BNKD ETF — MicroSectors™ U.S. Big Banks -3x Inverse Leveraged ETNs

MicroSectors™ U.S. Big Banks -3x Inverse Leveraged ETNs (BNKD)

Updated October 16, 2026.

BNKD is an ETF. its expense ratio is 0.35%. Total return is -72.0% over the past 1.7 years, 99.5 points behind SPY at 27.5%.

MicroSectors U.S. Big Banks -3x Inverse Leveraged ETNs are senior unsecured notes issued by Bank of Montreal that provide three times leveraged inverse exposure to the performance of a U.S. big banks index, with returns compounded daily and reduced by daily financing charges and investor fees; the expense ratio is 0.35%. The ETN does not distribute income to shareholders. This security appeals to traders and tactical investors seeking short-term bearish exposure to large U.S. banking stocks with amplified downside participation, though the leveraged structure carries substantially elevated volatility and risk of rapid capital loss.

BNKD performance versus SPY

Price and return data through 2026-10-16.

Total return is -72.0% over the past 1.7 years, 99.5 points behind SPY at 27.5%. Over the past year its total return — price change plus distributions reinvested — is -50.0%. Its deepest 1-year drawdown was 66.1%.

BNKD key facts

Issuer

REX Shares

Asset type

ETF

Asset class

Equity

Inception date

02/20/2025

Expense ratio

0.35%

Distribution frequency

None

Last close

$37.52 (as of 2026-10-16)

AUM

$1,161,692

Average volume

1079.0

Beta

-2.7671

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: REX Shares; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

BNKD risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 66.1%.

Who may consider BNKD — and who may not

It is a weaker fit for investors who need monthly cash flow (BNKD does not currently distribute); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on BNKD

• All tickers starting with B

Tagged: Leverage, Short.

Frequently asked questions

More securities from REX Shares.