OILD -3x MicroSectors Oil & Gas Exp. & Prod. -3x Inverse Leveraged ETN

BEAR ETN extreme · Issuer MicroSectors · Tracks Oil & Gas (XOP) · Listed 2017-03-27

Quote & options All leveraged ETFs
Implied AUM
—
shares out × price
Last close
$30.28
20261001
30-day avg volume
99,672
no listed options
OILD realized
—
what holders actually earned
Theoretical -3x
—
-3x × Oil & Gas's return
Decay gap
—
realized minus theoretical

Realized vs theoretical -3x Oil & Gas

Cumulative return of OILD against a clean -3x of Oil & Gas's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: OILU (+3x bull, MicroSectors Oil & Gas Exp. & Prod. 3x Leveraged ETN)
Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on Oil & Gas

3
SymbolFactorDirectionIssuerNameImplied AUM30d volumeOptions
OILU +3x BULLMicroSectorsMicroSectors Oil & Gas Exp. & Prod. 3x Leveraged ETN — 82,856
GUSH +2x BULLDirexionDirexion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF $216.3M 638,857 ✓
DRIP -2x BEARDirexionDirexion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF $126.8M 825,281 ✓

How OILD works

OILD targets -3x the daily return of Oil & Gas — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -3x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -3x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.