DULLMicroSectors Gold -3X Inverse Leveraged ETN
Seeks a return based on changes in the level of the SPDR Gold Shares ETF, compounded daily, before fees.
By BMO Capital Markets · Launched 2023
0.95%
#4,684 of 5,562 · expensive
$15M
#4,547 of 5,562 · small
-64.3%
3 years
#2,939 of 5,562 · seasoned
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
Classification
How Beacon categorizes this fundWhat it actually holds
By weightConcentration
Top 1 holdings = 100.0% of fundconcentrated
Asset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Where to buy
Listing
- Exchange
- NYSE Arca
Full fund details
- Objective
- Seeks a return based on changes in the level of the SPDR Gold Shares ETF, compounded daily, before fees.
- Strategy
- Invests in the SPDR Gold Shares ETF with a -3X leverage factor, reset daily. Designed for daily trading, not suitable for long-term holding.
- Inception date
- February 21, 2023
- Fund family
- BMO Capital Markets
Similar ETFs
Closest matches by profileOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Inverse ETF — daily tool only
Delivers the inverse of the benchmark's daily return. The compounding path makes multi-day holding unpredictable even when the benchmark's total move goes your way. Legitimate as a one-day hedge; dangerous as a view.
Source: Cheng & Madhavan (2009)
Why we flagged this: strategy=inverse + inverse_name_or_strategy
Leveraged ETF — not a long-term hold
This fund uses leverage to amplify daily returns (e.g. 2x or 3x of an index). Daily rebalancing creates volatility decay — over weeks and months, the fund's return drifts from the stated multiple. In trending markets with low realised volatility, leveraged index ETFs can outperform their nominal multiple; in sideways or volatile markets they bleed. Designed for short-term tactical use, not buy-and-hold.
Source: Cheng & Madhavan, 'The Dynamics of Leveraged and Inverse ETFs' (2009)
Why we flagged this: strategy=inverse + leveraged_name_or_strategy
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
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Data updated on 2026-06-19