ETF Evaluator:
MicroSectors™ Gold Miners 3X Lvrgd ETN ()
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(as of Aug 26)
Best Performing in Trading--Leveraged Commodities Over the Last Year
| 87.6% | DB Commodity Double Long ETN (DYYXF) |
| 86.2% | USCF Daily Target 2X Copper Index ETF (CPXR) |
| 75.2% | DB Base Metals Double Long ETN (BDDXF) |
| 55.3% | ProShares Ultra Bloomberg Crude Oil (UCO) |
| 32.9% | DB Gold Double Long ETN (DGP) |
Risk
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Risk
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ETF Details
MicroSectors™ Gold Miners 3X Lvrgd ETN Overview
MicroSectors™ Gold Miners 3X Lvrgd ETN (GDXU) is a passively managed Miscellaneous Trading--Leveraged Commodities exchange-traded fund (ETF). BMO Capital Markets launched the ETF in 2020.
The investment seeks the return on the notes is linked to a three times leveraged participation in the daily performance of the S-Network MicroSectorsTM Gold Miners Index.
The index is a total return index that tracks the performance of two exchange traded funds, the VanEck Vectors® Gold Miners ETF (the “GDX”) and the VanEck Vectors® Junior Gold Miners ETF (the “GDXJ”).
About MicroSectors™ Gold Miners 3X Lvrgd ETN (GDXU)
There are 1 members of the management team with an average tenure of 5.66 years: No Manager (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S-Network MicroSectors Gold Min TR USD index with a weighting of 300%. MicroSectors™ Gold Miners 3X Lvrgd ETN has 2 securities in its portfolio. The top 10 holdings constitute 100.0% 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™ Gold Miners 3X Lvrgd ETN is part of the Other global asset class and is within the Miscellaneous ETF group. MicroSectors™ Gold Miners 3X Lvrgd ETN has 79.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 20.0% There is 79.9% 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™ Gold Miners 3X Lvrgd ETN has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $674 million in total assets, which is above the $208 million average for the Trading--Leveraged Commodities 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.
GDXU 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™ Gold Miners 3X Lvrgd ETN expense ratio is high compared to funds in the Trading--Leveraged Commodities category. MicroSectors™ Gold Miners 3X Lvrgd ETN has an expense ratio of 0.95%, which is 3% lower than its category average, making the fund expense ratio grade a B. 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™ Gold Miners 3X Lvrgd ETN 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 0% for the Trading--Leveraged Commodities category.
Recently, in the month of July 2026, MicroSectors™ Gold Miners 3X Lvrgd ETN returned -12.5%, which earned it a grade of F, as the Trading--Leveraged Commodities category had an average return of 5.5%. 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™ Gold Miners 3X Lvrgd ETN has a trailing yield of 0.00%, which is below the 0.36% category average.
The fund normally distributes its income annually.
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™ Gold Miners 3X Lvrgd ETN Grades
Year to date, the ETF has returned -69.1%, 70.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 13.3% over the past year (grade of D), 23.0% over the past three years (grade of C) and -14.2% per year over the past five years (grade of F).
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GDXU 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 |
|
| GDXU Return (NAV) | -12.5% | -55.7% | 13.3% | 23.0% | -14.2% | na |
| GDXU Return (Price) | -12.0% | -55.8% | 13.0% | 23.1% | -14.4% | na |
| NAV +/- Price Return | -0.424% | 0.078% | 0.319% | -0.088% | 0.137% | na |
| Trading--Leveraged Commodities Avg | 5.5% | -19.5% | 28.0% | 14.8% | 1.1% | -1.8% |
| GDXU Grade (NAV) | F | F | D | C | F | na |
| +/- Category (NAV) | -18.0% | -36.3% | -14.7% | 8.1% | -15.4% | na |
| GDXU Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
GDXU Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| GDXU Return (NAV) | -69.1% | 794.9% | -18.9% | -20.9% | -63.1% | -55.0% | na | na | na | na | na |
| GDXU Return (Price) | -69.2% | 796.5% | -18.6% | -21.4% | -62.8% | -54.9% | na | na | na | na | na |
| NAV +/- Price Ret | 0.001% | 0.002% | -0.014% | 0.024% | -0.004% | -0.002% | na | na | na | na | na |
| Trading--Leveraged Commodities Avg | 1.3% | 127.6% | 7.1% | -15.9% | -5.5% | 30.6% | -2.4% | 11.1% | -23.5% | 5.2% | 14.8% |
| GDXU Grade (NAV) | F | A | D | F | F | F | na | na | na | na | na |
| +/- Category | -70.4% | 667.3% | -26.0% | -4.9% | -57.6% | -85.6% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.83 |
| R-Squared: | 1% |
| Standard Deviation: | 117.3% |
| Category Risk Index: | 2.13 |
| Category Risk Rating: | High |
| Total Risk Index: | 9.57 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 675 Mil |
| Share Class Assets: | $ 675 Mil |
| Turnover: | na |
| Expense Ratio: | 0.95% |
| Index Fund: | Yes |
| Index Tracked: | S-Network MicroSectors Gold Min TR USD |
| Index Weighting: | 300% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 5.7 years | |||
| Average Tenure: 5.7 years | |||
| Managers (Year): Manager No (2020) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 2 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 79.9% |
Portfolio Allocation |
|
| Domestic Stock: | 20.0% |
| Foreign Stock: | 79.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Uncollateralized Debt Instrument |
| Fund Family: | BMO Capital Markets |
| Phone Number: | 416-867-6785 |
| Website: | |
| Inception Date: | December 2, 2020 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 0.98% |
