At a glance
Over the past year it returned +263.6% with distributions reinvested (S&P 500: +11.5%), the best of those 7 funds.
The short version
MicroSectors U.S. Big Oil 3 Leveraged ETN (NRGU) is an exchange-traded note (ETN), which is unsecured debt of BMO Financial Group. It aims to return three times the daily move of an index of large U.S. oil companies. Unlike 2x energy funds such as GUSH and ERX, it owns no assets for holders and depends on the bank's ability to pay. Its daily reset makes it a short-term trading tool.
Price history
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NRGU +263.6% 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 | |
|---|---|---|---|---|---|---|
| NRGU price data to Oct 27, 2026 | +291.2% | +263.6% | — | — | — | +77.4% |
- Over the year to Oct 27, 2026, NRGU returned +263.6%, 1st of 7 among similar funds.
- The deepest fall in its price history was 57.5% (Feb 20, 2025 to Apr 10, 2025), recovered by Feb 4, 2026.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +291.2% |
| 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
NRGU is an exchange-traded note, not a fund. A holder owns an unsecured promise from BMO Financial Group to pay a return linked to an index of large U.S. oil companies, minus fees. The bank holds no oil stocks on holders' behalf. The note also doesn't file the fund prospectus or holdings reports that would show which companies the index includes or how each is weighted.
The leverage resets every day. As its name indicates, the note aims for three times the index's move on a single day, then starts over. Over longer stretches, compounding (each day's gain or loss building on the last) can pull results far from three times the index. The effect is usually for the worse when prices zigzag. Leverage also magnifies losses. NRGU fell 57.5% between February 20 and April 10, 2025, and didn't regain that peak until February 4, 2026. As of October 27, 2026, it was up 77.4% since launch, versus 263.6% over the prior year alone.
Two more mechanics matter. The notes pay only as long as BMO can pay, so the bank's credit standing is part of the risk. And the issuer can redeem the notes early, which could cut a trade short at an unwelcome time.
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 2× 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
Daily-reset 3x leverage, dependence on BMO Financial Group's credit and volatility of 82.5% over the year to October 27, 2026, make NRGU an instrument for short-term trades, not long-term saving.
NRGU launched on February 19, 2025, so it has no record through the 2008, 2020 or 2022 market downturns. Its short history is a warning. It fell 57.5% between February 20 and April 10, 2025, and took about 9.9 months to recover. Volatility, a measure of how widely the price swings, was 82.5% over the year to October 27, 2026. A retiree forced to cash out near the April 2025 low would have locked in a loss of more than half. NRGU has recorded no distributions, so it adds no income. No expense ratio was available for comparison.
Its 263.6% gain over the year to October 27, 2026, reflects leveraged exposure to oil stocks, and leverage works just as hard on the way down. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a magnified one-day bet on large U.S. oil stocks who can check the position every trading day.
- Traders wanting 3x exposure rather than the 2x offered by energy funds such as GUSH, ERX and DIG.
- Short-term speculators who accept BMO Financial Group's credit risk, possible early redemption and drops like the 57.5% slide of early 2025.
Look elsewhere if
- Retirees and long-term savers, since daily resets can push returns over months far from three times the index.
- Income seekers: NRGU has recorded no distributions, so returns depend entirely on price moves.
- Investors who want to own oil companies directly: as a note, NRGU holds no assets and files no fund holdings reports.
Close alternatives
Matched by leveraged/inverse funds on the same index (energy), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| NRGU this fund | 2× | — | — | +263.6% | — |
| UCO ProShares Ultra Bloomberg Crude Oil | 2× | — | $437.9M | +200.6% | +23.9% |
| GUSH Direxion Daily S&P Oil & Gas Exp. & Prod. B… | 2× | — | $270.5M | +120.6% | +13.2% |
| ERX Direxion Daily Energy Bull 2X Shares | 2× | — | $267.9M | +127.5% | +31.2% |
| DIG ProShares Ultra Energy | 2× | — | $90.8M | +126.9% | +31.1% |
| OILU MicroSectors Oil & Gas Exp. & Prod. 3x Leve… | 3× | — | $49.7M | +171.8% | +17.6% |
| WTIU MicroSectors Energy 3X Leveraged ETNs | 3× | — | $20.3M | +185.3% | +17.8% |
Questions investors ask
Is NRGU good for long-term investing?
It isn't designed for long-term holding. NRGU resets its leverage daily. Over months, compounding can pull returns far from three times the index, usually for the worse in choppy markets. Its record shows the risk: it fell 57.5% between February 20 and April 10, 2025, and took about 9.9 months to recover. It's also unsecured debt of BMO Financial Group, so it depends on the bank's ability to pay.
Is NRGU an ETF or an ETN?
NRGU is an exchange-traded note (ETN), not an ETF. It trades on an exchange like a stock. But it's unsecured debt issued by BMO Financial Group rather than a fund that owns shares. The bank promises to pay the leveraged index return minus fees. If the bank couldn't pay, holders could lose money even if oil stocks rose. BMO can also redeem the notes early.
NRGU vs OILU: what's the difference?
Both are MicroSectors 3x leveraged exchange-traded notes, so both depend on the issuing bank's ability to pay. NRGU's name points to big U.S. oil companies, while OILU's points to oil and gas exploration and production companies. Over the year to October 27, 2026, NRGU returned 263.6% versus 171.8% for OILU. NRGU's return was the top result among seven similar leveraged energy products. OILU's record goes back at least three years, while NRGU launched on February 19, 2025.
Does NRGU pay dividends?
No. NRGU has recorded no distributions. Any return comes from changes in the note's price, which aims to track three times the daily move of an index of large U.S. oil companies. Because it's a note, holders don't own the oil companies' shares or collect their dividends directly. For income from energy companies, funds that hold the stocks outright may be worth comparing.
How much can NRGU lose?
A great deal, and quickly. Leverage magnifies daily losses as well as gains. Shortly after its February 19, 2025, launch, NRGU fell 57.5% from its February 20 peak to its April 10 low. It didn't recover until February 4, 2026. Even in the strong year to October 27, 2026, its deepest drop was 43.9%. Because it's unsecured bank debt, trouble at BMO Financial Group could add losses unrelated to oil prices.