ETF Evaluator:
MicroSectors™ Slct FANG Inn 3X Lvgd ETNs (BULZ)
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(as of Sep 02)
Best Performing in Trading--Leveraged Equity Over the Last Year
| 2567.1% | Direxion Daily MU Bull 2X Shares (MUU) |
| 2419.7% | GraniteShares 2x Long MU Daily ETF (MULL) |
| 933.4% | GraniteShares 2x Long INTC Daily ETF (INTW) |
| 476.7% | GraniteShares 2x Long DELL Daily ETF (DLLL) |
| 358.1% | Direxion Daily Semicondct Bull 3X ETF (SOXL) |
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ETF Details
MicroSectors™ Slct FANG Inn 3X Lvgd ETNs Overview
MicroSectors™ Slct FANG Inn 3X Lvgd ETNs (BULZ) is a passively managed Miscellaneous Trading--Leveraged Equity exchange-traded fund (ETF). BMO Capital Markets launched the ETF in 2021.
The investment seeks the return on the notes is linked to a three times leveraged participation in the daily performance of the Solactive FANG Innovation Index.
The index is a total return index that tracks the stock prices of 15 large capitalization U.S. technology stocks, including eight specific core components.
About MicroSectors™ Slct FANG Inn 3X Lvgd ETNs (BULZ)
There are 1 members of the management team with an average tenure of 4.96 years: No Manager (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Solactive FANG Innovation TR USD index with a weighting of 300%. MicroSectors™ Slct FANG Inn 3X Lvgd ETNs has 15 securities in its portfolio. The top 10 holdings constitute 69.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
MicroSectors™ Slct FANG Inn 3X Lvgd ETNs is part of the Other global asset class and is within the Miscellaneous ETF group. MicroSectors™ Slct FANG Inn 3X Lvgd ETNs has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 100.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). MicroSectors™ Slct FANG Inn 3X Lvgd ETNs has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is above the $251 million average for the Trading--Leveraged Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BULZ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The MicroSectors™ Slct FANG Inn 3X Lvgd ETNs expense ratio is high compared to funds in the Trading--Leveraged Equity category. MicroSectors™ Slct FANG Inn 3X Lvgd ETNs has an expense ratio of 0.95%, which is the same as its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. MicroSectors™ Slct FANG Inn 3X Lvgd ETNs has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 396% for the Trading--Leveraged Equity category.
Recently, in the month of July 2026, MicroSectors™ Slct FANG Inn 3X Lvgd ETNs returned -25.2%, which earned it a grade of C, as the Trading--Leveraged Equity category had an average return of -18.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
MicroSectors™ Slct FANG Inn 3X Lvgd ETNs has a trailing yield of 0.00%, which is below the 5.84% category average.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
MicroSectors™ Slct FANG Inn 3X Lvgd ETNs Grades
Year to date, the ETF has returned 14.4%, 10.6 percentage points better than the category, which translates into a grade of B. The fund has returned 58.0% over the past year (grade of B) and 52.6% over the past three years (grade of A).
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BULZ Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BULZ Return (NAV) | -25.2% | -9.7% | 58.0% | 52.6% | na | na |
| BULZ Return (Price) | -25.2% | -9.9% | 57.4% | 52.6% | na | na |
| NAV +/- Price Return | 0.059% | 0.203% | 0.616% | 0.080% | na | na |
| Trading--Leveraged Equity Avg | -18.2% | -10.8% | 47.2% | 18.3% | 6.2% | 9.2% |
| BULZ Grade (NAV) | C | C | B | A | na | na |
| +/- Category (NAV) | -7.0% | 1.1% | 10.8% | 34.3% | na | na |
| BULZ Tax-Cost Ratio | na | na | 0.0% | 0.0% | na | na |
BULZ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BULZ Return (NAV) | 14.4% | 60.3% | 53.5% | 395.6% | -92.3% | na | na | na | na | na | na |
| BULZ Return (Price) | 14.0% | 60.1% | 54.1% | 394.2% | -92.3% | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.024% | -0.003% | 0.011% | -0.004% | 0.000% | na | na | na | na | na | na |
| Trading--Leveraged Equity Avg | 3.8% | 41.3% | 29.5% | 62.2% | -36.7% | 45.0% | 6.2% | 64.1% | -31.9% | 61.0% | 29.3% |
| BULZ Grade (NAV) | B | A | B | A | F | na | na | na | na | na | na |
| +/- Category | 10.6% | 19.0% | 24.0% | 333.5% | -55.5% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 5.83 |
| R-Squared: | 73% |
| Standard Deviation: | 89.0% |
| Category Risk Index: | 1.68 |
| Category Risk Rating: | High |
| Total Risk Index: | 7.25 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 2,519 Mil |
| Share Class Assets: | $ 2,519 Mil |
| Turnover: | na |
| Expense Ratio: | 0.95% |
| Index Fund: | Yes |
| Index Tracked: | Solactive FANG Innovation TR USD |
| Index Weighting: | 300% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 5.0 years | |||
| Average Tenure: 5.0 years | |||
| Managers (Year): Manager No (2021) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 15 |
| % in Top 10 Holdings: | 69.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 100.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Uncollateralized Debt Instrument |
| Fund Family: | BMO Capital Markets |
| Phone Number: | 203-557-6201 |
| Website: | |
| Inception Date: | August 17, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 0.95% |
