DULL ETN — MicroSectors™ Gold -3X Inverse Leveraged ETN

MicroSectors™ Gold -3X Inverse Leveraged ETN (DULL)

Updated October 16, 2026.

DULL is an ETN. its expense ratio is 0.95%. Total return is -95.0% over the past 3.6 years, 195.8 points behind SPY at 100.8%.

This exchange-traded note delivers a 3x inverse leveraged exposure to gold prices on a daily basis, designed to profit from gold price declines with amplified returns. The security does not distribute income and carries an expense ratio of 0.95%. It is structured for active traders seeking short-term tactical positions in gold, not for buy-and-hold investors, as the daily reset of leverage can produce results that diverge significantly from the underlying's long-term performance.

DULL performance versus SPY

Price and return data through 2026-10-16.

Total return is -95.0% over the past 3.6 years, 195.8 points behind SPY at 100.8%. Over the past year its total return — price change plus distributions reinvested — is -28.8%. Its deepest 1-year drawdown was 66.7%.

DULL key facts

Issuer

REX Shares

Asset type

ETN

Asset class

Commodity

Inception date

02/21/2023

Expense ratio

0.95%

Distribution frequency

None

Last close

$63.72 (as of 2026-10-16)

AUM

$16,904,825

Average volume

2231.0

Beta

-1.03

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.

DULL risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 66.7%.

Who may consider DULL — and who may not

It is a weaker fit for investors who need monthly cash flow (DULL 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 DULL

• All tickers starting with D

Tagged: Leverage, Short, Gold.

Frequently asked questions

More securities from REX Shares.