MicroSectors Gold -3X Inverse Leveraged ETNs
DULL
New York Stock Exchange Arca- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Leveraged
- Address
- 790 N. Water Street Milwaukee WI United States of America 53202
- IPO Date
- Feb 22, 2023
- CIK
- 0001424958
- Website
- bmoetns.com
- Similar Companies
- Business
- MicroSectors Gold -3X Inverse Leveraged ETN (DULL) is an exchange-traded note issued by Bank of Montreal that provides three times the inverse (-3x) daily leveraged performance of the SPDR Gold Shares ETF (GLD), which holds physical gold bullion, compounded daily and minus fees. The ETN, identified by ticker DULL on NYSE Arca with CUSIP 063679518, matures on January 29, 2043, and targets sophisticated investors seeking short exposure to gold prices through this unsecured senior debt obligation of the issuer. Bank of Montreal, founded in 1817 and headquartered in Montreal, Quebec, with operational headquarters in Toronto, Ontario, Canada, issues the MicroSectors lineup of ETNs, including complementary products such as the MicroSectors Gold 3X Leveraged ETN for positive exposure to the same underlying. The ETN's core offering focuses on commodity derivatives within the leveraged and inverse exchange-traded products segment, serving institutional and retail traders in the U.S. markets who aim to hedge or speculate on declines in gold spot prices as tracked by GLD. It operates without direct investment in gold or related assets, instead delivering returns linked to -3x the daily total return of GLD, subject to daily reset and compounding effects that can lead to deviation from long-term -3x performance. As of late 2025, approximately 3.5 million ETNs remain outstanding, with a market capitalization around $9.7 million based on the closing indicative value. Launched on February 24, 2023, the DULL ETN reflects Bank of Montreal's expansion in structured leveraged ETNs under the MicroSectors brand, which also encompasses gold miners, energy, FANG+ indices, and other sector-specific products traded primarily in the United States. Recent issuer-level developments include a 1-for-20 reverse split of the related MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) effective October 22, 2025, aimed at maintaining share price levels; ticker symbol changes and redemptions for other MicroSectors ETNs such as FNGU to FNGA in early 2025 followed by new issuances; and a March 2024 reverse split across three ETN series, demonstrating ongoing portfolio management to address trading dynamics. No specific partnerships, acquisitions, or funding rounds directly tied to DULL have been announced in the past 1-2 years, though Bank of Montreal continues active innovation in its ETNs platform.