What Is BULZ? MicroSectors Solactive FANG Innovation 3X Leveraged ETNs

BULZ is the MicroSectors Solactive FANG Innovation 3X Leveraged ETN, launched in August 2021 by BMO Capital Markets. It seeks to return 3x the daily performance of the Solactive FANG Innovation Index, a basket of large-cap technology and growth companies such as Amazon, Tesla, Netflix, Alphabet, Microsoft, and Meta. It is a leveraged exchange-traded note designed for short-term trading, not long-term holding.

BULZ, listed on NYSE Arca. The full name is MicroSectors Solactive FANG Innovation 3X Leveraged ETNs. The MicroSectors brand is used by BMO Capital Markets for its family of leveraged and inverse exchange-traded notes.

BULZ is an ETN (exchange-traded note), not an ETF. An ETN is an unsecured debt obligation of the issuer (BMO Capital Markets), not a fund that owns underlying shares. This means BULZ carries the credit risk of the issuer: if BMO were to default, holders could lose money regardless of how the underlying index performed. ETFs, by contrast, hold the actual securities in a separate trust.

BULZ aims to deliver 3x the daily return of its index. If the index rises 1% on a given day, BULZ targets roughly +3% that day; if the index falls 1%, BULZ targets roughly -3%. The leverage is reset at the end of each trading day, which is why BULZ tracks daily moves rather than longer-term returns.

Because leverage resets daily, returns compound day over day. In volatile or sideways markets this compounding (often called volatility decay or beta slippage) can erode value even when the underlying index ends up higher over a multi-week or multi-month stretch. The longer BULZ is held through choppy markets, the wider the gap from 3x the index tends to grow. This is a structural feature of all daily-reset leveraged products.

BULZ tracks the Solactive FANG Innovation Index, which holds roughly ten large technology and growth companies in near-equal weights, including Amazon, Tesla, Netflix, Alphabet, Microsoft, Meta, AMD, Palantir, Broadcom, and Apple. See the top-holdings table above for current weights. BULZ then applies 3x daily leverage to the combined basket.

BULZ carries an annual investor fee of 0.95%. Because it is a leveraged ETN, the total cost of holding it also includes daily financing costs embedded in the leverage, which are separate from the stated fee and are borne through the note's daily rebalancing.

BULZ has a stated distribution yield of 0.00%; it is not designed to pay income. It is a leveraged note aimed at short-term price movement, and any dividends from the underlying companies are reflected in the index return rather than paid out to noteholders.

BULZ trades like a stock on NYSE Arca through any broker that permits leveraged ETN trading, such as Robinhood, Fidelity, Schwab, Public, or Webull. Some brokers require you to acknowledge the added risks of leveraged and inverse products before trading them. Walnut is not an investment adviser and does not recommend leveraged products; it can help you understand exposure if you already hold one.

Approximately $3.37 billion as of July 2026. Assets in leveraged ETNs can swing quickly because they are used mainly for short-term trading, so AUM tends to be more volatile than in a traditional buy-and-hold ETF.

BULZ is a short-term tactical trading instrument, not a long-term investment. Daily leverage reset causes volatility decay that works against multi-day holders, and its ETN structure adds issuer credit risk on top of market risk. It concentrates in a handful of mega-cap tech names amplified 3x, which cuts both ways. Walnut is not an investment adviser; whether a leveraged product like BULZ fits any portfolio depends on your risk tolerance, time horizon, and understanding of how daily-reset leverage behaves.

August 17, 2021, by BMO Capital Markets under its MicroSectors brand of leveraged and inverse exchange-traded notes.

It is not designed for long-term holding. Daily-reset leveraged products like BULZ are intended to be held for a single day or a few days at most. Over longer periods, compounding of daily returns can cause performance to diverge substantially from 3x the underlying index, often to the holder's detriment in choppy markets. Long-term buy-and-hold investors typically use unleveraged funds instead.

BULZ and FNGU are both 3x daily-reset leveraged ETNs on baskets of large tech and growth names, and both were issued under the MicroSectors brand. They track different underlying indexes with somewhat different constituents and weighting, but share the same structural traits: 3x daily leverage, volatility decay over multi-day periods, and issuer credit risk as ETNs. Investors should read each note's specific index methodology before treating them as interchangeable.

Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. BULZ's figures are above; the full method is in Walnut's guide on how to compare ETFs.