MicroSectors Energy 3X Inverse Leveraged ETNs

WTIDBMO Financial GroupCommodityLeveraged 3×Inverse
Expense ratio—
Net assets$2.5M
Holdings—
Yield (TTM)—
1 week+4.6%
1 month-26.3%
3 months-47.5%
6 months-59.0%
YTD-81.8%
1 year-82.7%
3 years*-55.0%

Total returns with distributions reinvested; * a year. Prices as of Oct 27, 2026 · filings through — · page updated Nov 3, 2026

At a glance

It has $2.5M in assets, the 6th largest of that group. Over the past year it returned −82.7% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds; over three years it returned −55.0% a year.

The short version

WTID, the MicroSectors Energy 3X Inverse Leveraged ETNs, is an exchange-traded note (ETN) from BMO Financial Group. An ETN is unsecured bank debt, not a fund, and this one is designed to return -3 times the daily return of an energy index. Because that triple inverse bet resets every day, it is built for short-term trading. It lost 82.7% over the year to October 27, 2026, ranking 6th of 7 similar inverse energy products.

Price history

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WTID -82.7% over the year to Oct 27, 2026, total return with distributions reinvested.

Prices through Oct 27, 2026. Total return: the price with distributions reinvested.

How it has behaved

Volatility (1 year)74.2%annualized; the S&P 500 is usually 15–20%
Worst drop (1 year)-85.4%3 years: -93.0% · all history: -95.1%
Beta vs S&P 5001.50moves more than the market
Sharpe ratio (1 year)-1.17return above cash per unit of risk
Since launch-50.0%a year over 3.7 years
52-week range$1.92 – $12.82
Last price $2.10 on Oct 27, 2026, 83.6% below the 52-week high · below its 200-day average ($4.87).
YTD1 yr3 yr5 yr10 yrSince start
WTID price data to Oct 27, 2026-81.8%-82.7%-55.0%——-50.0%
Multi-year figures are annualized total returns with distributions reinvested. "Official" figures are the SEC-standard returns from the fund's prospectus; the price-data row is computed from daily prices.
  • Over the year to Oct 27, 2026, WTID returned -82.7%, 6th of 7 among similar funds.
  • Its worst full calendar year was 2025 (-44.5%); its best was 2024 (-7.9%).
  • The deepest fall in its price history was 95.1% (Mar 15, 2023 to Oct 26, 2026), not yet recovered.
-8%2024-45%2025-82%2026*
-8%2024-45%2025-82%2026*
Calendar-year total returns from price data, distributions reinvested. * 2026 is year to date.
Show as a table
YearPrice data
2026 (to date)-81.8%
2025-44.5%
2024-7.9%
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

WTID is not a fund, so it does not choose holdings. It is an exchange-traded note (ETN): unsecured debt of BMO Financial Group that trades like a stock. It owns no assets on holders' behalf. Instead, the bank promises a return linked to an energy index, minus fees. That promise is only as good as BMO's ability to pay. BMO can also redeem, or pay off, the notes early.

“Inverse” means the note moves opposite to its index. “3X leveraged” means it triples that move, measured day by day. On a day the index falls, the note is designed to rise by about three times that percentage, before fees. On a day the index rises, it should fall by about three times as much. The exposure then resets.

Because of that daily reset, gains and losses compound. Over weeks or months, the note's return can differ sharply from -3 times the index's return. It is usually worse when prices swing up and down. Deep losses are also hard to undo: a note that has lost most of its value needs a far larger gain to get back to even. WTID lost 91% over the three years to October 27, 2026. It is built for short-term trading.

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

    RoleShort-term trading tool — not for retirement portfolios

    WTID is a -3x inverse ETN that resets daily and carries bank credit risk, it is built for brief trades, and it lost 95.1% from its 2023 peak.

