At a glance
It has $12.8M in assets, the 5th largest of that group. Over the past year it returned −79.8% with distributions reinvested (S&P 500: +11.5%), 5th of those 7 funds; over three years it returned −52.0% a year.
The short version
MicroSectors Oil & Gas Exp. & Prod. -3x Inverse Leveraged ETN (OILD) is an exchange-traded note, unsecured BMO Financial Group debt, that aims to return three times the opposite of an oil and gas exploration and production index's daily move. It may suit short-term traders wanting a bigger bet than -2x rivals like DRIP. Because it resets daily, it is built for brief trades; it fell 79.8% in the year to Oct. 27, 2026.
Price history
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OILD -79.8% 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 | |
|---|---|---|---|---|---|---|
| OILD price data to Oct 27, 2026 | -77.9% | -79.8% | -52.0% | — | — | -57.6% |
- Over the year to Oct 27, 2026, OILD returned -79.8%, 5th of 7 among similar funds.
- Its worst full calendar year was 2025 (-41.7%); its best was 2024 (-14.6%).
- The deepest fall in its price history was 98.3% (Feb 25, 2022 to Oct 26, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -77.9% |
| 2025 | -41.7% |
| 2024 | -14.6% |
| 2023 | -19.6% |
| 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 | Not in the price data, which starts Feb 25, 2022 |
How it works
OILD is linked to an index of oil and gas exploration and production companies, the businesses that find and pump crude oil and natural gas. Its issuer, BMO Financial Group, promises to pay an amount based on three times the opposite of that index's daily return, minus fees. Because OILD is an exchange-traded note (ETN), not a fund, BMO owns no stocks or other assets on investors' behalf. There are no holdings to list or weights to explain.
The -3x target resets every day. When the index falls on a given day, OILD aims to rise three times as much in percentage terms, before fees. When the index rises, OILD aims to fall three times as much. Over longer periods those daily results compound, so returns can differ sharply from -3x the index's move. The gap is usually worse when prices swing back and forth. The note can lose value even if the index ends near where it started.
Holders are unsecured creditors of BMO. That means no collateral backs the bank's promise, so payment depends on BMO's ability to pay, whatever the index does. In addition, BMO can redeem the notes early, ending positions on its schedule rather than the holder's.
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 daily reset, ETN credit risk and losses in every full calendar year on record make it a tool for brief trades, not long-term holding.
OILD is built for daily bets and offers little to a long-term or retirement portfolio. Its price record starts Feb. 25, 2022, so it misses the 2008 and 2020 crashes and the start of the 2022 bear market. It lost money in every full calendar year on record: 19.6% in 2023, 14.6% in 2024 and 41.7% in 2025, its worst. It fell a further 77.9% in 2026 through Oct. 27. Its deepest drop, 98.3% from Feb. 25, 2022, to Oct. 26, 2026, had not recovered. Anyone needing to sell in a bad year could lock in steep losses.
It pays no income, with no distributions recorded. No expense ratio figure was available, though fees reduce the note's return. It also carries BMO's credit risk. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one holding.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a single-day -3x bet against oil and gas exploration and production stocks who monitor positions daily.
- Short-term traders who want a bigger daily multiple than -2x rivals such as DRIP and accept larger losses when a trade goes wrong.
- Experienced traders who understand ETNs and accept BMO Financial Group's credit risk and the chance the notes are redeemed early.
Look elsewhere if
- Buy-and-hold and retirement investors: OILD lost money in every full calendar year on record, including 41.7% in 2025.
- Income seekers: no distributions have been recorded for OILD, so it provides no cash flow to spend or reinvest.
- Investors wanting a fund that owns assets: OILD is unsecured BMO debt, holds nothing on holders' behalf, and can be redeemed early.
Close alternatives
Matched by leveraged/inverse funds on the same index (energy), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| OILD this fund | -3× | — | $12.8M | -79.8% | -52.0% |
| WTID MicroSectors Energy 3X Inverse Leveraged ET… | -3× | — | $2.5M | -82.7% | -55.0% |
| SCO ProShares UltraShort Bloomberg Crude Oil | -2× | — | $175.0M | -77.3% | -37.8% |
| DRIP Direxion Daily S&P Oil & Gas Exp. & Prod. B… | -2× | — | $53.1M | -65.7% | -31.9% |
| ERY Direxion Daily Energy Bear 2X Shares | -2× | — | $17.8M | -62.1% | -32.6% |
| DUG ProShares UltraShort Energy | -2× | — | $17.4M | -62.3% | -33.0% |
| NRGD MicroSectors U.S. Big Oil -3 Inverse Levera… | -1× | — | — | -87.4% | — |
Questions investors ask
Is OILD good for retirement?
It isn't built for that. OILD is a -3x inverse note meant for short-term trading. It lost money in every full calendar year on record: 19.6% in 2023, 14.6% in 2024 and 41.7% in 2025. It fell a further 77.9% in 2026 through Oct. 27. Its deepest drop, 98.3% from Feb. 25, 2022, to Oct. 26, 2026, had not recovered. A loss that deep would be hard to make up for anyone drawing on savings.
Is OILD an ETF or an ETN?
OILD is an exchange-traded note (ETN), not an exchange-traded fund (ETF). It trades on an exchange like a stock, but it is unsecured debt issued by BMO Financial Group, launched on Nov. 8, 2021. It owns no assets on investors' behalf. BMO simply promises to pay the index-linked return minus fees. Holders therefore depend on BMO's ability to pay, and BMO can redeem the notes early.
Does OILD return -3x the index over a year?
Not reliably. OILD targets -3x the index's return for a single day, then resets. Over weeks or months those daily results compound, so its return can differ sharply from -3x the index's move over the same period. The gap is usually worse in choppy markets. OILD's own swings have been wide. Its volatility, a measure of how sharply its price moves, was 67% over the year to Oct. 27, 2026, a period in which it lost 79.8%.
Does OILD pay dividends?
No. No distributions have been recorded for OILD. As an exchange-traded note, it doesn't own the oil and gas stocks in its index, so holders don't collect their dividends. Any gain or loss comes from changes in the note's price, which makes it a poor fit for anyone who needs regular cash from a holding.
What's the difference between OILD and DRIP?
The main difference is leverage. Both aim to move opposite to oil and gas exploration and production stocks each day, but OILD targets -3x the daily move and DRIP -2x. OILD is also an ETN, which adds BMO's credit risk. As of Oct. 27, 2026, OILD returned -79.8% over one year versus -65.7% for DRIP. Over three years it returned -52% a year versus -31.9%. DRIP is larger, with $53.1 million in net assets against OILD's $12.8 million.