

What risks are associated with JNUG's focus on junior miners?

What is a key consideration regarding the holding period for these funds?

What information is missing regarding the sector weights for these funds?

How does the fee difference impact potential returns over time?

Which fund is typically associated with short-term tactical trading goals?

Fund Snapshot

About JNUG and NUGT

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GDXU vs NUGT