    WTID launched on February 15, 2023, so it has no history through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its own record is severe. It lost 7.9% in 2024 and 44.5% in 2025, its worst full calendar year. In 2026 it lost a further 81.9% through October 27, and that is only part of the year. From its peak on March 15, 2023, it fell 95.1% by October 26, 2026, and had not recovered. A retiree who needed to raise cash from it after a slide like that would lock in most of the loss.

    It offers no income, because no distributions have been recorded. Fees come out of its index-linked return. Holders also carry BMO Financial Group's credit risk, which is the chance the bank cannot pay what it owes. Past results don't predict future ones, and a retirement plan needs to weigh the whole portfolio, not any single holding.

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    Who it may suit — and who should look elsewhere

    May suit

    • Active traders who want a single-day bet against an energy index at three times the daily move and who watch positions closely.
    • Traders comfortable with BMO Financial Group's credit risk, because an ETN is unsecured bank debt that owns no assets for holders.
    • Traders briefly offsetting energy exposure who can handle big price swings: annualized volatility was 74.2% over the year to October 27, 2026.

    Look elsewhere if

    • Long-term and retirement investors: daily resets distort multi-year results, and WTID lost 91% over the three years to October 27, 2026.
    • Income seekers: no distributions have been recorded, and the note pays only its index-linked return, minus fees.
    • Those wanting less leverage or more scale: -2x inverse products ERY, DUG and SCO each have more assets than WTID's roughly $2.5 million.

    Close alternatives

    Matched by leveraged/inverse funds on the same index (energy), same direction.

    FundExposureCostNet assets1 yr3 yr
    WTID this fund-3×—$2.5M-82.7%-55.0%
    OILD MicroSectors Oil & Gas Exp. & Prod. -3x Inv…-3×—$12.8M-79.8%-52.0%
    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%—
    Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.

    Questions investors ask

    Is WTID good for retirement?

    No, WTID is not built for retirement portfolios. It is a -3x inverse exchange-traded note that resets daily, so results over months or years can drift far from -3 times its energy index. It fell 95.1% from its March 15, 2023 peak to October 26, 2026, and had not recovered. It pays no distributions. As unsecured debt of BMO Financial Group, it also depends on the bank's ability to pay.

    What's the difference between WTID and OILD?

    Both are -3x inverse MicroSectors exchange-traded notes, but they are tied to different parts of the energy market. WTID follows an energy index, while OILD is linked to oil and gas exploration and production companies. As of October 27, 2026, WTID lost 82.7% over one year, compared with 79.8% for OILD. Over three years WTID lost an average of 55% a year, compared with 52% for OILD. OILD is also larger, with about $12.8 million in net assets versus roughly $2.5 million for WTID.

    Does WTID pay dividends?

    No. No distributions have been recorded for WTID. As an exchange-traded note, it is a debt security from BMO Financial Group, not a fund that holds dividend-paying assets. Its return comes only from changes in the note's value. That value is designed to track -3 times the daily return of an energy index, minus fees. This makes it a poor fit for anyone seeking regular income from a portfolio.

    Can you hold WTID long term?

    It can be held, but long holding periods have been very costly. WTID resets its -3x inverse exposure every day, so gains and losses compound. Over weeks or months, returns can differ sharply from -3 times the index, usually for the worse when prices swing up and down. It lost 44.5% in 2025 and 81.9% in 2026 through October 27. Over the three years to October 27, 2026, it lost 91% in total.

    Is WTID an ETF or an ETN?

    WTID is an ETN, or exchange-traded note, not an ETF. It is unsecured debt of BMO Financial Group and owns no assets on investors' behalf. The bank pays the index-linked return minus fees only as long as it is able to. That means BMO's credit matters even when the index moves in holders' favor. BMO can also redeem the notes early, which could end a position at an inconvenient time. WTID is also small, at about $2.5 million in net assets.

    Sources

    • Prices: daily prices and distributions through Oct 27, 2026

    For education only, not investment advice. Past performance does not predict future results.