OILD -3x MicroSectors Oil & Gas Exp. & Prod. -3x Inverse Leveraged ETN
OILD
ETN -3x BEAR extremeMicroSectors Oil & Gas Exp. & Prod. -3x Inverse Leveraged ETN
Implied AUM
—
Last Close
$40.00
20260720
30d Avg Vol
80,881
Options
—
Realized return vs theoretical -3x Oil & Gas
Pair counterpart found:
OILU
(+3x bull, MicroSectors Oil & Gas Exp. & Prod. 3x Leveraged ETN)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking Oil & Gas
| Symbol | Factor | Direction | Issuer | Name | Implied AUM | 30d Vol | Options |
|---|---|---|---|---|---|---|---|
| OILU | +3x | BULL | MicroSectors | MicroSectors Oil & Gas Exp. & Prod. 3x Leveraged ETN | — | 211,375 | |
| GUSH | +2x | BULL | Direxion | Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF | $236.2M | 875,226 | |
| DRIP | -2x | BEAR | Direxion | Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF | $108.0M | 3,287,915 |
How OILD works
OILD targets -3x the daily return of Oil & Gas — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.
Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a -3x product on an underlying with 25% annualized vol, expected annual drag is around 18.8%. Add expense ratio and the realized number is typically worse.
- Short-term tactical: daily and intraday holds are where these products were designed to live.
- Premium selling: options on OILD carry very rich IV — see the quote page for IV rank and straddle pricing.
- Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.