WTID -3x MicroSectors Energy -3x Inverse Leveraged ETNs

BEAR ETN extreme · Issuer MicroSectors · Tracks Energy (XLE) · Listed 2023-02-15

Quote & options All leveraged ETFs

Implied AUM

—

shares out × price

Last close

$2.92

20260930

30-day avg volume

121,673

no listed options

WTID realized

—

what holders actually earned

Theoretical -3x

—

-3x × Energy's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -3x Energy

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

Pair counterpart: WTIU (+3x bull, MicroSectors Energy 3x Leveraged ETNs)

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 Energy

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
WTIU	+3x	BULL	MicroSectors	MicroSectors Energy 3x Leveraged ETNs	—	24,923
ERX	+2x	BULL	Direxion	Direxion Daily Energy Bull 2X ETF	$232.3M	308,431	✓
DIG	+2x	BULL	ProShares	ProShares Ultra Energy	$81.0M	53,411	✓
TEXU	+2x	BULL	Direxion	Direxion Daily Energy Top 5 Bull 2X ETF	—	4,345
ERY	-2x	BEAR	Direxion	Direxion Daily Energy Bear 2X ETF	$42.3M	13,466,663	✓
DUG	-2x	BEAR	ProShares	ProShares UltraShort Energy	$39.7M	200,999	✓

How WTID works

WTID targets -3x the daily return of Energy — 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.