At a glance
It has $2.6M in assets. Over the past year it returned −36.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned −58.6% a year.
The short version
MicroSectors Gold -3X Inverse Leveraged ETNs (DULL) are exchange-traded notes issued by BMO Financial Group that aim to deliver -3 times the daily return of a gold index. The notes are unsecured bank debt, not a fund, and their exposure resets every day. That makes DULL a short-term tool for betting against gold; it lost 93% over the three years to October 27, 2026.
Price history
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DULL -36.7% 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 | |
|---|---|---|---|---|---|---|
| DULL price data to Oct 27, 2026 | -18.3% | -36.7% | -58.6% | — | — | -54.8% |
- Over the year to Oct 27, 2026, DULL returned -36.7%.
- Its worst full calendar year was 2025 (-80.6%); its best was 2024 (-51.7%).
- The deepest fall in its price history was 97.1% (Oct 5, 2023 to Mar 2, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -18.3% |
| 2025 | -80.6% |
| 2024 | -51.7% |
| 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 | Before this security existed |
How it works
DULL is not a fund. It is an exchange-traded note (ETN): unsecured debt of BMO Financial Group, meaning a promise to pay that is not backed by specific collateral. The note pays a return linked to an index, minus fees. It owns no gold, gold futures or other assets on investors' behalf, so there are no holdings to pick, weight or rebalance. Holders are paid only as long as the bank can pay, so BMO's credit matters alongside gold's moves. The issuer can also redeem the notes early, ending positions on its schedule rather than the holder's.
The notes aim to return -3 times the daily percentage change of a gold index. On a day the index falls, the notes should rise about three times as much, before fees; on a day it rises, they should fall about three times as much. The -3x target resets every day. Over longer periods, each day's result compounds on the last, so returns can differ sharply from -3 times the index's move over the same span, usually for the worse when gold swings up and down.
That design is built for short-term trading, not long-term holding. The notes pay no distributions, so any return comes only from changes in their price.
What it really costs
Structure and tax notes
- Resets its inverse 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
Its -3x inverse gold exposure resets daily and it is unsecured bank debt, a design built for short-term trading rather than long-term holding.
Launched on February 22, 2023, DULL has no record from the 2008, 2020 or 2022 market downturns. Its own history is harsh: it lost 51.68% in 2024 and 80.59% in 2025, and was down 18.29% for 2026 through October 27. From a peak on October 5, 2023, it fell 97.1% to a low on March 2, 2026, and had not recovered as of October 27, 2026. Anyone forced to cash out in a slump could lock in losses that would take a many-fold gain to undo.
Beyond a short-term bet against gold, it adds little to a long-term portfolio. The notes pay no income, and fees come out of the return they pay. Because they are unsecured debt of BMO Financial Group, the bank's credit also matters. Past results don't predict the future, and a retirement plan needs to look at the whole portfolio, not a single holding.
Who it may suit — and who should look elsewhere
May suit
- Active traders betting on short-term drops in gold who can check positions daily and act quickly when a trade turns against them.
- Experienced investors who understand that the daily reset makes returns over weeks or months drift from -3 times the gold index, often for the worse.
- Traders comfortable owning unsecured debt of BMO Financial Group, earning no income and facing annualized volatility of 83.7% in the year to October 27, 2026.
Look elsewhere if
- Retirement savers seeking a long-term holding: DULL lost 51.68% in 2024 and 80.59% in 2025, and fell 97.1% from its October 2023 peak.
- Income seekers, since the notes have paid no distributions and hold no stocks or bonds that could produce dividends or interest.
- Investors who want assets held on their behalf: as an ETN, DULL depends on BMO Financial Group's ability to pay 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
What is DULL and how does it work?
DULL is an exchange-traded note from BMO Financial Group that aims to return -3 times the daily performance of a gold index, minus fees. On a day the index falls, the notes should gain about three times that move; on a day it rises, they should lose about three times as much. Because the target resets daily, returns over weeks or months can differ sharply from -3 times the index's return over the same period.
Is DULL a good long-term investment?
DULL is not built for long-term holding. Its -3x exposure resets every day, so over longer periods returns compound away from -3 times the gold index, usually for the worse in choppy markets. Its record shows the effect: as of October 27, 2026, it had lost 93% over three years. It fell 97.1% from a peak on October 5, 2023, to a low on March 2, 2026, and had not recovered by October 27, 2026.
Is DULL an ETF or an ETN?
DULL is an ETN, not an ETF. An exchange-traded note is unsecured debt of the issuing bank, here BMO Financial Group. Unlike an ETF, it owns no gold or other assets on investors' behalf. It promises to pay the index-linked return minus fees, but only as long as the bank can pay, so BMO's credit is a risk on top of gold's moves. The issuer can also redeem the notes early.
Does DULL pay dividends?
No. DULL has made no distributions, and as an exchange-traded note it holds no stocks or bonds that could produce dividends or interest. Any gain or loss comes only from changes in the notes' price, which is tied to -3 times the daily move of a gold index, minus fees. It offers nothing for investors seeking regular income.
Why has DULL lost so much value?
Its -3x inverse design and daily reset drive the losses. Each day it aims to move about three times opposite a gold index, so gains in gold hit it hard. The daily reset also compounds losses and erodes value when prices swing back and forth. It lost 51.68% in 2024 and 80.59% in 2025, and was down 18.29% for 2026 through October 27. Annualized volatility, a measure of price swings, was 83.7% over the year to that date.