At a glance
It has $20.3M in assets, the 6th largest of that group. Over the past year it returned +185.3% with distributions reinvested (S&P 500: +11.5%), 3rd of those 7 funds; over three years it returned +17.8% a year.
The short version
MicroSectors Energy 3X Leveraged ETNs (WTIU) are exchange-traded notes from BMO Financial Group that aim to deliver three times the daily return of an energy index. They are bank debt with no collateral behind them, not a fund. They use 3x leverage, reset daily, where most similar products use 2x. Built for short-term trading, WTIU swings hard: it fell 76.3% between April 2024 and April 2025, then rose 197.2% in 2026 through October 27.
Price history
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WTIU +185.3% 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 | |
|---|---|---|---|---|---|---|
| WTIU price data to Oct 27, 2026 | +197.2% | +185.3% | +17.8% | — | — | +6.0% |
- Over the year to Oct 27, 2026, WTIU returned +185.3%, 3rd of 7 among similar funds.
- Its worst full calendar year was 2024 (-29.6%); its best was 2025 (-17.1%).
- The deepest fall in its price history was 76.3% (Apr 5, 2024 to Apr 8, 2025), recovered by Sep 15, 2026.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +197.2% |
| 2025 | -17.1% |
| 2024 | -29.6% |
| 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 | Before this security existed |
How it works
WTIU is not a fund. It is an exchange-traded note, or ETN. That is debt issued by BMO Financial Group that trades like a stock. It is unsecured, meaning no collateral backs it. The bank promises a return equal to three times the daily move of an energy index, minus fees. WTIU is a promise rather than a portfolio, so it owns no assets for investors. There are no holdings to pick, weight or rebalance. The index rules and fee appear in BMO's offering documents.
The 3x exposure resets every day. Each day's index move is tripled, and the next day starts from the new value. Over periods longer than a day, compounding means WTIU's return can differ sharply from three times the index's return. It usually comes out worse in choppy markets. If the index rises one day and falls back the next, the note can end lower even though the index is flat. Volatility measures how widely returns swing. WTIU's volatility was 92.2% a year over the three years to October 27, 2026.
The note form adds two risks. Payment depends on BMO's ability to pay, so the bank's credit matters alongside the index. The issuer can also redeem the notes early, ending positions on its own schedule.
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
WTIU is a 3x daily-reset note built for short-term trading, backed only by BMO's promise to pay, with no income and a 76.3% peak-to-trough loss.
WTIU launched on February 15, 2023, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its two full calendar years were both losses: 29.6% in 2024 and 17.1% in 2025. From a peak on April 5, 2024, it fell 76.3% to a low on April 8, 2025. It then took about 17 months from that low to regain its old high, on September 15, 2026. A holder who needed cash near the bottom would have locked in most of that loss.
WTIU pays no income, and its fee is deducted from the note's value. Its 197.2% gain in 2026 through October 27 shows how fast it can rebound, but daily resets make gains hard to keep. Past results don't predict the future, and a plan should look at the whole portfolio, not one holding.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want three times the daily move of an energy index and can check the position every trading day.
- Experienced investors who understand WTIU is unsecured BMO debt and accept the bank's credit risk and possible early redemption.
- Traders comfortable with swings like a 48.1% drop and a 185.3% gain, both within the year to October 27, 2026.
Look elsewhere if
- Retirees seeking income: WTIU has no record of distributions, so any cash has to come from cashing out notes.
- Long-term holders: both full calendar years lost money, 29.6% in 2024 and 17.1% in 2025, and daily resets can erode multi-year returns.
- Investors wanting less leverage or a larger product may compare 2x energy funds such as ERX or DIG, which still carry leverage risk.
Close alternatives
Matched by leveraged/inverse funds on the same index (energy), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| WTIU this fund | 3× | — | $20.3M | +185.3% | +17.8% |
| OILU MicroSectors Oil & Gas Exp. & Prod. 3x Leve… | 3× | — | $49.7M | +171.8% | +17.6% |
| 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% |
| NRGU MicroSectors U.S. Big Oil 3 Leveraged ETN | 1× | — | — | +263.6% | — |
Questions investors ask
Is WTIU good for retirement?
It isn't designed for that. WTIU is a 3x leveraged exchange-traded note built for short-term trading, and its exposure resets daily. Both of its full calendar years were losses: 29.6% in 2024 and 17.1% in 2025. It fell 76.3% from April 5, 2024, to April 8, 2025, and needed about 17 months from that low to recover. It pays no income, and its value depends on BMO Financial Group's ability to pay.
Does WTIU pay dividends?
No. WTIU has no record of paying distributions. As an exchange-traded note, it is a promise from BMO Financial Group to pay a leveraged index return minus fees. It is not a fund that collects dividends from holdings. Any return comes only from changes in the note's price. A holder who needs cash has to cash out notes, possibly after a steep fall.
What's the difference between WTIU and OILU?
Both are MicroSectors 3x leveraged ETNs, but their names point to different targets. WTIU follows an energy index, while OILU focuses on oil and gas exploration and production. As of October 27, 2026, WTIU returned 185.3% over one year versus 171.8% for OILU. Over three years, WTIU returned 17.8% a year versus 17.6%. OILU is the larger of the two by assets. As ETNs, both depend on their issuer's ability to pay.
What happens to WTIU if BMO can't pay?
Holders could lose money even if the index rises. WTIU is unsecured debt of BMO Financial Group, not a fund, and it owns no assets on investors' behalf. It pays the index return minus fees only as long as the bank can pay, so BMO's credit matters alongside the index. The bank can also redeem the notes early, ending positions on its timetable rather than the holder's.
Why doesn't WTIU return 3x the energy index over time?
Because its leverage resets every day. WTIU aims for three times the index's return each day, not over a month or a year. Gains and losses compound on a changing base. Over longer periods, its return can differ sharply from 3x the index, usually for the worse when prices zigzag. Volatility measures how widely returns swing. WTIU's was 92.2% a year over the three years to October 27, 2026, which makes that gap bigger.