At a glance
It has $32.8M in assets. Over the past year it returned −33.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned +39.5% a year.
The short version
MicroSectors Gold 3X Leveraged ETNs (SHNY) aim to deliver three times the daily return of a gold index, and the leverage resets every day. SHNY is an exchange-traded note. That makes it unsecured debt of the issuing bank, not a fund that owns gold. It gained 214.5% in 2025, then fell 71.9% between January 29 and October 23, 2026. It is built as a short-term trading tool, not a long-term holding.
Price history
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SHNY -33.6% 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 | |
|---|---|---|---|---|---|---|
| SHNY price data to Oct 27, 2026 | -44.3% | -33.6% | +39.5% | — | — | +34.4% |
- Over the year to Oct 27, 2026, SHNY returned -33.6%.
- Its worst full calendar year was 2024 (+50.3%); its best was 2025 (+214.5%).
- The deepest fall in its price history was 71.9% (Jan 29, 2026 to Oct 23, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -44.3% |
| 2025 | +214.5% |
| 2024 | +50.3% |
| 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 | Before this security existed |
How it works
SHNY aims to return three times the daily percentage change of a gold index, minus fees. It is a note, not a fund, so no manager picks holdings and there are no weighting rules or holdings reports. The notes own nothing on investors' behalf. Instead, the issuing bank promises to pay the leveraged index return. The terms are set out in the bank's offering documents, not in a fund prospectus.
The 3x exposure resets every day. That works as intended over a single day. Over longer periods, compounding (each day's gain or loss building on the last) pulls results away from three times the index's move. The gap is usually negative when prices swing back and forth. Say the index rises one day and falls by the same percentage the next. The index ends slightly lower, but a 3x daily product ends noticeably lower. Over weeks or months, SHNY can lose money even if the index ends higher.
As an ETN, SHNY carries the issuing bank's credit risk. Holders get paid only as long as the bank can pay. The bank can also redeem the notes early, which could end a position at an awkward time. SHNY has recorded no distributions.
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
Its 3x exposure resets daily, so results over months or years can stray far from three times the index's move, and holders also carry the issuing bank's credit risk.
SHNY launched on February 21, 2023, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its short history shows extreme swings. The weaker of its two full calendar years was a 50.3% gain in 2024, followed by 214.5% in 2025. Then it fell 44.3% in 2026 through October 27. Its deepest drop was 71.9%, from January 29 to October 23, 2026, and it had not recovered by October 27. Anyone who had to raise cash during a slump like that would lock in a deep loss.
SHNY pays no income and has recorded no distributions. Fees come out of the index return, and the bank's credit risk adds to the price risk. Past results don't predict future returns, and a retirement plan needs to look at the whole portfolio, not one holding.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders who want three times a gold index's daily move for very short holding periods and can watch positions every day.
- Traders who want leveraged gold exposure in one exchange-traded security, without margin accounts or options, and accept the issuing bank's credit risk.
- Risk-tolerant traders able to absorb swings like the 71.9% drop between January 29 and October 23, 2026.
Look elsewhere if
- Retirement or long-term investors seeking a gold hedge: the daily reset means multi-month results can differ sharply from three times the index's move.
- Income seekers: SHNY has recorded no distributions, so any return comes only from changes in the note's price.
- Investors who want actual gold or a fund holding assets for them; SHNY owns nothing and depends on the issuing bank's ability to pay.
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 SHNY a good long-term investment?
It isn't designed to be one. SHNY resets its 3x exposure daily, so over weeks or months compounding can push returns far from three times the index, usually lower in choppy markets. It returned 39.5% a year over the three years to October 27, 2026, but the path was extreme. It rose 214.5% in 2025, then fell 44.3% in 2026 through October 27, including a 71.9% drop from its January 29 peak.
Is SHNY an ETF or an ETN?
SHNY is an ETN, or exchange-traded note. It trades on an exchange like an ETF, but it is unsecured debt of the issuing bank, not a fund. It holds no gold or other assets on investors' behalf. The bank promises to pay three times the index's daily return, minus fees, only as long as it can pay, so the bank's credit matters. The bank can also redeem the notes early.
Does SHNY pay dividends?
No. SHNY has recorded no distributions, so any return comes only from changes in the note's price. That price aims to follow three times the daily move of a gold index, minus fees. Gold itself produces no income, so even unleveraged gold funds usually pay little or nothing. Investors who want regular income from their holdings would need to look at other kinds of investments.
What's the difference between SHNY and a gold ETF?
The main differences are leverage, the daily reset and the structure. A typical unleveraged gold fund aims to match gold's price over any holding period, and many hold physical bullion in a vault. SHNY aims for three times a gold index's daily move and resets every day. It owns nothing on investors' behalf, because it is a bank's unsecured note. It is also far more volatile: its one-year volatility was 87.2% as of October 27, 2026.
How much has SHNY fallen in 2026?
SHNY was down 44.3% for 2026 through October 27, and down 46.1% over the six months to that date. Its deepest decline was 71.9%, from a peak on January 29, 2026, to a low on October 23, 2026. It had not recovered by October 27. Before that, it gained 50.3% in 2024 and 214.5% in 2025. Triple leverage magnifies the index's daily moves in both directions.