At a glance
Over the past year it returned +12.3% with distributions reinvested (S&P 500: +11.5%); over three years it returned +84.9% a year. At its worst it fell 92.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 36 months after the low.
The short version
MicroSectors Solactive FANG & Innovation 3X Leveraged ETN (BULZ) is an exchange-traded note, a form of bank debt, from BMO Financial Group that aims to deliver three times the daily return of a Solactive index of big tech and innovation stocks. It owns no assets for holders, so BMO's credit matters, and its daily reset makes it a short-term trading tool. It lost 92.3% in 2022, then gained 394.2% in 2023.
Price history
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BULZ +12.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BULZ price data to Oct 27, 2026 | +36.5% | +12.3% | +84.9% | +4.5% | — | +7.0% |
- Over the year to Oct 27, 2026, BULZ returned +12.3%.
- Its 5-year annualized return was +4.5%.
- Its worst full calendar year was 2022 (-92.3%); its best was 2023 (+394.2%).
- The deepest fall in its price history was 94.4% (Nov 19, 2021 to Dec 28, 2022), recovered by May 1, 2026.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +36.5% |
| 2025 | +60.1% |
| 2024 | +54.1% |
| 2023 | +394.2% |
| 2022 | -92.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 92.1% over that stretch · deepest drop along the way 92.1%, back to its old high 35.9 months after the low |
How it works
BULZ is an exchange-traded note (ETN), not a fund. An ETN is an unsecured IOU from a bank, here BMO Financial Group, that trades on an exchange like a stock. BMO promises a return tied to three times the daily change in a Solactive FANG & Innovation index, minus fees. The note owns no stocks on holders' behalf, so if BMO ran into trouble, holders could lose money even if the index rose. BMO can also redeem the notes early.
The index is calculated by Solactive, an index provider, under set rules covering which stocks it includes, how they are weighted and when it rebalances. Because BULZ is bank debt, there is no fund prospectus or holdings report listing those stocks. The details come from Solactive and from BMO's offering documents for the notes.
The 3x target applies to each single day. Exposure resets at every close, so over weeks or months compounding can push results far from three times the index, usually lower in choppy markets. If the index rises one day and falls by the same percentage the next, the index ends slightly down while the note ends down by much more. Steady one-way rallies can help. A severe one-day fall in the index could erase most of the note's value.
What it really costs
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- An exchange-traded note: unsecured debt of the issuing bank, not a fund. It owns no assets on investors’ behalf; it pays the index return minus fees only as long as the issuer can pay, so the bank’s credit matters, and the issuer can redeem the notes early.
In a retirement portfolio
BULZ is a daily-reset 3x note backed only by BMO's credit, it lost 92.3% in 2022, and it is built for short-term trades rather than long holding periods.
BULZ launched on August 17, 2021, so it has no record for the 2008 financial crisis or the 2020 COVID crash. It lost 92.3% in 2022, its worst calendar year. In that year's bear market it fell 92.1% from January 3 to October 11 and did not regain that level until October 8, 2025, about 36 months later. Its deepest drop, 94.4% from November 19, 2021, to December 28, 2022, took about 40 months to recover. Someone who held from early 2022 and had to cash out that fall locked in near-total losses. It has paid no distributions, and its fees come out of the note's return.
Beyond a short-term bet, it adds little to a long-term portfolio. The daily reset and BMO's credit risk make long holds unpredictable. Past results don't predict the future, and a retirement plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who check positions daily and want a short-term, three-times bet on a Solactive index of big tech and innovation stocks.
- Experienced investors who understand that daily resets can push multi-week results far from 3x the index, usually lower in choppy markets.
- Traders who can handle swings like its 55.3% peak-to-trough drop in the year to October 27, 2026, and who accept BMO's credit risk.
Look elsewhere if
- Retirees, or anyone who may need cash in a bad year. BULZ lost 92.3% in 2022 and took years to recover.
- Income seekers. BULZ has recorded no distributions, so any return depends entirely on its sharply swinging price.
- Long-term investors who want an actual fund with published holdings. BULZ is unsecured BMO debt that owns no stocks and can be redeemed early.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is BULZ good for long-term investing?
No. BULZ is built for short-term trading, not long-term holding. It resets its 3x exposure every day, and over longer periods compounding can make returns differ sharply from three times the index. The gap is usually negative in choppy markets. Its history shows the extremes: it lost 92.3% in 2022, gained 394.2% in 2023, and returned 4.5% a year over the five years to October 27, 2026.
Is BULZ an ETF or an ETN?
BULZ is an ETN, or exchange-traded note, not an ETF. An ETF is a fund that owns assets for its shareholders. An ETN is unsecured debt issued by a bank, in this case BMO Financial Group. BULZ owns no stocks for its holders. It pays a return tied to three times the index's daily moves, minus fees, but only as long as BMO can pay. BMO can also redeem the notes early, which could end a position at an awkward time.
Does BULZ pay dividends?
No. BULZ has no recorded distributions, so it has no yield and provides no income. Any gain or loss comes from changes in its price, and those changes have been large. As of October 27, 2026, it was up 36.5% for the year to date but down 22.1% over the prior month. No income plus steep swings makes it an awkward fit for anyone who relies on regular payouts.
How much did BULZ lose in 2022?
BULZ lost 92.3% in 2022, its worst calendar year. In the 2022 bear market it fell 92.1% from January 3 to October 11, 2022, and did not get back to its January 3 level until October 8, 2025. Its deepest drop overall was 94.4%, from November 19, 2021, to December 28, 2022. Climbing back took about 40 months and huge gains, including 394.2% in 2023. It regained its November 2021 peak on May 1, 2026.
Why doesn't BULZ return 3 times the index over a year?
Because the 3x target applies to each single day. BULZ resets its exposure at every close, so daily gains and losses compound. When the index rises and falls by turns, that compounding usually pulls results below three times the index's return. In a steady rally it can work the other way. Deep losses also need much larger gains to recover. BULZ gained 532% over the three years to October 27, 2026, but only 24% over five years, a stretch that includes its 92.3% loss in 2022.