{
 "ticker": "DULL",
 "name": "MicroSectors Gold -3X Inverse Leveraged ETNs due January 29, 2043",
 "issuer": "MicroSectors",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/dull",
 "html": "https://etfiq.com/funds/dull",
 "markdown": "https://etfiq.com/funds/dull.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: DULL returned \u221214.8% where its own daily promise gave \u221215.9%, 1.2 points over.",
 "key_facts": [
  {
   "key": "what_gld_did",
   "label": "What GLD did",
   "value": "+2.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DULL, what GLD did: +2.8%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "\u221215.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DULL, what \u22123 times a day gives: \u221215.9%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221214.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DULL, what the fund returned: \u221214.8%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.2 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DULL, the fund itself added: +1.2 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DULL, net assets: an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt, as of Sep 30, 2026."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "DULL, expense ratio: not read by ETFIQ, as of Sep 30, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of GLD, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "GLD moved +2.8% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "GLD",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, index",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Feb 22, 2023",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "25% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+20.3%",
   "GLD": "\u22126.8%",
   "-3x the move": "+20.3%",
   "Difference": "0.0 pts",
   "GLD moved about": "24%"
  },
  {
   "window": "3 months",
   "Fund": "\u221214.8%",
   "GLD": "+2.8%",
   "-3x the move": "\u22128.3%",
   "Difference": "\u22126.5 pts",
   "GLD moved about": "25%"
  },
  {
   "window": "6 months",
   "Fund": "+31.4%",
   "GLD": "\u221213.0%",
   "-3x the move": "+39.0%",
   "Difference": "\u22127.7 pts",
   "GLD moved about": "24%"
  },
  {
   "window": "1 year",
   "Fund": "\u221248.5%",
   "GLD": "+7.1%",
   "-3x the move": "\u221221.4%",
   "Difference": "\u221227.1 pts",
   "GLD moved about": "30%"
  },
  {
   "window": "3 years",
   "Fund": "\u221294.8%",
   "GLD": "+122.1%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "GLD moved about": "22%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221294.9%",
   "GLD": "+124.5%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "GLD moved about": "20%"
  }
 ],
 "questions": [
  {
   "q": "Did DULL return -3 times GLD?",
   "a": "Over the window to Sep 30, 2026, GLD moved +2.8% and DULL returned \u221214.8%. \u22123 times that move is \u22128.3%, so the fund came out 6.5 points short of it."
  },
  {
   "q": "Why does DULL not return -3 times over a year?",
   "a": "Because it resets daily. DULL aims at -3 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -3 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}